1.   The local currency is the Swiss franc.

2.   These latter are denominated in ECUs, Swiss francs and French francs, respectively, but are otherwise equivalent.

3.   Most of the growth has been in issuance of eurobonds, but there has also been significant growth in issuance of foreign bonds, largely in Swiss francs.

4.   In contrast, trading in London of straight Swiss franc issues is minimal, partly due to the limited investor base outside Switzerland.

5.   Although most of those trades can be done directly, traders sometimes sell other currencies for dollars, then use those dollars to buy marks or Swiss francs.

6.   And companies that raise money overseas will swap their dollars, deutsche marks and Swiss francs for won toward the end of the year.

7.   And lower Swiss rates hurt the Swiss franc.

8.   And in the absence of other safe harbors, traders are putting their money into the German mark and the Swiss franc, both of which have soared.

9.   As a consequence, many investors bought marks and Swiss francs, which are perceived as safe havens, pushing them higher against the dollar.

10.   As a consequence, many investors bought marks and Swiss francs, pushing them higher against the dollar.