onVeh35oAue124ncIae15PHA+T24gTW9uZGF5IHRoZSBDYW50b24gb2YgWnVyaWNoIGlzc3VlZCBhIENIRiAxMDAgbWlsbGlvbiAoJDExM20pIGRpZ2l0YWwgYm9uZCB2aWEgdGhlIFNJWCBEaWdpdGFsIEV4Y2hhbmdlLCA8YSBocmVmPSJodHRwczovL3d3dy5sZWRnZXJpbnNpZ2h0cy5jb20vY2FudG9uLXp1cmljaC1pZGlnaXRhbC1ib25kLXdob2xlc2FsZS1jYmRjLyI+TGVkZ2VyIEluc2lnaHRzIHJlcG9ydGVkPC9hPi4gV2hpbGUgbW9zdCBvZiB0aGUgYm9uZCB0ZXJtcyB3ZXJlIHVuZXhjaXRpbmcgLSBpdCBoYXMgYW4gMTEgeWVhciB0ZXJtIGFuZCBhIGNvdXBvbiBvZiAxLjQ1JcKgIC0gdGhlIG1vc3QgZGlzdGluY3RpdmUgYXNwZWN0IGlzIHRoaXMgdHJhbnNhY3Rpb24gaXMgdGhhdCBpdCA8c3Ryb25nPnNldHRsZXMgdXNpbmcgYSB3aG9sZXNhbGUgY2VudHJhbCBiYW5rIGRpZ2l0YWwgY3VycmVuY3kgKHdob2xlc2FsZSBDQkRDKSBpc3N1ZWQgYnkgdGhlIFN3aXNzIE5hdGlvbmFsIEJhbmsgKFNOQikuIDwvc3Ryb25nPjwvcD4KCjxwPlRoZSBqb2ludCBsZWFkIG1hbmFnZXJzIG9uIHRoZSBpc3N1YW5jZSB3ZXJlIFrDvHJjaGVyIEthbnRvbmFsYmFuaywgVUJTIGFuZCBSYWlmZmVpc2VuIFN3aXR6ZXJsYW5kLiBaw7xyY2hlciBhbmQgVUJTIHdlcmUgYW5ub3VuY2VkIGFzIHBhcnQgb2YgdGhlIENCREMgcGlsb3QgZWFybGllciB0aGlzIG1vbnRoLCBidXQgUmFpZmZlaXNlbiB3YXMgbm90LjwvcD4KCjxwPkEgWnVyaWNoIHNwb2tlc3BlcnNvbiBjb25maXJtZWQgdGhhdCB3aG9sZXNhbGUgQ0JEQyBzZXR0bGVtZW50IHRha2VzIHBsYWNlIG9uIERlY2VtYmVyIDEgYW5kIG9ubHkgZm9yIHRoZSB0d28gcGlsb3QgYmFua3MuIFJhaWZmZWlzZW4gYW5kIHRoZSBDYW50b24gb2YgWnVyaWNoIHdpbGwgcmVjZWl2ZSBjb252ZW50aW9uYWwgU3dpc3MgZnJhbmNzLCBub3Qgd2hvbGVzYWxlIENCREMuIDxzdHJvbmc+QXQgdGhhdCBwb2ludCwgdGhlIGJvbmQgd2lsbCBiZSBsaXN0ZWQgb24gYm90aCB0aGUgU0lYIERpZ2l0YWwgRXhjaGFuZ2UgYW5kIHRoZSBtYWluIFNJWCBTd2lzcyBFeGNoYW5nZS48L3N0cm9uZz48L3A+Cgo8dWw+PGxpPldoaWxlIHRoZXJlIGhhdmUgYmVlbiBwbGVudHkgb2Ygd2hvbGVzYWxlIENCREMgdHJpYWxzLCB0d28gdGhpbmdzIGFyZSBkaXN0aW5jdGl2ZSBhYm91dCB0aGlzIHBpbG90LjwvbGk+Cgk8bGk+Rmlyc3QsIHRoZSBTTkIgaXMgYWxsb3dpbmcgdGhlIHVzZSBvZiBhIGxpdmUgd2hvbGVzYWxlIENCREMgb3ZlciBhbiBleHRlbmRlZCB0aW1lZnJhbWUuPC9saT4KCTxsaT5TZWNvbmQsIHRoZSBTRFggcGxhdGZvcm0gb24gd2hpY2ggdGhlIFNOQiBpc3N1ZXMgdGhlIENCREMgaXMgbm90IGEgdGVzdCBwbGF0Zm9ybS4gPHN0cm9uZz5JdCBpcyB0aGUgc2FtZSBwcm9kdWN0aW9uIHBsYXRmb3JtIHRoYXQgU0RYIGhhcyB1c2VkIGZvciBpc3N1aW5nIHRva2VuaXplZCBTd2lzcyBmcmFuY3MgdXNlZCBmb3IgcHJldmlvdXMgU0RYIHNldHRsZW1lbnRzLiDCoDwvc3Ryb25nPjwvbGk+CjwvdWw+PHA+TWVhbndoaWxlLCBpbiBGZWJydWFyeSB0aGUgQ2l0eSBvZiBMdWdhbm8gaXNzdWVkIGEgQ0hGIDEwMCBtaWxsaW9uIHRva2VuaXplZCBib25kIHZpYSBTRFggd2l0aCBpbnZlc3RvcnMgYWJsZSB0byBpbnZlc3QgdmlhIHRoZSBTRFggY2VudHJhbCBzZWN1cml0aWVzIGRlcG9zaXRvcnkgKENTRCkgb3IgdGhlIGNvbnZlbnRpb25hbCBTSVMgQ1NELiBFbmFibGluZyB0aGUgdXNlIG9mIHRoZSBTSVMgQ1NEIG1lYW5zIHRoYXQgaW52ZXN0b3JzIGRvbuKAmXQgbmVlZCB0byBiZSB1cCB0byBzcGVlZCB3aXRoIERMVCBhbmQgaGVuY2Ugc2lnbmlmaWNhbnRseSBpbXByb3ZlcyBsaXF1aWRpdHkuIDxzdHJvbmc+SXQgd2FzIHRoZSBmaXJzdCBkaWdpdGFsIGJvbmQgdG8gcXVhbGlmeSBmb3IgU05C4oCZcyByZXBvLjwvc3Ryb25nPjwvcD4KCjxwPlp1cmljaCBjb25maXJtZWQgaXQgaXMgc2ltaWxhciwgc3ViamVjdCB0byB0aGUgcmVwbyBhcHByb3ZhbCBieSB0aGUgY2VudHJhbCBiYW5rLCBidXQgaXQgZXhwZWN0cyB0byBxdWFsaWZ5IGFzIEhRTEEgTGV2ZWwgMS4gQWRkaXRpb25hbGx5LCBpdCBleHBlY3RzIGFuIFMmYW1wO1AgaXNzdWFuY2UgcmF0aW5nIG9mIEFBQS48L3A+Cgo8cD48c3Ryb25nPkhvdyBkb2VzIHNldHRsZW1lbnQgd29yayBnaXZlbiB0aGVyZSBhcmUgdHdvIENTRHM/PC9zdHJvbmc+PC9wPgoKPHA+T25lIHBvaW50IG9mIGN1cmlvc2l0eSBpcyBob3cgaXTigJlzIHBvc3NpYmxlIHRvIHN1cHBvcnQgc2V0dGxlbWVudCBvbiBib3RoIFNJUyAoVCsyIHNldHRsZW1lbnQpIGFuZCBTRFggKFQwKSBnaXZlbiB0aGUgZGlmZmVyZW50IHNldHRsZW1lbnQgdGltZWZyYW1lcy4gVGhlIHR3byBDU0RzIGFyZSBpbnRlZ3JhdGVkLCBidXQgYmVjYXVzZSB0aGUgYm9uZHMgYXJlIG5hdGl2ZWx5IGRpZ2l0YWwsIHRoZSBTRFggQ1NEIGlzIHRoZSBwcmltYXJ5IHJlZ2lzdHJ5LjwvcD4KCjxwPkV4Y2hhbmdlIHRyYWRlcyBleGVjdXRlZCBvbiBvbmUgZXhjaGFuZ2UgY2Fubm90IHNldHRsZSBvbiB0aGUgb3RoZXIuIEFueSB0cmFkZSBleGVjdXRlZCBvbiB0aGUgU0lYIERpZ2l0YWwgRXhjaGFuZ2Ugc2V0dGxlcyBhdG9taWNhbGx5IHZpYSB0aGUgU0RYIENTRC4gT24tZXhjaGFuZ2UgdHJhZGVzIGV4ZWN1dGVkIHZpYSB0aGUgbWFpbiBTSVggc3RvY2sgZXhjaGFuZ2Ugc2V0dGxlIGluIHR3byBkYXlzIHZpYSB0aGUgU0lTIENTRCB1c2luZyB4LWNsZWFyLCBTSVjigJlzIHBhbi1FdXJvcGVhbiBjZW50cmFsIGNvdW50ZXJwYXJ0eS4gT25lIGNhbiBhc3N1bWUgdGhhdCBhdCB0aGUgdHdvIGRheSBwb2ludCwgU0RY4oCZcyBibG9ja2NoYWluIGxvZ3MgdGhlIGNoYW5nZSBpbiByZWFsIHRpbWUuIE92ZXIgdGhlIGNvdW50ZXIgdHJhZGVzIGNhbiBzZXR0bGUgb24gZWl0aGVyIENTRC48L3A+Cg==

Raiffeisen and the Canton of Zurich will receive conventional Swiss francs, not wholesale CBDC. At that point, the bond will be listed on both the SIX Digital Exchange and the main SIX Swiss Exchange.
