New Issue: Swiss Confederation sells CHF1.2 billion exchangeable, into Swisscom, at 0%, up 10%

Nashville, Nov. 18 - Swiss Confederation sold CHF1.2 billion of 1.5-year exchangeable bonds, which convert into Swisscom AG shares, at 99.75 with a 0% coupon and 10% initial conversion premium via joint bookrunners UBS Investment Bank and Goldman Sachs & Co.

On exchange of the bonds, bondholders must pay 0.085% of par for the Swiss federal turnover tax and stock exchange fee.

The Regulation S issue sold at the cheap end of price talk for an issue price of 99.75 to 100.

Issuer:	Swiss Confederation
Reference shares:	Swisscom AG
Issue:	Exchangeable senior bonds
Bookrunners:	UBS Investment Bank and Goldman Sachs & Co.
Amount:	CHF1.2 billion
Maturity:	June 6, 2006
Coupon:	0%
Price:	99.75
Conversion premium:	10%
Conversion price:	CHF490.00
Conversion ratio:	10.204081
Contingent conversion:	No
Contingent payment:	No
Call:	Non-callable
Dividend protection:	Yes, in excess of 10% per year from base of CHF13.00
Takeover protection:	Yes
Price talk:	Issue price of 99.75-100
Pricing date:	Nov. 18
Settlement date:	Dec. 6
Distribution:	Regulation S

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