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

City of Lugano digital bonds on SDXUpdated 28 Oct 2026

The Swiss city of Lugano is the most frequent public-sector issuer on SIX Digital Exchange. Four natively digital franc bonds from January 2023 to 2025 totalled CHF 420 million, all dual-listed on SDX and SIX Swiss Exchange; a further CHF 100 million ten-year digital bond followed in June 2026. The second and fourth issues settled in wholesale CBDC from the Swiss National Bank. By late 2024 the city said it was issuing bonds only through SDX.

Live (limited) since Jan 2023^[1]i — Recurring public issuance, still limited to one platform and franc investors. · Reviewed 14d ago i

Assets

Debt security^[2]

City of Lugano CHF bonds

Networks

SIX digital assets ledger Private, permissioned^[5]

Use cases i

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

Jurisdictions

Switzerland

Participants

• City of LuganoIssuer^[2]Switzerland
• Zuercher KantonalbankDistributor, Arranger or dealer^[3][2][9][7]Switzerland
• Basler KantonalbankDistributor, Arranger or dealer^[2][9]Switzerland
• J. Safra SarasinDistributor, Arranger or dealer^[2][9]Switzerland
• Swiss National BankCash leg provider^[2]Switzerland
• SIXPlatform provider, Operator, Depositary or trustee, Transfer agent or registrar^[5][10]Switzerland
• Raiffeisen SwitzerlandArranger or dealer^[9][10]Switzerland
• UBSArranger or dealer^[10]Switzerland
• VontobelArranger or dealer^[10][7]Switzerland
• Basellandschaftliche KantonalbankArranger or dealer^[7]Switzerland

Operates under

• FINMA licences for SIX Digital Exchange AG (central securities depository) and SDX Trading AG (stock exchange)Switzerland · Licence or charter^[6]

Likely relevant regulation i

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

Assets

• IssuesCity of Lugano CHF 100m 6-year digital bond on SDX, 2023^[1]
• IssuesCity of Lugano CHF 100m 10-year digital bond on SDX, 2024^[2]
• IssuesCity of Lugano CHF 120m 9-year digital bond on SDX, 2024^[4]
• IssuesCity of Lugano CHF 100m 7-year digital bond on SDX, 2025^[5]
• IssuesCity of Lugano CHF 100m 10-year digital bond, 2026^[7]The city's release calls it a digital bond but does not name SDX; the city said in late 2024 it issues only via SDX.

Metrics i

• CHF 420mDigital bonds issued · as of May 2025^[5]
  Sum of four issues of CHF 100m (Jan 2023) and 100m (Feb 2024) and 120m (Nov 2024) and 100m (2025).
• 4 issuesDigital bond issues · as of May 2025^[5]

Timeline

1. Happened 16 Jun 2026 · Production milestone · recorded 15 Oct 2026
   Lugano announces a further CHF 100 million ten-year digital bond at 0.95%, listed on SIX Swiss Exchange and due July 2036.^[7][8]
2. Happened May 2025 (month only) · Production milestone · recorded 11 Oct 2026
   A fourth bond of CHF 100 million for seven years at 0.6125% settles in wholesale CBDC and is registered in the SDX CSD.^[5]
3. Happened Nov 2024 (month only) · Production milestone · recorded 11 Oct 2026
   A third bond of CHF 120 million for nine years at 1% is priced above par; the city now issues only via SDX.^[4]
4. Happened 5 Feb 2024 · Production milestone · recorded 11 Oct 2026
   A second CHF 100 million ten-year bond at 1.415% settles in wholesale CBDC under Helvetia Phase III.^[2]
5. Happened Jan 2023 (month only) · Launch · recorded 11 Oct 2026
   Lugano issues its first CHF 100 million digital bond on SDX, dual-listed on SIX Swiss Exchange, without wholesale CBDC settlement.^[1]

Sources i