Case study · Debt Advisory · Switzerland
Avobis compares bank financing offers in 1 hour instead of 6
Avobis Real Estate AG runs financing tenders for Swiss property owners, and used to run two full market data terminals to do it. Today the team pulls CHF curves straight into their own models, prices swaps, caps and swaptions themselves, and joins pricing calls with the same numbers as the bank.
At a glance
- The challenge
- Avobis runs financing tenders for Swiss property owners and was paying for two full market data terminals to look at a handful of CHF curves.
- The solution
- BlueGamma's CHF swap curve, SARON forwards and swap, cap and swaption pricers, pulled straight into their own models.
- The result
- Offer comparisons in about an hour instead of six, and the same numbers as the bank on every pricing call.
About Avobis
Avobis Real Estate AG is a 12-person team advising institutional and private investors on real estate financing and transactions across Switzerland. They advise on roughly CHF 200–300 million of financing a year, across 10 to 20 transactions.
The financing team, led by the CEO & Head of Financing, uses BlueGamma daily to keep an eye on the market, and heavily whenever there's a live mandate or tender. On pricing calls with banks, it's become a must-have.
What Avobis uses
- CHF swap curve, 1W to 30Y
- SARON fixings, compounded 1M to 12M
- Forward curves and forward-starting swaps
- SNB policy rate expectations
- Swap, cap/floor and swaption pricing
- MtM of existing client swaps
Why Avobis went for BlueGamma
Two terminals, full platform prices
Avobis ran two full market data terminals. Both worked, but both were built for institutions many times their size. Dropping the data wasn't an option, they needed it. But they were paying many times more than they should have, for a fraction of the value.
CHF interest rates, nothing else
No equity research, company fundamentals or global news. Just the CHF swap curve, SARON, forward curves, and the ability to price a swap or a cap.
Finished curves and working pricers
BlueGamma does exactly what they need: CHF and SARON at full depth, forward curves and forward-starting swap rates ready to use, and swap, cap and swaption pricing included. What sealed it was the analytics rather than the raw data. Anywhere else, they'd have had to build curves from raw quotes and license volatility data separately just to price options. For a team of twelve, that's the difference between using the data and building a rates infrastructure.
No migration project
The Excel add-in dropped straight into the financing models the team already used, so everyone kept working the way they were used to. The API came later, in 2026, once they started automating more of their own pipeline.
"There was nothing to roll out. We were pulling live CHF curves into our existing models the same week."
Patrick Zurfluh
“We were running two full market data terminals to look at a handful of CHF curves. It worked, but we were paying for platforms that cover every market and asset class to do Swiss interest rate work.”
Patrick Zurfluh · CEO & Head of Financing, Avobis Real Estate AG
How Avobis uses BlueGamma
Most of the work is financing tenders. Here's how one runs on BlueGamma.
Run the tender
Banks submit offers on different dates, so the headline rates can't be compared directly.
Strip each offer back to its margin
Avobis strips each offer back to its margin over the curve on the day it was priced. That puts every bank on the same footing and shows the client where each offer sits against the market.
Price forwards and options
Forward-starting structures are priced off forward swap rates directly, and the forward curve also drives tenor recommendations and portfolio analysis. Caps and swaptions get a sanity check against the quoted premium, and existing client swaps get marked with the MtM function, without asking the counterparty bank for a valuation.
Feed the models
Curves land in the financing models through the Excel add-in, and from September 2026 through the API, pulled automatically every day.
The point of all this is to give real estate owners an independent view of what their financing and hedging should cost, so they can negotiate with banks instead of accepting the first number.
The results
| Before BlueGamma | With BlueGamma | |
|---|---|---|
| Preparing an offer comparison | Around 6 hours per mandate | Around 1 hour |
| Sourcing rates and curves | Terminal lookups, re-keyed into models by hand | Pulled straight into the model in minutes |
| Data refresh | Manual, whenever someone went to the terminal | Live during the day, with an end-of-day series kept |
| Rework in client materials | Re-keying between terminal and models | One source feeds offers, models and client documents |
“BlueGamma gives us exactly the rates and pricing tools we need and nothing we don't. On an IRS pricing call with a bank, we're now working from the same numbers they are, and that changes the conversation.”
Patrick Zurfluh · CEO & Head of Financing, Avobis Real Estate AG
What's next
Next up: pushing the API deeper into their own models so less of the work depends on manual exports, rolling BlueGamma out to more of the financing team as mandates grow, and possibly adding EUR if client work calls for it.
Who else should take a look? The team's list: advisory firms and financing intermediaries, treasury teams at property owners, and funds and pension funds with CHF debt. In short, anyone who needs to judge a bank's pricing on their own, without paying for a full terminal they'd barely use.
The toolkit behind this case study
The features and live data Avobis's workflows run on.
Doing Swiss interest rate work on a global terminal?
Pull the CHF swap curve, SARON forwards and a working swap pricer into your own models this week. Most teams validate the data against their bank's numbers in the first week of the trial.