Summary

The Swiss Confederation is issuing two bonds via auction on 11 February 2026. Both bonds carry an interest rate of 0.50% and are conducted as increases of existing tranches. The issuance is open to public subscription; the amounts will be determined following the auction results.

Topics

  • Government bonds / Debt management
  • Capital market financing
  • Federal financing

Clarus Lead

Switzerland is placing two new government bonds with an identical interest rate of 0.50% on the capital market. The auction takes place on 11 February 2026 at 11:00 a.m. Both tranches are increases of existing bonds and will be released on 25 February 2026. The issuance volumes will be determined based on bids received.

Detailed Summary

The first bond with a maturity until 27 June 2032 is issued under ISIN CH0557779375 and is fungible with the existing tranche CH0344958688. The second bond with a maturity until 28 May 2040 carries ISIN CH0557779383 and will be merged with the existing bond CH0557779235.

Both bonds are placed via standardized auction procedures. Bidders may submit offers with or without price specifications; bids without price specifications will be considered at the issuance price. The Confederation currently holds no own inventory of the new tranches. Following release, the increases are fully fungible with the existing bonds.

Key Points

  • Two new government bonds with 0.50% interest rate will be auctioned on 11 February 2026
  • Maturities: 27.06.2032 (medium-term) and 28.05.2040 (long-term)
  • Release occurs on 25 February 2026; issuance volumes are auction-dependent
  • Both tranches are increases of existing bonds

Critical Questions

  1. Data Quality: What factors determined the choice of an identical interest rate of 0.50% for both maturities, and how does this differ from market-standard yield curves?

  2. Market Conditions: How is the issuance volume determined in case of weak demand, and is there a minimum placement threshold?

  3. Refinancing Strategy: Why were these two maturities (2032 and 2040) selected, and how do they fit into the Confederation's long-term debt strategy?

  4. Liquidity: How will fungibility with existing tranches influence secondary market liquidity?

  5. Sales Restrictions: What legal restrictions apply to purchasers, and how do these affect demand from institutional investors?

Sources

Primary Source: Press Release – New Federal Bonds – https://www.news.admin.ch/de/newnsb/xO3wqgwAhg1L13psqGu25

Legal Information: Sales Restrictions – https://www.efv.admin.ch/de/verkaufsrestriktionen

Verification Status: ✓ 10 February 2026

This text was created with the support of an AI model. Editorial Responsibility: clarus.news | Fact-Check: 10 February 2026