Switzerland will issue gross loans of 12 billion in 2021

Federal Finance Administration revises planned acquisition of resources on the money and capital markets: 3,500 million more

In 2021, the Federal Finance Administration (FFA) plans to issue loans of around CHF 10 billion in nominal terms.
The remaining financing needs are covered by increasing the volume of short-term book loans outstanding.
The FFA has made a review of the planned acquisition of resources in the money and capital markets.

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The recent decisions taken by the Federal Council and Parliament to mitigate the economic consequences of the coronavirus pandemic have led to an increase in the Confederation’s financing requirements.
The additional expenditures will be financed by increasing the issuance volume of federal loans and short-term accounting receivables.

That’s 3.5 billion more than in December 2020

Compared to what was announced on December 1, 2020, the FFA plans to increase the issuance of loans by 3.5 billion to CHF 10 billion in nominal terms (including the sale of tranches of its portfolio).
Gross issues, which include premiums in addition to the nominal value, are expected to amount to approximately 12 billion. The auction calendar remains unchanged.
The uncertainties in connection with the development of the coronavirus pandemic and the resulting changes in income and expenditure of the Confederation remain high.

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Therefore, Switzerland’s remaining financing needs must be covered through an increase in the volume of short-term book loans in circulation, depending on actual liquidity developments.
In order to counteract the pandemic, in the spring session the parliament allocated additional credits in the amount of approximately 14 billion.
Together with the measures already decided within the framework of the 2021 budget, the total expenditure for 2021 in connection with the COVID-19 crisis currently amounts to 21 billion.