Bond Issuing Cooperative for Limited Profit Housing – Switzerland

Olten, Switzerland Better Finance, Special purpose intermediaries


The Bond Issuing Cooperative for Limited Profit Housing (Emissionszentrale für gemeinnütziger Wohnbauträger/ Centrale d’émission pour la construction de logements – EGW/CCL) was jointly established in Switzerland in 1991 by the Government and the non-profit cooperative housing movement.   Its purpose is to raise cheap finance for non-profit housing construction. This is done by issuing bonds in the name of the EGW/CCL and distributing these funds among affordable housing providers.

Actors involved

  • Emissionszentrale für gemeinnütziger Wohnbauträger/ Centrale d'émission pour la construction de logements - EGW/CCL



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The bonds issued by the EWG/CCL are generally 6-15-year fixed bonds, covered by mortgages on the title of the financed dwelling and by a government guarantee.  Thanks to a careful credit assessment and ongoing monitoring of loan repayments, the default rate is close to zero.  These arrangements enable the EWG/CCL to raise finance at particularly low interest rates, which are only marginally higher than the interest rates on Swiss government bonds.  Since it was founded, the EGW/CCL has carried out 87 debt issuances with a total volume raised of CHF 7.1 billion (EUR 6.4 billion as of April 2020).

EGW/CCL is organized as a cooperative.  Its members are housing cooperatives and other non-profit property developers.  There are about 400 individual cooperative members of the EGW/CCL of which approximately 75 per cent have benefited from its loans.

EGW/CCL has been successful in reducing the costs of finance for non-profit housing providers and thereby helped to stabilize rents in the sector, which are linked to financing costs.  It also enables small affordable-housing providers access to capital markets and offers risk-free assets for investors.  Consequently, it enjoys strong political support.[1]


[1] Peter Gurtner, “The case of Switzerland”, paper presented at the UNECE Workshop on the Future of Social Housing, Geneva, 4-5 February 2014. Available at