Tuesday, April 15, 2014

Results of 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 11 April, at the price of accepted bids. This time Primary Dealers did not exercise their right to purchase additional issue in RIKB 16 1013 but did purchased 120 m.kr in RIKB 20 0205  . Therefore the total amount of bonds issued in this auction in RIKB 16 1013 is 6,500 m.kr. in nominal value and for RIKB 20 0205  is 1,520 m.kr. Total nominal value of RIKB 16 1013 after the auction is now 68,523,000,000 kr. and total nominal value of RIKB 20 0205   is now 13,893,000,000 kr.  Settlement date is 16 April 2014.

Friday, April 11, 2014

Auction result Treasury bills RIKV 14 0715 & RIKV 14 1015

RIKV 14 0715:
Number of bids in the series was 6 amounting to ISK 6,130 million nominal value. All bids were rejected.

RIKV 14 1015:
Number of bids in the series was 10 amounting to ISK 2,730 million nominal value. Bids were accepted for ISK 630 million nominal value at the price of 97.959 (simple interest of 4.10%).
Auction results (pdf) 

Friday, April 11, 2014

Auction result of nominal bonds RIKB 16 1013 & RIKB 20 0205

RIKB 16 1013:

Number of bids in this series were 7, amounting to 7,200 m.kr. nominal value. 4 bids were accepted for 6,500 m.kr. nominal value at the clean price of 103.090 (yield of 4.64%). 

RIKB 20 0205:

Number of bids in this series were 7, amounting to 1,700 m.kr. nominal value. 5 bids were accepted for 1,400 m.kr. nominal value at the clean price of 99.950 (yield of 6.25%).
Auction results (pdf)  

Tuesday, April 08, 2014

Auction of Treasury bills RIKV 14 0715 & RIKV 14 1015

On Friday, 11 April at 2:00 pm, Government Debt Management will conduct an auction of Treasury bills RIKV 14 0715 and RIKV 14 1015 which mature on 15 July and 15 October 2014.
Press release (pdf)
Auction terms (pdf)

Tuesday, April 08, 2014

Auction of nominal bonds RIKB 16 1013 & RIKB 20 0205

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

In this auction nominal bonds RIKB 16 1013 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)  

Monday, March 31, 2014

Quarterly Government Debt Management Prospect

Second quarter 2014

  • In Q2, benchmark Treasury bonds will be offered for sale in the amount of 10-20 b.kr. nominal value.
  • It is planned to issue Treasury bonds in the following series: RIKB 16 1013, RIKB 20 0205, and RIKB 31 0124.
  • Issuance of Treasury bonds and bills in conventional auctions during the year will take into account sales of RIKS 33 0321 in connection with Central Bank of Iceland foreign currency auctions. Treasury bond issuance during the quarter will amount to a minimum of 10 b.kr., however. 
    Full report 
Monday, March 31, 2014

Indexed bond series RIKS 33 0321 offered in connection with capital account liberalisation

Government Debt Management intends to offer index-linked series, RIKS 33 0321, in connection with the foreign currency auction on 14 May 2014.
Changes in the Terms of Auction since the last auction:

Wednesday, March 26, 2014

Consumer price index in March 2014

The Consumer Price Index based on prices in March 2014 is 419.7 points (May 1988=100), 0.24% higher than in February 2014. The CPI less housing cost is 395.8 points, 0.23% higher than in February. 
The CPI is 2.2% higher in March 2014 than in March 2013 and the CPI less housing cost is 0.8% higher than one year ago. Over the last three months, the CPI has increased by 0.2%, equivalent to an annual inflation rate of 0.8% (0.0% inflation for the CPI less housing cost). 

The CPI compiled in the middle of March 2014, 419.7 points, is applicable for indexation purposes in May 2014. The old credit terms index for May 2014 is 8,287 points.
Read more

Tuesday, March 25, 2014

Auction of Treasury bonds cancelled

The Government Debt Management has decided to cancel the auction of Treasury bonds planned for 28 March 2014.

Wednesday, March 19, 2014

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. Inflation measured 2.1% in February and has subsided quite rapidly. Furthermore, newly published national accounts indicate that, over the past two years, wage costs per man-year rose considerably less than previous data had suggested. Furthermore, the outlook is that the results of the wage settlements concluded in late 2013 will apply to most of the labour market. 
Read more

Friday, March 14, 2014

Bond price for foreign exchange auction

According to an announcement published by the Central Bank of Iceland on 5 February 2014 regarding the Central Bank of Iceland foreign currency auction to be held on 18 March 2014, 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 14 March 2014. 

