Has any government debt market ever had such a negative yield curve as Switzerland? One-year Swiss government bonds are currently "yielding" -114 basis points. One week ago, one-year bonds were at -38 basis points and one month ago one-year bonds were at -23 basis points. Astonishingly, 10-year Swiss government bonds are "yielding" -20 basis points. 10-year yields have narrowed by 90 basis points over the past month. One has to go out to 20-year bonds in order to finally earn a positive yield. But even then, the yield is quite minimal. 20-year Swiss government bonds are yielding 27 basis points and 30-year Swiss government bonds are yielding 34 basis points.