Thursday, February 26, 2015

Consumer price index in February 2015

The Consumer Price Index (CPI) based on prices in February 2015 is 422.1 points (May 1988=100), 0.67% higher than in January 2015. The CPI less housing cost is 391.4 points, 0.57% higher than in January.

The CPI is 0.8% higher in February 2015 than in February 2014 while the CPI less housing cost is 0.9% lower than one year ago. Over the last three months, the CPI has increased by 0.3%, equivalent to an annual inflation rate of 1.0% (2.0% annual deflation rate for the CPI less housing cost).

The CPI compiled in the middle of February 2015, 422.1 points, is applicable for indexation purposes in April 2015. The old credit terms index for April 2015 is 8,334 points. 
Read more  


Tuesday, February 24, 2015

Results of Exchange auction RIKB 15 0408

In the last Treasury bonds auction of the Government Debt Management, the bidders had the option of purchasing securities in RIKB 17 0206 and RIKB 20 0205 with the sale of RIKB 15 0408, which matures on 8 April 2015. This time the bidders exercised their option to sell 96,157,929 kr. nominal value in RIKB 15 0408.

Tuesday, February 24, 2015

Results of additional issuance RIKB 17 0206 and RIKB 20 0205

As stated in paragraph 5 of Terms of Invitation to Tender for Treasury bonds, the Government Debt Management offered the equivalent of 10% of the nominal value sold in the auction 20 February, at the price of accepted bids. This time Primary Dealers did exercise their right to purchase in RIKB 17 0206 for 1,023 m.kr. and in RIKB 20 0205 for 27 m.kr. Total outstanding nominal value of RIKB 17 0206 after the auction is now 12,983,000,000 kr. and 30,306,000,000 in RIKB 20 0205.  Settlement date is 25 February 2015.

Tuesday, February 24, 2015

Results of additional issuance RIKB 17 0206 and RIKB 20 0205

As stated in paragraph 5 of Terms of Invitation to Tender for Treasury bonds, the Government Debt Management offered the equivalent of 10% of the nominal value sold in the auction 20 February, at the price of accepted bids. This time Primary Dealers did exercise their right to purchased in RIKB 17 0206 for 1,023 m.kr. and in RIKB 20 0205 for 27 m.kr. Total outstanding nominal value of RIKB 17 0206 after the auction is now 12,983,000,000 kr. and 30,306,000,000 in RIKB 20 0205.  Settlement date is 25 February 2015.

Wednesday, February 18, 2015

Auction of nominal bonds RIKB 17 0206 & RIKB 20 0205

On Friday, 20 February at 11:00 am, Government Debt Management will conduct an auction of Treasury bonds.
In this auction nominal bonds RIKB 17 0206 and RIKB 20 0205 will be offered. The total amount of accepted bids will be announced after the auction.
Press release (pdf)
Auction terms (pdf)   

Wednesday, February 11, 2015

Correction of nominal amount in foreign currency auction

Government Debt Management announces a correction of the nominal amount for the indexed RIKS 33 0321 bond in the 10 February 2015 auction. The corrected nominal amount is 37,877,169 kr. The total amount sold in the foreign currency auction was therefore 392,532,343 kr. 

Tuesday, February 10, 2015

Issuance of RIKS 33 0321 in foreign exchange auction

Today, 10 February 2015, an auction was held by The Central Bank of Iceland in which the Bank offered to purchase euros versus payment in the indexed Treasury series RIKS 33 0321. This measure is an element in the removal of restrictions on capital account transactions and will reduce the annual Treasury’s refinancing need. Bonds sold in the series amounted to 354,655,174 kr. nominal value.

The accepted exchange rate in the auction was 178 krona for each Euro.

Bids submitted at the price of 178 krona pr. Euro were reduced proportionally by 44.1011%.

On 6 February the fixed price for this Treasury bond was announced as 112.785619 kr. with accrued interest and indexation (e. dirty price) with a settlement date of 13 February 2015 (yield 2.88%)1

1 Clean price being 101.67


Tuesday, February 10, 2015

Results of additional issuance of RIKB 17 0206

Auction of Treasury bonds  RIKB 17 0206 Additional Issuance

As stated in paragraph 5 of Terms of Invitation to Tender for Treasury bonds, the Government Debt Management offered the equivalent of 10% of the nominal value sold in the auction 6 February, at the price of accepted bids. This time Primary Dealers did not exercise their right to purchased in RIKB 17 0206. Total outstanding nominal value of RIKB 17 0206 after the auction is now 1,630,000,000 kr.  Settlement date is 11 February 2015.

