Note 8 Bonds

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December 31 (CHF in thousands)

2013

2012

Bond 2011–2016 1.25% coupon

499,213

498,937

Bond 2011–2021 2.25% coupon

350,000

350,000

Bond 2012–2018 1.5% coupon

350,086

350,103

Total

1,199,299

1,199,040

The 1.25% CHF Bonds, due 2016, the 2.25% Bonds, due 2021 and the 1.5% Bonds, due 2018, pay interest annually in arrears, at fixed annual rates of 1.25 percent, 2.25 percent and 1.5 percent, respectively.

The bonds are stated at their nominal value less any discount or plus any on issuance. Bonds are accreted to par over the period to maturity.

The Company has, through Group Treasury Operations, entered into interest rate swaps with banks to effectively convert the bonds maturing 2016 and 2021 into floating rate obligations.