By Emese Bartha

Switzerland's Federal Finance Administration has lowered the country's planned capital market funding for 2021, due to expected lower financing needs related to the Covid-19 pandemic.

"According to the first extrapolation for 2021, the approved expenditure to deal with the Covid-19 pandemic has not been fully utilised in all areas," the FFA said Tuesday.

The FFA sees Switzerland's bond issuance at 8 billion Swiss francs ($8.64 billion) at face value this year, down CHF2 billion versus the March 30 estimates, it said. Gross issuance, which includes the premia in addition to the face value, is likely to be approximately CHF9 billion, it said.

Year-to-date, the FFA has sold bonds with a face value of CHF6.8 billion, it said.

Despite the lower funding requirement, the FFA keeps bond auction dates unchanged and it maintains the optional issue dates in October and December.

Write to Emese Bartha at emese.bartha@wsj.com

(END) Dow Jones Newswires

September 28, 2021 02:37 ET (06:37 GMT)

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