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

Tuesday, December 30, 2014

Government Debt Management Prospect 2015

• Planned Treasury bond issuance for 2015 totals 55 b.kr. sale value.
• Net Treasury bond issuance will equal an estimated 6 b.kr. during the year.
• A new two-year nominal benchmark Treasury bond series will be issued.
• The balance of outstanding Treasury bills is estimated at 30 b.kr. as of end-2015.
• The bond to recapitalise the Central Bank of Iceland will be paid down in the amount of 5 b.kr.
• Efforts will be made to pay down and refinance foreign debt prior to maturity if market conditions allow

GDM prospect 2015

Friday, December 19, 2014

Consumer price index in December 2014

The Consumer Price Index (CPI) based on prices in December 2014 is 422.3 points (May 1988=100), 0.31% higher than in November 2014. The CPI less housing cost is 394.3 points, 0.23% higher than in November. 

The CPI is 0,8% higher in December 2014 than in December 2013 while the CPI less housing cost is 0.4% lower than one year ago. Over the last three months, the CPI has decreased by 0.1%, equivalent to an annual deflation rate of 0.3% (1.4% annual deflation rate for the CPI less housing cost).

The CPI compiled in the middle of December 2014, 422.3 points, is applicable for indexation purposes in February 2015. The old credit terms index for February 2015 is 8,338 points. 

Read more 

Thursday, December 11, 2014

Auction of Treasury bonds cancelled

The Government Debt Management has decided to cancel the auction of Treasury bonds planned for 15 December 2014.

Thursday, December 11, 2014

Auction result Treasury bills RIKV 15 0316 & RIKV 15 0615

RIKV 15 0316:
Number of bids in the series was 10 amounting to ISK 5,534 million nominal value. Bids were accepted for ISK 2,074 million nominal value at the price of 99.036 (simple interest of 3.85%). 

RIKV 15 0615:
Number of bids in the series was 3 amounting to ISK 320 million nominal value. All bids were rejected.

Auction results (pdf)

Wednesday, December 10, 2014

MPC decision on interest rates

The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to lower the Bank’s interest rates by 0.5 percentage points.Statement of the Monetary Policy Committee 10 December 2014.

Read more 

Tuesday, December 09, 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 10 February 2015.
The asking price of the series for the auction will be announced after the market close at 16:00 on 6 February 2015.
AuctionTerms(pdf) 

Tuesday, December 09, 2014

Auction of Treasury bills RIKV 15 0316 & RIKV 15 0615

On Thursday, 11 December at 11:00 a.m. Government Debt Management will conduct an auction of Treasury bills RIKV 15 0316 and RIKV 15 0615 which mature on 16 March and 15 June 2015.

Press release (pdf)
Auction terms (pdf)

Wednesday, December 03, 2014

Auction of Treasury bonds cancelled

The Government Debt Management has decided to cancel the auction of Treasury bonds planned for 5 December 2014.

Wednesday, November 26, 2014

Consumer price index in November 2014

The Consumer Price Index based on prices in November 2014 is 421.0 points (May 1988=100), 0.52% lower than in October 2014. The CPI less housing cost is 393.4 points, 0.61% lower than in October. 

The CPI is 1.0% higher in November 2014 than in November 2013 and the CPI less housing cost is 0.3% lower than one year ago. Over the last three months, the CPI has decreased by 0.5%, equivalent to an annual deflation rate of 2.0% (4.0% deflation for the CPI less housing cost).

The CPI compiled in the middle of November 2014, 421.0 points, is applicable for indexation purposes in January 2015. The old credit terms index for January 2015 is 8,313 points.

Read more 


Tuesday, November 25, 2014

Results of additional issuance of 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 21 November, at the price of accepted bids. This time Primary Dealers did exercise their right to purchased 260 m.kr in RIKB 31 0124 additional issues.  Therefore the total amount of bonds issued in this auction in RIKB 31 0124 is 4,715  m.kr. in nominal value. Total outstanding nominal value of RIKB 31 0124 after the auction is now 78,251,400,000 kr. Settlement date is 26 November 2014.

