I never grasped the concept of buying “Kassenobligationen”, even in the case of Cembra (and yes, even if the look relatively attractive): buy the respective bond (ideally with low coupons to reduce tax / maximize after tax yield): Bond Explorer | SIX → in the end i) your yield after taxes will be much higher and ii) you’re certainly more liquid than in a “Kassenobligation” if you need to cash out.