by The Swiss National Bank (SNB) and the Federal Finance Administration (FFA) advise as follows: The FFA plans to issue bonds with a face value of CHF 8 billion in 2023. Taking account of bonds maturing in 2023, the volume of bonds outstanding will increase by CHF 3.4 billion. The volume of outstanding money market debt register claims will be kept in a range between CHF 12 billion and 18 billion. Bond auctions take place monthly, except in August, while money market debt register claims are auctioned on a weekly basis. Based on current planning, the Confederation is reckoning with a funding requirement of just under CHF 8 billion for this year. This stems primarily from a maturing bond worth around CHF 4.6 billion, the repayment of the remaining account balance of
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The Swiss National Bank (SNB) and the Federal Finance Administration (FFA) advise as follows:
The FFA plans to issue bonds with a face value of CHF 8 billion in 2023. Taking account of bonds maturing in 2023, the volume of bonds outstanding will increase by CHF 3.4 billion. The volume of outstanding money market debt register claims will be kept in a range between CHF 12 billion and 18 billion. Bond auctions take place monthly, except in August, while money market debt register claims are auctioned on a weekly basis.
Based on current planning, the Confederation is reckoning with a funding requirement of just under CHF 8 billion for this year. This stems primarily from a maturing bond worth around CHF 4.6 billion, the repayment of the remaining account balance of the federal Substitute Occupational Benefit Institution and the cantons’ expected withholding tax refund claims.
Confederation bonds
Bonds with a face value of around CHF 8 billion are to be auctioned (2022: 6 bn). A bond issue worth around CHF 4.6 billion will mature in February 2023 (2022: 3.5 bn). The outstanding volume of bonds in nominal terms will thus rise by CHF 3.4 billion.
Bond auctions always take place between 9.30am and 11am on the second Wednesday of the month. No auction is held in August. The dates in October and December are optional. The FFA will announce in good time whether or not these optional auctions will take place. The bonds to be issued (maturities) and the payment date are announced the day before the auction.
The auction dates for Confederation bonds (cf. issuance calendar) are:
11.01.2023
08.02.2023
08.03.2023
12.04.2023
10.05.2023
14.06.2023
12.07.2023
13.09.2023
11.10.2023 (optional date)
08.11.2023
13.12.2023 (optional date)
Own tranches can continue to be purchased from the Federal Treasury between the auction dates.
Money market debt register claims
The volume of outstanding money market debt register claims will be kept within a range between CHF 12 billion and 18 billion in the coming year (volume at end-2022: approx. CHF 15 bn). This will enable the Confederation to react at short notice if larger or smaller quantities of funds are needed due to changing conditions.
Money market debt register claims are issued weekly on Tuesdays; the value date is two days later. As with bonds, the subscription period runs from 9.30am to 11am. The auction details can be found in the issuance calendar.
Further information
Issuance calendars, issue results and further information on Confederation bonds and money market debt register claims can be found on the websites of the SNB (www.snb.ch) and the FFA (www.efv.admin.ch).
Contact for queries: Philipp Rohr, Communications Officer, Federal Finance Administration, Tel. +41 58 465 16 06, [email protected]
The issuance calendars can be found at:
Confederation bonds – 2023 issuance calendar
Money market debt register claims – 2023 issuance calendar
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