Tuesday, February 10, 2015

Results of Exchange auction RIKB 15 0408

In the last Treasury bonds auction of the Government Debt Management, the bidders had the option of purchasing securities in RIKB 17 0206 with the sale of RIKB 15 0408, which matures on 8 April 2015. This time the bidders exercised their option to sell 644,111,000 kr. nominal value.

Tuesday, February 10, 2015

Auction of Treasury bills RIKV 15 0515 & RIKV 15 0817

On Thursday, 12 February at 11:00 a.m. Government Debt Management will conduct an auction of Treasury bills RIKV 15 0515 and RIKV 15 0817 which mature on 15 May and 17 August 2015.
Press release (pdf)
Auction terms (pdf) 

Monday, February 09, 2015

Changes in announcements of auction results

Government Debt Management has decided to change the format of its announcements of auction results, effective today. Henceforth, the auction results will be published in table format. It has also been decided to shorten the length of time between the end of each auction and the publication of the auction results on news systems from 45 minutes to 30 minutes. 

Friday, February 06, 2015

Bond price for foreign exchange auction

According to an announcement published by the Central Bank of Iceland on 9 December 2014 regarding the Central Bank of Iceland foreign currency auction to be held on 10 February 2015, the Terms of Auction stated that the swap rate for the Bank’s purchase of foreign currency in connection with the sale of Treasury bonds in the series RIKS 33 0321 would be published at the close of business on 6 February 2015. 

It has been decided that the number of Treasury bond units per euro shall be based on the auction price and the fixed price of the Treasury bonds, which is 112.785619 kr. per Treasury bond unit with accrued interest and indexation (dirty price), assuming a settlement date of 13 February 2015 (yield 2.88%).1

The formula is as follows: Swap rate = auction price/(bond price/100).


1 Clean price of 101,67

Friday, February 06, 2015

Auction result of nominal bonds RIKB 17 0206

RIKB 17 0206:
Number of bids in this series were 15, amounting to 3,280 m.kr. nominal value. Bids were accepted for 1,630 m.kr. nominal value at the clean price of 99.538 (yield of 5.25%).
Auction results (pdf)  

Wednesday, February 04, 2015

Auction of nominal bonds RIKB 17 0206

On Friday, 6 February at 11:00 am, Government Debt Management will conduct an auction of Treasury bonds. 

A new two-year nominal bonds, RIKB 17 0206, will be offered. The bonds are interest-bearing and pay 5.00% interest rate annually every 6 February. The maturity date is 6 February 2017. Description of the bond is attached to this press release and further information can be obtained from the website www.gdm.is. The total amount of accepted bids will be announced after the auction.
Press release (pdf)
Auction terms (pdf)  
DescriptionRIKB170206 (pdf) 

Wednesday, February 04, 2015

MPC decision on interest rates

The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to keep the Bank’s interest rates unchanged. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore remain 4.5%.

Read more 

Friday, January 30, 2015

Fitch Revises Iceland’s Outlook to Positive; Affirms at ‘BBB’

Fitch Revises Iceland’s Outlook to Positive; Affirms at ‘BBB’

Fitch ratings has revised the Outlook on Iceland’s Long-Term foreign currency and local currency IDRs to  ‘Positive ‘ from  ‘Stable ‘ and affirmed the ratings at ‘BBB’ and ‘BBB+’ respectively. The issue ratings on Iceland’s senior unsecured foreign and local currency bonds are also affirmed at ‘BBB’ and ‘BBB+’. The Country Ceiling is affirmed at ‘BBB’ and the Short-term foreign currency IDR at ‘F3’. 
FitchRatingsReport(pdf)  

Thursday, January 29, 2015

Consumer price index in Janúar 2015

The Consumer Price Index (CPI) based on prices in January 2015 is 419.3 points (May 1988=100), 0.71% lower than in December 2014. The CPI less housing cost is 389.2 points, 1.29% lower than in December.

The CPI is 0,8% higher in January 2015 than in January 2014 while the CPI less housing cost is 0.6% lower than one year ago. Over the last three months, the CPI has decreased by 0.9%, equivalent to an annual deflation rate of 3.6% (6.5% annual deflation rate for the CPI less housing cost).

The CPI compiled in the middle of January 2015, 419.3 points, is applicable for indexation purposes in March 2015. The old credit terms index for March 2015 is 8,279 points.

Read more 

Wednesday, January 21, 2015

Auction of Treasury bonds cancelled

The Government Debt Management has decided to cancel the auction of Treasury bonds planned for 23 January 2015.

