The proceeds from the bonds taken up by the market are passed on to the 24 Swiss cantonal banks in the form of loans. The cantonal banks not only hold the Pfandbriefzentrale's entire share capital but are also the sole borrowers. 21 cantonal banks also have an unlimited state guarantee from their canton for their commitments. All the cantonal banks have a good or very good credit rating.
The composition of the mortgage-covered loan book is as follows (amounts in CHF million):
| CHF | 11'222 | Zürcher Kantonalbank |
| CHF | 7'888 | Luzerner Kantonalbank |
| CHF | 7'387 | Banque Cantonale Vaudoise |
| CHF | 7'044 | Berner Kantonalbank |
| CHF | 6'763 | Thurgauer Kantonalbank |
| CHF | 4'994 | St. Galler Kantonalbank |
| CHF | 4'693 | Banque Cantonale de Fribourg |
| CHF | 4'508 | Graubündner Kantonalbank |
| CHF | 4'169 | Banque Cantonale de Genève |
| CHF | 3'583 | Basellandschaftliche Kantonalbank |
| CHF | 3'315 | Basler Kantonalbank |
| CHF | 2'551 | Banca dello Stato del Cantone Ticino |
| CHF | 2'374 | Banque Cantonale du Valais |
| CHF | 2'212 | Banque Cantonale Neuchâteloise |
| CHF | 2'010 | Aargauische Kantonalbank |
| CHF | 1'829 | Schwyzer Kantonalbank |
| CHF | 1'767 | Zuger Kantonalbank |
| CHF | 1'179 | Schaffhauser Kantonalbank |
| CHF | 1'161 | Nidwaldner Kantonalbank |
| CHF | 1'118 | Glarner Kantonalbank |
| CHF | 882 | Banque Cantonale du Jura |
| CHF | 734 | Urner Kantonalbank |
| CHF | 589 | Obwaldner Kantonalbank |
| CHF | 527 | Appenzeller Kantonalbank |
| CHF | 84'499 | Total |
Status as of 10 March 2025