Confederation reduces funding on money and capital markets this year
Bern, 04.08.2015 - The issue programme for Swiss Confederation bonds is to be reduced from CHF 5 billion to CHF 3-4 billion. The outstanding volume of short-term money market paper will be reduced to under CHF 7 billion by the end of the year. The Confederation will thereby reduce its current higher-than-average liquidity.
The Federal Treasury has significantly reduced the issuance of new debt on the money and capital markets in recent months and will also be conservative when issuing in the second half of 2015.
The outstanding volume of money market debt register claims has already been reduced gradually and will amount to between 6 to 7 billion at the end of 2015; 10.3 billion was originally planned.
October's optional auction date for bonds will not be used. Bond issues of 3 to 4 billion are now planned for the whole of 2015 (originally 5 billion).
In 2015, receipts from direct federal tax and withholding tax were delivered much earlier than in previous years due to the negative interest rate environment, which led to a sharp rise in liquidity towards the middle of the year. This has dropped only slightly up to now. Consequently, there will be a smaller borrowing requirement in the near future.
Address for enquiries
Daniel Wittwer, Vice-Director FFA, 058 462 54 00, daniel.wittwer@efv.admin.ch
Publisher
Federal Finance Administration
http://www.efv.admin.ch