Tuesday, January 20, 2015

Results of additional issuance of RIKB 20 0205 and RIKB 31 0124

As stated in paragraph 5 of Terms of Invitation to Tender for Treasury bonds, the Government Debt Management offered the equivalent of 10% of the nominal value sold in the auction 16 January, at the price of accepted bids. This time Primary Dealers did exercise their right to purchased 115 m.kr in RIKB 20 0205 and 635 m.kr in RIKB 31 0124 additional issues.  Therefore the total amount of bonds issued in this auction in RIKB 20 0205 is 2,215 m.kr. and 7,035 m.kr. in RIKB 31 0124 in nominal value. Total outstanding nominal value of RIKB 20 0205 after the auction is now 30,009,000,000 kr. and 85,286,400,000 kr. in RIKB 31 0124. Settlement date is 21 January 2015.

Friday, January 16, 2015

S&P affirms Iceland at ‘BBB-’; Outlook positive

Standard & Poor‘s have affirmed Iceland‘s long-term rating at ‘BBB-’ and short-term rating at A-3. The outlook remains positive.
S&P report(pdf)  

Friday, January 16, 2015

Publication dates for Iceland‘s sovereign credit ratings

Credit rating agencies Standard & Poor’s and Fitch are required to publish the issuance dates of EU member states’ credit ratings pursuant to Regulation no. 462/2013. The purposes of the regulation are to enhance transparency in rating agencies’ operations, improve the rating process, and increase the companies’ responsibility for the credit ratings, which have a demonstrable effect on the credit terms offered to EU member states. Because Moody‘s primary analyst of the Republic of Iceland is located outside the EU, the rating agency is not required to publish the issuance dates.

The regulation applies in the EEA states, although neither it nor some recent rules on financial supervision, etc., (cf., for example, Regulation no. 1095/2010) has been formally implemented in the EEA states. 

The publication schedule is entirely the responsibility of the rating agencies themselves. The 2015 publication dates for Iceland’s ratings are as follows:

 Rating Agency     Date of publication
    S&P     16 January
    Fitch     30 January
    S&P     17 July
    Fitch     24 July
Friday, January 16, 2015

Auction result of nominal bonds RIKB 20 0205 & RIKB 31 0124

RIKB 20 0205:
Number of bids in this series were 11, amounting to 2,100 m.kr. nominal value. All bids were accepted for 2,100 m.kr. nominal value at the clean price of 102.310 (yield of 5.71%). 

RIKB 31 0124:
Number of bids in this series were 32, amounting to 9,300 m.kr. nominal value. 27 bids were accepted for 6,400 m.kr. nominal value at the clean price of 100.150 (yield of 6.48%).

Auction results (pdf)

Wednesday, January 14, 2015

Auction of nominal bonds RIKB 20 0205 & RIKB 31 0124

On Friday, 16 January at 11:00 am, Government Debt Management will conduct an auction of Treasury bonds.
In this auction nominal bonds RIKB 20 0205 and RIKB 31 0124 will be offered. The total amount of accepted bids will be announced after the auction.
Press release (pdf)
Auction terms (pdf) 

Tuesday, January 13, 2015

Auction result Treasury bills RIKV 15 0415 & RIKV 15 0715

RIKV 15 0415:
Number of bids in the series was 6 amounting to ISK 8,650 million nominal value. Bids were accepted for ISK 8,050 million nominal value at the price of 99.047 (simple interest of 3.85%).

 RIKV 15 0715:
Number of bids in the series was 4 amounting to ISK 560 million nominal value. Bids were accepted for ISK 360 million nominal value at the price of 98.125 (simple interest of 3.80%).
Auction results (pdf) 

Friday, January 09, 2015

Auction of Treasury bills RIKV 15 0415 & RIKV 15 0715

On Tuesday, 13 January at 11:00 a.m. Government Debt Management will conduct an auction of Treasury bills RIKV 15 0415 and RIKV 15 0715 which mature on 15 April and 15 July 2015.
Press release (pdf)
Auction terms (pdf) 

Tuesday, December 30, 2014

Quarterly Government Debt Management Prospect

First quarter 2015

• In Q1, benchmark Treasury bonds will be offered for sale in the amount of 15-25 b.kr. market value.
• A new nominal two-year bond series maturing in 2017 is to be launched.
• It is also planned to issue Treasury bonds in the following series: RIKB 20 0205 and RIKB 31 0124.

