The SWX Swiss Exchange has launched new SBI® rating indexes for CHF bonds.
As a result of new market requirements, the indexes in the SBI® family were replaced in the medium term by rating indexes. These rating indexes were launched as of 3 January 2007. To ensure that the market has sufficient time to select new benchmarks, the current SBI® indexes were computed in parallel by the SWX Swiss Exchange until 31 December 2007.
A joint index contains the bonds in all rating categories. The starting value of all new price and total-return indexes were fixed at 100 points after the close of trade on 29 December 2006. Additional maturity and sector indexes for various rating levels were published in the course of 2007.
To allow pension funds as much time as possible for any possible adjustment of mandate specifications that may be required, the Pictet LPP indexes continued to be based on the existing SBI index until the end of 2007. The switch to the new indexes was made at the start of 2008.
As far as the Swiss bond indexes are concerned, the following adjustments have been made to Pictet's LPP index family:
LPP 93 domestic- Previous: SBI domestic TR / Ratings: Aa3/AA or higher
- New: SWIBO DOM AAA-A TR / Ratings: AAA-A
LPP 93 foreign- Previous: SBI foreign TR / Ratings: only AAA
- New: SWIBO FOR AAA-A TR / Ratings: AAA-A
LPP 2000- Previous: SBI overall TR / Ratings: AA or higher
- New: SBI AAA-BBB TR / Ratings AAA-BBB
LPP 2005- Previous: SBI overall TR / Ratings: AA or higher
- New: SBI AAA-BBB TR / Ratings AAA-BBB
