For more than a decade, Europeans and Americans have only known low interest rates and central banks soothing debt markets with endless lashings of liquidity, through buying bonds. In recent years, the European Central Bank has been buying up to 40% of every corporate bond and covered bond issued in the eurozone, as well as vast quantities of public sector bonds.But it is pulling out — meaning the euro bond market is losing its biggest investor. Can it cope? Even the best rated supranational, sovereign and agency borrowers are having a tough time — the market was so volatile this week they could no longer price deals over the usual benchmark of mid-swaps.But lower down the credit spectrum the effects are likely to be much more painful.The Swiss franc bond is usually a placid place, where conservative investors soberly swallow low yielding, low risk bonds. But it does contain a streak of adventure — the more gamesome investors, especially wealthy individuals investing through private banks, like to buy emerging market bonds, which provide much higher returns.Some shine has come off this year, though. This week Russian Railways, which has issued in Swiss francs, tried to pay an interest coupon but could not because of sanctions. Russian borrowers are quite big in Swiss francs, partly because rich Russians’ Swiss bank accounts invest in the deals. Could this put Swiss investors off their emerging market food?Listen to GlobalCapital’s podcast to find out.