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

City of St. Gallen digital bond on SDX

A three-year CHF 100 million digital bond from the City of St. Gallen, issued and settled on SIX Digital Exchange in March 2024 against Swiss franc wholesale CBDC from the Swiss National Bank, and dual-listed on SDX and SIX Swiss Exchange.

Live (limited) since Mar 2024^[2]i — Single issue, due around 2027. · Reviewed 14d ago i

Assets

Debt security^[1]

Three-year CHF city bond

Networks

SIX digital assets ledger Private, permissioned^[2]

Use cases i

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

Jurisdictions

Switzerland

Participants

• City of St. GallenIssuer^[1]Switzerland
• Basler KantonalbankDistributor, Arranger or dealer^[1]Switzerland
• UBSDistributor, Arranger or dealer^[1]Switzerland
• J. Safra SarasinDistributor, Arranger or dealer^[1]Switzerland
• Swiss National BankCash leg provider^[1]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

• IssuesCity of St. Gallen CHF 100m 3-year digital bond on SDX, 2024^[1]

Metrics i

• CHF 100mDigital bonds issued · as of Mar 2024^[2]

Timeline

1. Happened Mar 2024 (month only) · Launch · recorded 11 Oct 2026
   The bond is issued and settled on SDX in wholesale CBDC alongside a Lugano issue.^[2]
2. Happened 23 Feb 2024 · Announcement · recorded 11 Oct 2026
   St. Gallen announces a CHF 100 million three-year digital bond with Basler Kantonalbank, UBS and J. Safra Sarasin.^[1]

Sources i