Friday, May 22, 2015

Termination of the Primary Dealer Agreement of Straumur Investment bank hf

The Government Debt Management received from Straumur Investment bank hf. on 21 May 2015 a notice of termination of the “Agreement concerning issuance of Treasury securities and market making in the secondary market with the GDM“ signed on 13 March 2015.  The termination is based on a mutual termination provision in the agreement and accordingly takes effect two months from the date of the notice of termination.
The reason for the termination of the agreement is the planned merger of Straumur Investment bank and MP bank hf.

Wednesday, May 20, 2015

Auction of Treasury bonds cancelled

The Government Debt Management has decided to cancel the auction of Treasury bonds planned for 22 May 2015.

Wednesday, May 13, 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 interest rates of the Central Bank according to this will be:

Overnight lending: 6.25% 
Seven-day collateralised lending: 5.25% 
Seven-day term deposits: 4.50%
Current account: 4.25% 

Read more 

Tuesday, May 12, 2015

Results of additional issuance of RIKB 17 0206

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 8 May, at the price of accepted bids. This time Primary Dealers did not exercise their right to purchase in RIKB 17 0206. Total outstanding nominal value of RIKB 17 0206 after the auction is now 15,943,000,000 kr. Settlement date is 13 May 2015.

Friday, May 08, 2015

Auction of Treasury bills RIKV 15 0817 OG RIKV 15 1116

On Tuesday, 12 May at 11:00 a.m. Government Debt Management will conduct an auction of Treasury bills RIKV 15 0817 and RIKV 15 1116 which mature on 17 August and 16 November 2015.
Press release (pdf)
Auction terms (pdf) 

Wednesday, May 06, 2015

Auction of nominal bonds RIKB 17 0206

On Friday, 8 May at 11:00 am, Government Debt Management will conduct an auction of Treasury bonds.
In this auction nominal bonds RIKB 17 0206 will be offered. The total amount of accepted bids will be announced after the auction.
 Press release (pdf)
Auction terms (pdf)   

Wednesday, April 29, 2015

Consumer price index in April 2015

The Consumer Price Index (CPI) based on prices in April 2015 is 427.0 points (May 1988=100), 0.14% higher than in March 2015. The CPI less housing cost is 395.6 points, 0.05% higher than in March.

Cost of housing, water and electricity increased by 0.43% (effect on the index 0.12%).

The CPI is 1.4% higher in April 2015 than in April 2014 while the CPI less housing cost is 0.1% lower than one year ago. Over the last three months, the CPI has increased by 1.8%, equivalent to an annual inflation rate of 7.6% (6.7% annual inflation rate for the CPI less housing cost). 

The CPI compiled in the middle of April 2015, 427.0 points, is applicable for indexation purposes in June 2015. The old credit terms index for June 2015 is 8,431 points. 
Read more

Tuesday, April 21, 2015

Results of additional issuance of RIKB 17 0206 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 17 April, at the price of accepted bids. This time Primary Dealers did exercise their right to purchase 60 m.kr in RIKB 17 0206 but nothing in RIKB 31 0124. Total outstanding nominal value of RIKB 17 0206 after the auction is now 14,743,000,000 kr. and in RIKB 31 0124 88,806,400,000 kr. Settlement date is 22 April 2015.

Wednesday, April 15, 2015

Republic of Iceland buys back its own bonds denominated in USD

During the first quarter of 2015, the Central Bank of Iceland (the “Bank”), which manages borrowing on behalf of the Treasury, purchased for cancellation nominal value of USD 97,465,000 in the bond series “ICELAND 4.875% 06/16/16” (ISIN USX3446PDH48/US451029AD49).
The issued volume totals USD 1,000,000,000; therefore, the Bank has bought 9.7465% of the Treasury’s outstanding debt in the above-specified bond series, which matures on 16 June 2016.
The bonds were bought in a series of repurchases as an element in the Treasury’s liquidity and debt management strategy.

Wednesday, April 15, 2015

Auction of nominal bonds RIKB 17 0206 & RIKB 31 0124

On Friday, 17 April at 11:00 am, Government Debt Management will conduct an auction of Treasury bonds.
In this auction nominal bonds RIKB 17 0206 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)   

Thursday, April 09, 2015

Auction of Treasury bills RIKV 15 0715 & RIKV 15 1015

On Monday, 13 April at 11:00 a.m. Government Debt Management will conduct an auction of Treasury bills RIKV 15 0715 and RIKV 15 1015 which mature on 15 July and 15 October 2015.
Press release (pdf)
Auction terms (pdf) 

Tuesday, April 07, 2015

Results of additional issuance of RIKB 17 0206

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 31 March, at the price of accepted bids. This time Primary Dealers did not exercise their right to purchase in RIKB 17 0206. Total outstanding nominal value of RIKB 17 0206 after the auction is now 13,983,000,000 kr.  Settlement date is 8 April 2015.