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 109.568620 kr. per Treasury bond unit with accrued interest and indexation (dirty price), assuming a settlement date of 21 March 2014 (yield 2.85%).1

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


1 Clean price of 102,2

 

Thursday, March 13, 2014

Results of additional issuance RIKB 16 103

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 7 February, at the price of accepted bids. This time Primary Dealers did not exercise their right to purchase additional issue in RIKB 20 0205 but did exercise their right to purchase additional issue for 220 m.kr in RIKB 16 1013. Therefore the total amount of bonds issued in this auction in RIKB 20 0205 is 3,165 m.kr. in nominal value and for RIKB 16 1013 is 2,820 m.kr. Total nominal value of RIKB 20 0205 after the auction is now 12,373,000,000 kr. and total nominal value of RIKB 16 1013 is now 62,023,000,000 kr.  Settlement date is 14 March 2014.

Thursday, March 13, 2014

Auction result Treasury bills RIKV 14 0616 & RIKV 14 0915

Today at 11:00 am, Government Debt Management auctioned Treasury bills in series RIKV 14 0616 and RIKV 14 0915.

Auction results (pdf)

Wednesday, March 12, 2014

Signing of Agreements with Primary Dealers

Today the Government Debt Management on behalf of the Treasury and primary dealers signed agreements regarding Issuance and Market Making in Treasury securities. The objective of the agreements is to maintain the Treasury’s access to financing and to enhance price formation in the secondary market for Treasury securities. 

As of 1 April 2014, five financial undertakings have been appointed as “primary dealers in Treasury securities”. They are: Arion Bank, Islandsbanki, Landsbankinn, MP Bank and Straumur Investment Bank.
Press release (pdf) 
Sample of agreement (pdf) 

Tuesday, March 11, 2014

Auction result of nominal bonds RIKB 16 1013 & RIKB 20 0205

RIKB 16 1013:
Number of bids in this series were 9, amounting to 5,450 m.kr. nominal value. 4 bids were accepted for 2,600 m.kr. nominal value at the clean price of 102.110 (yield of 5.09%). 

RIKB 20 0205:
Number of bids in this series were 20, amounting to 3,915 m.kr. nominal value. 14 bids were accepted for 3,165 m.kr. nominal value at the clean price of 99.500 (yield of 6.35%).
Auction results (pdf) 

Monday, March 10, 2014

Auction of Treasury bills RIKV 14 0616 & RIKV 14 0915

On Thursday, 13 March at 11:00 am, Government Debt Management will conduct an auction of Treasury bills RIKV 14 0616 and RIKV 14 0915 which mature on 16 June and 15 September 2014.
Press release (pdf) 
Auction terms (pdf)

Friday, March 07, 2014

Agreements regarding Issuance of Treasury Securities in the Secondary Market

The Minister of Finance has assigned the Government Debt Management within the Central
Bank of Iceland the task of concluding agreements concerning issuance of Treasury securities
and market making in the secondary market.

Thursday, March 06, 2014

Auction of nominal bonds RIKB 16 1013 & RIKB 20 0205

On Tuesday, 11 March at 11:00 am, Government Debt Management will conduct an auction of Treasury bonds.

In this auction nominal bonds RIKB 16 1013 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) 

Thursday, February 27, 2014

Consumer price index in February 2014

The Consumer Price Index based on prices in February 2014 is 418.7 points (May 1988=100), 0.67% higher than in January 2014. The CPI less housing cost is 394.9 points, 0.87% higher than in January.
The CPI is 2.1% higher in February 2014 than in February 2013 and the CPI less housing cost is 0.8% higher than one year ago. Over the last three months, the CPI has increased by 0.5%, equivalent to an annual inflation rate of 1.9% (0.4% inflation for the CPI less housing cost).
The CPI compiled in the middle of February 2014, 418.7 points, is applicable for indexation purposes in April 2014. The old credit terms index for April 2014 is 8,267 points.
Read more

Wednesday, February 26, 2014

Results of Exchange auction RIKB 14 0314

In the last Treasury bonds auction of the Government Debt Management, the bidders had the option of purchasing securities in RIKB 16 1013 and RIKB 20 0205 with the sale of RIKB 14 0314, which matures on 14 March 2014. This time the bidders exercised their option to sell 283,202,950 kr. nominal value.
Total outstanding nominal value of RIKB 14 0314 after the exchange auction is now 24,224,797,050

Tuesday, February 25, 2014

Results of additional issuance of RIKB 16 1013 & 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 21 February, at the price of accepted bids. This time Primary Dealers did not exercise their right to purchase additional issue in RIKB 16 1013 and RIKB 20 0205. Therefore the total amount of bonds issued in this auction in RIKB 16 1013 is 520 m.kr. and 2,120 m.kr. in RIKB 20 0205 nominal value. Total nominal value of RIKB 16 1013 after the auction is now 59,203,000,000 kr. And nominal value of RIKB 20 0205 is now 9,208,000,000 kr.  Settlement date is 26 February 2014.

