Deployments · SIX Digital Exchange (SDX) · platform by SIX

Canton of Zurich digital bond on SDX

The Canton of Zurich's first digital bond, an 11-year issue of just over CHF 100 million at 1.45%, partly refinancing a maturing bond. It settled on SIX Digital Exchange on 1 December 2023 against Swiss franc wholesale CBDC in the Swiss National Bank's Helvetia III pilot. Zürcher Kantonalbank called it the first syndicated franc bond settled in wholesale CBDC.

Live (limited) since 1 Dec 2023^[2]i — Single issue, outstanding until about 2034. · Reviewed 14d ago i

Assets

Debt security^[1]

11-year 1.45% CHF cantonal bond

Networks

SIX digital assets ledger Private, permissioned^[2]

Use cases i

Primary issuance^[1]Delivery versus payment (DvP)^[2]

Jurisdictions

Switzerland

Participants

• Canton of ZurichIssuer^[1]Switzerland
• Zuercher KantonalbankDistributor, Arranger or dealer^[1]Switzerland
• UBSDistributor, Arranger or dealer^[1]Switzerland
• Raiffeisen SwitzerlandDistributor, Arranger or dealer^[1]Switzerland
• Swiss National BankCash leg provider^[2]Switzerland
• SIXPlatform provider, Operator, Depositary or trustee^[2]Switzerland

Operates under

• FINMA licences for SIX Digital Exchange AG (central securities depository) and SDX Trading AG (stock exchange)Switzerland · Licence or charter^[3]

Likely relevant regulation i

• Swiss DLT Act (Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology)Switzerland

Assets

• IssuesCanton of Zurich CHF 100m 11-year digital bond on SDX, 2023^[1]

Metrics i

• over CHF 100mDigital bonds issued · as of Dec 2023^[1]

Timeline

1. Happened 1 Dec 2023 · Launch · recorded 11 Oct 2026
   The bond settles on SDX against wholesale CBDC.^[2]
2. Happened 20 Nov 2023 · Announcement · recorded 11 Oct 2026
   Canton of Zurich places its first digital bond with ZKB, UBS and Raiffeisen as joint lead managers.^[1]

Sources i