Interest Swiss gov bonds < CBR

Dear community,

One thing I don’t really understand is the following.

How can be the 1 year swiss government bonds at 1.01% while the CBR is at 1.50%?Additionally the 1Y Swap rate is at 1.18% according to UBS quotes.

For me it seems to be a too big interest gap to not get used for arbitrage. As a big bank i would short sell the swiss gov. bonds (1y) , pay 1% and get 1.5% from the Swiss national bank for the deposited cash. Just before the 1y is done, the bank buys back the bonds at par with the deposit at SNB for the profit.

What do you think about it?

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