Thursday, 3 April 2025 Reading time : 3 minutes

The import tariffs imposed by US President Donald Trump have led to a global stock market Slump. Switzerland has been hit particularly hard by US trade policy: a 31% tariff will be imposed on imports from Switzerland into the United States.

Swiss companies that do little business in the US are less likely to feel the immediate impact of the tariff hikes. The following stocks are characterised by a focus on the domestic market (Data according to Bloomberg):

BKW: BKW Energie, based in Berne, supplies electricity to international customers, but its core business is in Switzerland, where almost 70% of its sales were generated in 2024. This is followed by Germany (19%), Italy (4.5%) and France (2.8%).

Swisscom: The group claims to be the largest telecommunications company in Switzerland, generating around 75% of its revenue in its home market. The remaining quarter is generated in Italy.

Swiss Life: This insurer is one of Europe's leading providers of pension and financial solutions. Swiss Life generates almost 40% of its revenues in Switzerland, followed by France (28%) and Germany (16.8%). The company also has operations in Europe, Singapore and Hong Kong.

Swissquote: The Swiss online bank generates about half of its revenue from clients based in Switzerland. It also has several offices in Europe and Asia.

The barrier reverse convertible on the four stocks pays a coupon of 7.5% annually and is equipped with a buffer of 64%.

Barrier Reverse Convertible on Swiss Stocks
7.5% p.a. BRC on BKW, Swisscom, Swiss Life, Swissquote
Barriere: 64%
Valor: 142 530 854

Indicative terms

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