Wednesday, October 22, 2014

Auction of Treasury bonds cancelled

Monday, October 13, 2014

Auction result Treasury bills RIKV 15 0115 & RIKV 15 0415

RIKV 15 0115:
Number of bids in the series was 8 amounting to ISK 5,410 million nominal value. Bids were accepted for ISK 5,110 million nominal value at the price of 98.838 (simple interest of 4.60%). 

RIKV 15 0415:
Number of bids in the series was 2 amounting to ISK 270 million nominal value. All bids were rejected.

Auction results (pdf)

Thursday, October 09, 2014

Auction of Treasury bills RIKV 15 0115 & RIKV 15 0415

On Monday, 13 October at 11:00 a.m. Government Debt Management will conduct an auction of Treasury bills RIKV 15 0115 and RIKV 15 0415 which mature on 15 January and 15 April 2015.
Press release (pdf)
Auction terms (pdf)

Wednesday, October 08, 2014

Auction of Treasury bonds cancelled

The Government Debt Management has decided to cancel the auction of Treasury bonds planned for 10 October 2014.

Wednesday, October 01, 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.

GDP growth lost pace somewhat in the first half of the year but was broadly in line with the August forecast as published in Monetary Bulletin 2014/3. 

Inflation, which now measures 1.8%, has been below target for eight consecutive months, and the outlook for coming months is for lower inflation than was projected in August. Inflation expectations have moved towards the target in the recent term, while long-term expectations remain somewhat above it. Foreign exchange inflows have continued, but the Central Bank’s intervention in the foreign exchange market has helped to stabilise the króna. 
Read more

Tuesday, September 30, 2014

Quarterly Government Debt Management Prospect

Fourth quarter 2014

  • In Q4, benchmark Treasury bonds will be offered for sale in the amount of 15 b.kr.
  • It is planned to issue Treasury bonds in the following series: RIKB 16 1013, RIKB 20 0205, and RIKB 31 0124.

Full report

Thursday, September 25, 2014

Consumer price index in September 2014

The Consumer Price Index based on prices in September 2014 is 422.6 points (May 1988=100), 0.12% lower than in August 2014. The CPI less housing cost is 395.7 points, 0.43% lower than in August. 

Tuesday, September 23, 2014

Results of additional issuance of RIKB 16 1013 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 19 September, at the price of accepted bids. This time Primary Dealers did not exercise their right to purchase additional issues.  Therefore the total amount of bonds issued in this auction in RIKB 16 1013 is 500 m.kr. in nominal value and 2,710 m.kr in RIKB 31 0124. Total outstanding nominal value of RIKB 16 1013 after the auction is now 69,523,000,000 kr. and 73,536,400,000 kr. in RIKB 31 0124. Settlement date is 24 September 2014.

Friday, September 19, 2014

Auction result of nominal bonds RIKB 16 1013 & RIKB 31 0124

RIKB 16 1013:

Number of bids in this series were 3, amounting to 500 m.kr. nominal value. 3 bids were accepted for 500 m.kr. nominal value at the clean price of 101.250 (yield of 5.34%). 

RIKB 31 0124:

Number of bids in this series were 30, amounting to 9,060 m.kr. nominal value. 19 bids were accepted for 7,210 m.kr. nominal value at the clean price of 95.180 (yield of 7.00%).
Auction results (pdf) 

Wednesday, September 17, 2014

Auction of nominal bonds RIKB 16 1013 & RIKB 31 0124

On Friday, 19 September at 11:00 am, Government Debt Management will conduct an auction of Treasury bonds. 

In this auction nominal bonds RIKB 16 1013 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, September 11, 2014

Auction result treasury bills RIKV 14 1215 & RIKV 15 0316

RIKV 14 1215:
Number of bids in the series was 7 amounting to ISK 2,724 million nominal value. Bids were accepted for ISK 2,577 million nominal value at the price of 98.850 (simple interest of 4.60%). 

RIKV 15 0316:
Number of bids in the series was 7 amounting to ISK 653 million nominal value. Bids were accepted for ISK 553 million nominal value at the price of 97.873 (simple interest of 4.30%).

Auction results (pdf)   

Tuesday, September 09, 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 12 March 2014,  securities lending in series RIKB 20 0205 to each primary dealer will be increased from 1 b.kr. nominal value up to 2 b.kr. nominal value. These terms shall take effect after 11:00 am on Wednesday 10 September 2014.

Tuesday, September 09, 2014

Results of additional issuance 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 05 September, at the price of accepted bids. This time Primary Dealers did not exercise their right to purchase additional issues.  Therefore the total amount of bonds issued in this auction in RIKB 20 0205 is 6,186 m.kr. in nominal value. Total nominal value of RIKB 20 0205 after the auction is now 21,479,000,000 kr. Settlement date is 10 September 2014.

Tuesday, September 09, 2014

Auction of Treasury bills RIKV 14 1215 & RIKV 15 0316

On Thursday, 11 September at 11:00 a.m. Government Debt Management will conduct an auction of Treasury bills RIKV 14 1215 and RIKV 15 0316 which mature on 15 December 2014 and 16 March 2015.
Press release (pdf) 
Auction terms (pdf)  

Friday, September 05, 2014

Auction result of nominal bonds RIKB 20 0205

RIKB 20 0205:

Number of bids in this series were 37, amounting to 7,086 m.kr. nominal value. 33 bids were accepted for 6,186 m.kr. nominal value at the clean price of 98.500 (yield of 6.58%).
Auction results (pdf)   

Wednesday, September 03, 2014

Auction of nominal bonds RIKB 20 0205

On Friday, 5 September 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, September 02, 2014

Issuance of RIKS 33 0321 in foreign exchange auction

Today, 2 September 2014, 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 82,122,672 kr. nominal value.

