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As Europe’s population ages, the places where care is delivered – medical centres, assisted living communities, and outpatient clinics – are becoming increasingly relevant. Supported by strong demographic demand, healthcare real estate in Europe is regaining momentum through selective, quality-driven investment and a shift toward more flexible care formats.

The high-yield bond indices in USD and EUR delivered in year-to-date 2025 a total return¹ of 7.8% and 4.8%, respectively. Considering current low spread levels but elevated macro risks, high-yield bonds in the upper-tier segment are considered an attractive option for buy-and-hold-investors throughout the credit cycle.

The Swiss National Bank (SNB) is keeping its key interest rate at zero; the risk of negative interest rates seems to have been averted for the time being. However, market interest rates are likely to rise gradually over the next few years. The Swiss franc bond market, with higher risk premiums, is more attractive than international bonds in the same rating segment. Mortgage investments are currently also a good option, as they offer a better return than traditional Swiss bonds.

Emerging market currencies have posted strong gains since the beginning of the year, driven by efforts to diversify away from US assets.

Mortgages have a unique combination of features: long-term planning security, attractive conditions and sustainable investment opportunities.

The Swiss market for commercial real estate is stable: central locations remain in demand, the domestic economy is robust, and converted properties open up new opportunities. Despite digitalisation and structural change, there is still demand for high-quality space.