Friday, November 21, 2014

Auction result of nominal bonds RIKB 31 0124

RIKB 31 0124:
Number of bids in this series were 38, amounting to 7,735 m.kr. nominal value. 27 bids were accepted for 4,455 m.kr. nominal value at the clean price of 99.010 (yield of 6.60%).

 Auction results (pdf)

Wednesday, November 19, 2014

Auction of nominal bonds RIKB 31 0124

On Friday, 21 November at 11:00 am, Government Debt Management will conduct an auction of Treasury bonds.
In this auction nominal bonds RIKB 31 0124 will be offered. The total amount of accepted bids will be announced after the auction.

Tuesday, November 18, 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 14 November, at the price of accepted bids. This time Primary Dealers did exercise their right to purchased 465 m.kr in RIKB 20 0205 additional issues.  Therefore the total amount of bonds issued in this auction in RIKB 20 0205 is 6,315 m.kr. in nominal value. Total nominal value of RIKB 20 0205 after the auction is now 27,794,000,000 kr. Settlement date is 19 November 2014.

Friday, November 14, 2014

Auction result of nominal bonds RIKB 20 0205

RIKB 20 0205:
Number of bids in this series were 29, amounting to 7,150 m.kr. nominal value. 23 bids were accepted for 5,850 m.kr. nominal value at the clean price of 100.900 (yield of 6.04%).

Auction results (pdf)

Thursday, November 13, 2014

Auction result Treasury bills rikv 15 0216 & RIKV 15 0515

RIKV 15 0216:
Number of bids in the series was 10 amounting to ISK 7,710 million nominal value. Bids were accepted for ISK 7,350 million nominal value at the price of 98.912 (simple interest of 4.35%). 

RIKV 15 0515:
Number of bids in the series was 4 amounting to ISK 350 million nominal value. All bids were rejected.

Auction results (pdf)

Wednesday, November 12, 2014

Auction of nominal bonds RIKB 20 0205

On Friday, 14 November at 11:00 am, Government Debt Management will conduct an auction of Treasury bonds.
In this auction nominal bonds RIKB 20 0205 will be offered. The total amount of accepted bids will be announced after the auction.

Press release (pdf)
Auction terms (pdf)

Tuesday, November 11, 2014

Auction of Treasury bills RIKV 15 0216 & RIKV 15 0515

On Thursday, 13 November at 11:00 a.m. Government Debt Management will conduct an auction of Treasury bills RIKV 15 0216 and RIKV 15 0515 which mature on 16 February and 15 May 2015.

Press release (pdf)
Auction terms (pdf)

November 05, 2014
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August 28, 2014
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September 07, 2012
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Yield Curve

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Non-IndexedPriceYield
RIKV 15 021699.843.50%
RIKV 15 0316 99.484.18%
RIKB 15 040899.904.93%
RIKV 15 0415 99.104.36%
RIKV 15 071597.974.49%
RIKB 16 1013101.654.95%
RIKB 19 0226110.975.66%
RIKB 20 0205101.855.81%
RIKB 22 1026107.755.96%
RIKB 25 0612113.576.18%
RIKB 31 0124100.356.46%
IndexedPriceYield
RIKS 21 0414104.103.06%
HFF150224102.153.28%
HFF150434105.553.14%
HFF150644108.303.12%

CPI Change

Current Value419.30
12 Months Change*0.82%
3 Months Change*-3.64%
Last Month Change-0.71%
Daily CPI419.30

* Annualized rates

Exchange rate

ISK10001000
EUR150.55150.95
USD133.33133.68
GBP200.23200.76
JPY1.141.14
NOK17.2117.25
SEK16.1416.18
DKK20.2220.28
CHF144.96145.35
TWI206.81207.07