The accepted exchange rate in the auction was 181 krona for each Euro.

On 20 June the fixed price for this Treasury bond was announced as 109.098983 kr. with accrued interest and indexation (e. dirty price) with a settlement date of 5 September 2014 (yield 3.05%)1

1 Clean price being 99.29

Friday, August 29, 2014

Bond price for foreign exchange auction

According to an announcement published by the Central Bank of Iceland on 15 July 2014 regarding the Central Bank of Iceland foreign currency auction to be held on 2 September 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 290 August 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 109.098983 kr. per Treasury bond unit with accrued interest and indexation (dirty price), assuming a settlement date of 5 September 2014 (yield 3.05%).1

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

1 Clean price of 99,29

 

Thursday, August 28, 2014

Temporary exemption revoked

With reference to the press release issued by Government Debt Management (GDM) earlier today, and upon consultation with primary dealers, GDM has decided to revoke the temporary exemption from secondary market obligations previously granted to primary dealers. Primary dealers’ obligations according to Article 3 of the current agreement between them and the Central Bank of Iceland shall be reinstated as of 11:25 hrs. today. 

Thursday, August 28, 2014

Temporary exemption from primary dealers’ secondary market obligations

Because of the uncertainty that could develop in the Icelandic bond market as a result of the EFTA Court ruling in Case no. E-25/13 (Gunnar V. Engilbertsson vs. Íslandsbanki hf.), which will be announced before the market opening today, Government Debt Management (GDM) has decided to grant primary dealers a temporary exemption from their obligations in the secondary market.

Press release(PDF)

Wednesday, August 27, 2014

Consumer price index in August 2014

The Consumer Price Index based on prices in August 2014 is 423.1 points (May 1988=100), 0.24% higher than in July 2014. The CPI less housing cost is 397.4 points, 0.18% higher than in July.

Wednesday, August 20, 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. 

Read more

Wednesday, August 13, 2014

Auction of Treasury bonds cancelled

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

Wednesday, August 13, 2014

Auction result Treasury bills RIKV 14 1117 & RIKV 15 0216

RIKV 14 1117:

Number of bids in the series was 10 amounting to ISK 3,380 million nominal value. Bids were accepted for ISK 3,160 million nominal value at the price of 98.941 (simple interest of 4.10%). 

RIKV 15 0216:

Number of bids in the series was 8 amounting to ISK 7,060 million nominal value. Bids were accepted for ISK 6,730 million nominal value at the price of 97.887 (simple interest of 4.20%).

Auction results (pdf)   

Monday, August 11, 2014

AUCTION OF TREASURY BILLS RIKV 14 1117 & RIKV 15 0216

On Wednesday, 13 August at 11:00 a.m. Government Debt Management will conduct an auction of Treasury bills RIKV 14 1117 and RIKV 15 0216 which mature on 17 November 2014 and 16 February 2015.

Press release (pdf) 

Auction terms (pdf)  

Tuesday, August 05, 2014

Fitch Ratings affirm Iceland at ‘BBB’; Outlook stable

Fitch Ratings have affirmed Iceland’s long-term foreign and local currency IDRs 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+’ respectively. The outlook on the long-term IDRs are stable. The Country Ceiling is affirmed at ‘BBB’ and the short-term foreign currency IDR at ‘F3’.
FitchRatingReport(pdf) 

Wednesday, July 23, 2014

Consumer Price Index in July 2014

The Consumer Price Index based on prices in July 2014 is 422.1 points (May 1988=100), 0.17% lower than in June 2014. The CPI less housing cost is 396.7 points, 0.23% lower than in June. 

The CPI compiled in the middle of July 2014, 422.1 points, is applicable for indexation purposes in  September 2014. The old credit terms index for September 2014 is 8,334 points.
Read more 

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
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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
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November 14, 2008
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November 21, 2008
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Treasury Notes Auction Results
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March 10, 2008
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February 21, 2008
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November 29, 2007
Treasury Bills Auction Results
December 03, 2007
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December 10, 2007
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January 03, 2008
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January 07, 2008
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November 12, 2007
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April 30, 2007
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April 16, 2007
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April 03, 2007
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February 13, 2007
Yields on HFF bonds fall
February 15, 2007
Icelandic Corporate Bonds
March 26, 2007
Active Glaciers
February 27, 2007
The bond market in limbo
March 09, 2007
Trade balance improves
February 13, 2007
Icelandic Corporate Bonds
February 20, 2007
Strong bond market trading
March 19, 2007
Fitch downgrades Iceland

Yield Curve

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Non-IndexedPriceYield
RIKV 14 1117 99.814.03%
RIKV 14 1215 99.404.79%
RIKV 15 011598.964.98%
RIKV 15 021698.505.06%
RIKV 15 0316 98.115.10%
RIKB 15 040899.635.31%
RIKB 16 1013101.405.22%
RIKB 19 0226109.536.16%
RIKB 20 020599.576.34%
RIKB 22 1026103.446.68%
RIKB 25 0612108.816.80%
RIKB 31 012494.657.06%
IndexedPriceYield
RIKS 21 0414103.853.13%
HFF150224101.863.36%
HFF150434104.603.26%
HFF150644107.003.22%

CPI Change

Current Value423.20
12 Months Change*1.93%
3 Months Change*1.05%
Last Month Change0.14%
Daily CPI423.20

* Annualized rates

Exchange rate

ISK10001000
EUR152.95153.35
USD122.11122.43
GBP195.34195.85
JPY1.091.09
NOK18.0818.12
SEK16.5016.54
DKK20.5520.60
CHF126.85127.18
TWI208.79208.92