Wednesday, April 01, 2015

Medium-Term Debt Management Strategy 2015-2018

The Ministry of Finance and Economic Affairs has released the Medium-Term Debt Management Strategy (MTDS) for 2015-2018. This is the fifth time the MTDS has been published. The principal changes since the last issue of the MTDS centre on the ratio of debt to GDP. The current objective is to reduce it to below 60% by year-end 2018, and the long-term objective is to maintain a maximum debt-to-GDP ratio of 45%. The targeted average time to maturity has been increased to a minimum of five years, and the ratio of Treasury redemptions to GDP in any calendar year may not exceed 15%. The guidelines for Treasury loan portfolio structure have been tightened to 70-90% for nominal debt and 15-30% for indexed debt. 

GDM Strategy.pdf 

Tuesday, March 31, 2015

Quarterly Government Debt Management Prospect

Second quarter 2015

  • In Q2, benchmark Treasury bonds will be offered for sale in the amount of 10-15 b.kr. market value 1
  • It is planned to issue Treasury bonds in the following series: RIKB 17 0206, RIKB 20 0205, and RIKB 31 0124.

1 The sale price or market value refers to the “clean” price, net of accrued interest. 

Full report

Monday, March 30, 2015

Unchanged securities lending facilities to primary dealers

With reference to the restrictions on non-residents’ investment in domestic Treasury securities, cf. the Central Bank of Iceland’s press release of 6 March 2015, it has been decided that the securities lending facilities in RIKB 16 1013 for each primary dealer will not be increased.  

Friday, March 27, 2015

Auction of nominal bonds RIKB 17 0206

On Tuesday, 31 March at 11:00 am, Government Debt Management will conduct an auction of Treasury bonds.
In this auction nominal bonds RIKB 17 0206 will be offered. The total amount of accepted bids will be announced after the auction.
 Press release (pdf)
Auction terms (pdf)  

Friday, March 27, 2015

Consumer price index in March 2015

The Consumer Price Index (CPI) based on prices in March 2015 is 426.4 points (May 1988=100), 1.02% higher than in February 2015. The CPI less housing cost is 395.4 points, 1.02% higher than in February.

The CPI is 1.6% higher in March 2015 than in March 2014 while the CPI less housing cost is 0.1% lower than one year ago. Over the last three months, the CPI has increased by 1.0%, equivalent to an annual inflation rate of 3.9% (1.1% annual inflation rate for the CPI less housing cost).

The CPI compiled in the middle of March 2015, 426.4 points, is applicable for indexation purposes in May 2015. The old credit terms index for May 2015 is 8,419 points.
Read more   


Wednesday, March 18, 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 interest rates of the Central Bank according to this will be:

Overnight lending: 6.25% 
Seven-day collateralised lending: 5.25% 
Seven-day term deposits: 4.50%
Current account: 4.25% 

Read more 

Friday, March 13, 2015

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 2015, 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 10, 2015

Auction of Treasury bills RIKV 15 0615 & RIKV 15 0915

On Thursday, 12 March at 11:00 a.m. Government Debt Management will conduct an auction of Treasury bills RIKV 15 0615 and RIKV 15 0915 which mature on 15 June and 15 September 2015.
Press release (pdf)
Auction terms (pdf) 

Monday, March 09, 2015

Temporary exemption from primary dealers’ secondary market obligations

Government Debt Management has decided to grant primary dealers a temporary exemption from their obligations in the secondary market. On 9 March, primary dealers are authorised to submit bid and ask quotes in the NASDAQ trading system with twice the maximum spread provided for in Article 3 of the current agreement between primary dealers and the Central Bank of Iceland concerning Treasury bond issuance and market making in the secondary market. This temporary exemption will expire at 10:30 hrs. unless Government Debt Management publishes an announcement to the contrary. 

February 04, 2015
MPC decision on interest rates
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
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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
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February 20, 2009
Auction results Treasury Notes
February 11, 2009
Auction announcement - Bills
January 29, 2009
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Yield Curve

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Non-IndexedPriceYield
RIKV 15 0615 99.734.06%
RIKV 15 071599.284.87%
RIKV 15 0817 98.785.11%
RIKV 15 0915 98.345.26%
RIKV 15 1015 97.875.37%
RIKV 15 1116 97.385.43%
RIKB 16 101399.756.16%
RIKB 17 0206 97.856.34%
RIKB 19 0226105.636.98%
RIKB 20 020596.407.17%
RIKB 22 102699.057.41%
RIKB 25 0612103.457.50%
RIKB 31 012490.407.56%
IndexedPriceYield
RIKS 21 0414105.942.70%
HFF150224104.262.78%
HFF150434107.452.93%
HFF150644112.202.83%

CPI Change

Current Value427.00
12 Months Change*1.43%
3 Months Change*7.55%
Last Month Change0.14%
Daily CPI427.00

* Annualized rates

Exchange rate

ISK10001000
EUR147.65148.05
USD133.84134.2
GBP207.2207.76
JPY1.101.10
NOK17.5317.58
SEK15.9716.01
DKK19.8019.86
CHF141.92142.3
TWI206.42206.68