Friday, February 21, 2014

Auction result of nominal bonds RIKB 16 1013 & RIKB 20 0205

RIKB 16 1013:

Number of bids in this series were 5, amounting to 720 m.kr. nominal value. 3 bids were accepted for 520 m.kr. nominal value at the clean price of 101.350 (yield of 5.42%).

RIKB 20 0205:

Number of bids in this series were 19, amounting to 3,120 m.kr. nominal value. 12 bids were accepted for 2,120 m.kr. nominal value at the clean price of 98.310 (yield of 6.60%).

Auction results (pdf)

Thursday, February 20, 2014

Increased securities lending facilities to primary dealers

Government Debt Management securities lending facilities for primary dealers. 

According to the Agreements concerning Secondary Market Issuance and Market making in Treasury Securities dated 15 March 2013,  securities lending in series RIKB 15 0408  to each primary dealer will be increased from 2 b.kr. nominal value up to 4 b.kr. nominal value. These terms shall take effect after 11:00 am on Thursday 13 March 2014.

Tuesday, February 18, 2014

Auction of nominal bonds RIKB 16 1013 & RIKB 20 0205 - EXCHANGE AUCTION

On Friday, 21 February at 11:00 am, Government Debt Management will conduct an auction of Treasury bonds.

In this auction nominal bonds RIKB 16 1013 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)

Monday, February 17, 2014

Iceland's Creditworthiness Is Not Affected

Iceland's Creditworthiness Is Not Affected by British and Dutch Effort to Increase Icesave Recoveries

Moody‘s has issued a Comment stating that the British and Dutch governments´ recently filed claim via their deposit insurance funds against the Icelandic Deposit Insurance Fund (TIF) has no effect on the creditworthiness of the government of Iceland (Baa3, stable). The Comment refers to EFTA Court ruling from the year 2013 that there is no payment obligation for the sovereign. 

Moody´s press release can be approached here.

Thursday, February 13, 2014

Auction result Treasury bills RIKV 14 0515 & RIKV 14 0815

Today at 11:00 am, Government Debt Management auctioned Treasury bills in series RIKV 14 0515 and RIKV 14 0815.
Auction results (pdf)

Tuesday, February 11, 2014

Results of additional issuance of 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 7 February, at the price of accepted bids. This time Primary Dealers did exercise their right to purchase additional issue in RIKB 20 0205 for 363 m.kr. Therefore the total amount of bonds issued in this auction in RIKB 20 0205 is 7,088 m.kr. in nominal value. Total nominal value of RIKB 20 0205 after the auction is now 7,088,000,000 kr.. Settlement date is 12 February 2014.

December 11, 2013
MPC decision on interest rates
November 06, 2013
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Sale of Government bonds
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MPC decision on interest rates
September 07, 2012
AUCTION RESULT OF NOMINAL BONDS
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December 29, 2010
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Yield Curve

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Non-IndexedPriceYield
RIKV 14 051599.506.24%
RIKV 14 0616 99.005.96%
RIKV 14 071598.506.09%
RIKV 14 081598.006.07%
RIKV 14 0915 97.506.07%
RIKB 15 0408100.304.18%
RIKB 16 1013103.054.66%
RIKB 19 0226111.216.02%
RIKB 20 0205100.006.24%
RIKB 22 1026104.256.57%
RIKB 25 0612109.356.77%
RIKB 31 012495.356.98%
IndexedPriceYield
RIKS 21 0414107.052.68%
HFF150224103.852.98%
HFF150434107.003.02%
HFF150644108.003.16%

CPI Change

Current Value418.70
12 Months Change*2.15%
3 Months Change*1.93%
Last Month Change0.67%
Daily CPI419.20

* Annualized rates

Exchange rate

ISK10001000
EUR154.7155.1
USD111.8112.09
GBP187.72188.21
JPY1.091.10
NOK18.7618.81
SEK17.0017.05
DKK20.7220.77
CHF127.12127.45
TWI205.28205.41