Full report

December 10, 2014
MPC decision on interest rates
November 05, 2014
MPC decision on interest rates
August 28, 2014
Temporary exemption revoked
December 11, 2013
MPC decision on interest rates
November 06, 2013
MPC decision on interest rates
February 06, 2013
MPC decision on interest rates
December 13, 2012
Sale of Government bonds
December 12, 2012
MPC decision on interest rates
September 07, 2012
AUCTION RESULT OF NOMINAL BONDS
April 29, 2011
Signing of Agreements
December 29, 2010
Annual prospect 2011
May 14, 2010
Signing of Agreements
February 23, 2010
Exchange auction results
February 11, 2010
Auction result RIKV 10 0615
January 13, 2010
Auction Result RIKV 10 0517
December 10, 2009
Result - Sale of T-Notes
June 29, 2009
Weekly Economic Briefing
June 22, 2009
Weekly Economic Briefing
June 15, 2009
Weekly Economic Briefing
February 20, 2009
Auction results Treasury Notes
February 11, 2009
Auction announcement - Bills
January 29, 2009
Weekly Web Release
October 13, 2008
Glitnir Weekly
November 06, 2008
Weekly Web Release
November 14, 2008
Weekly Web Release
November 21, 2008
Weekly Web Release
December 03, 2008
Treasury Notes Auction Results
December 08, 2008
Auction announcement
December 10, 2008
Treasury Notes Auction Results
December 16, 2008
Auction announcement - Bills
December 19, 2008
Treasury Bills Auction Results
January 21, 2009
Auction announcement - Bills
September 23, 2008
Glitnir Weekly
September 25, 2008
Treasury Notes Auction Results
September 30, 2008
Glitnir Weekly
September 29, 2008
The Week in Review
October 06, 2008
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October 06, 2008
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September 09, 2008
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September 15, 2008
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July 22, 2008
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July 22, 2008
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July 25, 2008
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August 01, 2008
Bond Market - Iceland
August 05, 2008
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June 30, 2008
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March 10, 2008
ISK bonds: on HOLD
March 10, 2008
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February 25, 2008
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February 21, 2008
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February 25, 2008
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March 03, 2008
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March 03, 2008
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February 28, 2008
Benchmark bond yields
February 18, 2008
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November 19, 2007
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November 26, 2007
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November 19, 2007
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November 27, 2007
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November 29, 2007
Treasury Bills Auction Results
December 03, 2007
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December 17, 2007
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December 10, 2007
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January 02, 2008
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January 03, 2008
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December 17, 2007
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December 28, 2007
HFF Forecast 2008
January 07, 2008
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January 15, 2008
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January 25, 2008
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February 05, 2008
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December 27, 2007
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December 28, 2007
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November 25, 2007
BUY ISK on financial turmoil
November 12, 2007
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November 12, 2007
Turbulence on most fronts
November 09, 2007
Reinvest in ISK
November 06, 2007
Glitnir Weekly
September 10, 2007
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September 18, 2007
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September 25, 2007
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October 02, 2007
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September 19, 2007
Treasury Notes Auction Results
October 08, 2007
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October 15, 2007
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October 15, 2007
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October 22, 2007
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October 29, 2007
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October 22, 2007
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October 29, 2007
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October 08, 2007
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November 05, 2007
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September 24, 2007
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September 27, 2007
Treasury Bills Auction Results
September 10, 2007
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August 13, 2007
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September 03, 2007
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September 03, 2007
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August 08, 2007
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August 13, 2007
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August 28, 2007
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August 27, 2007
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August 14, 2007
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August 27, 2007
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August 20, 2007
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August 20, 2007
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August 07, 2007
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July 30, 2007
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July 23, 2007
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July 24, 2007
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July 24, 2007
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July 16, 2007
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June 26, 2007
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Yield Curve

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Non-IndexedPriceYield
RIKV 15 0316 99.843.50%
RIKB 15 040899.984.59%
RIKV 15 0415 99.464.20%
RIKV 15 0515 99.084.36%
RIKV 15 071598.324.47%
RIKB 16 1013101.854.77%
RIKB 17 0206 100.224.88%
RIKB 19 0226110.955.62%
RIKB 20 0205102.105.75%
RIKB 22 1026107.256.03%
RIKB 25 0612113.456.19%
RIKB 31 0124101.606.34%
IndexedPriceYield
RIKS 21 0414105.852.75%
HFF150224104.012.88%
HFF150434107.752.90%
HFF150644112.662.80%

CPI Change

Current Value422.10
12 Months Change*0.81%
3 Months Change*1.05%
Last Month Change0.67%
Daily CPI422.10

* Annualized rates

Exchange rate

ISK10001000
EUR149.05149.45
USD132.98133.34
GBP205.39205.94
JPY1.111.12
NOK17.4017.45
SEK15.9215.97
DKK19.9720.03
CHF140.29140.67
TWI206.14206.4