Wednesday, July 01, 2015

Auction of nominal bonds RIKB 17 0206 & RIKB 20 0205

On Friday, 3 July 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)    

Tuesday, June 30, 2015

Quarterly Government Debt Management Prospect

Third quarter 2015

  • In Q3, benchmark Treasury bonds will be offered for sale in the amount of 5-15 b.kr. market value1
  • It is planned to issue Treasury bonds in the following series: RIKB 17 0206, RIKB 20 0205, and RIKB 25 0612.

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

Full report

Tuesday, June 30, 2015

Moody's upgrades Iceland's rating

Moody's has today upgraded the government of Iceland's government debt ratings to Baa2 from Baa3. The rating outlook is stable. 

Moody‘s RatingAction (pdf) 

Friday, June 26, 2015

Consumer price index in June 2015

The Consumer Price Index (CPI) based on prices in June 2015 is 429.3 points (May 1988=100), 0.26% higher than in May 2015. The CPI less housing cost is 398.2 points, 0.35% higher than in May.

Tuesday, June 16, 2015

Auction of Treasury bonds cancelled

The Government Debt Management has decided to cancel the auction of Treasury bonds planned for 19 June 2015.

Wednesday, June 10, 2015

MPC decision on interest rates

The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to raise the Bank’s interest rates by 0.5 percentage points. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore be 5%.

The interest rates of the Central Bank according to this will be:

Overnight lending: 6.75% 
Seven-day collateralised lending: 5.75% 
Seven-day term deposits: 5.00% 
Current account: 4.75%

Read more 

Tuesday, June 09, 2015

Auction of Treasury bills RIKV 15 0915 and RIKV 15 1215

On Thursday, 11 June at 11:00 a.m. Government Debt Management will conduct an auction of Treasury bills RIKV 15 0915 and RIKV 15 1215 which mature on 15 September and 15 December 2015.
Press release (pdf)
Auction terms (pdf) 

Monday, June 08, 2015

Comprehensive strategy for capital account liberalisation announced

  • ISK 1200 billion problem solved; stability ensured
  • Stability conditions and stability tax on failed banks’ estates
  • Currency auction for holders of offshore ISK in the autumn
Read more
Wednesday, June 03, 2015

Auction of Treasury bonds cancelled

The Government Debt Management has decided to cancel the auction of Treasury bonds planned for 5 June 2015.

Thursday, May 28, 2015

Consumer price index in May 2015

The Consumer Price Index (CPI) based on prices in May 2015 is 428.2 points (May 1988=100), 0.28% higher than in April 2015. The CPI less housing cost is 396.8 points, 0.30% higher than in April.

Prices of food and non-alcoholic beverages rose by 0.95% (effect on the index 0.14%).

The CPI is 1.6% higher in May 2015 than in May 2014 while the CPI less housing cost is 0.3% higher than one year ago. 

The CPI compiled in the middle of May 2015, 428.2 points, is applicable for indexation purposes in July 2015. The old credit terms index for July 2015 is 8,455 points.
Read more 

Wednesday, May 27, 2015

Loan from Poland paid off

This week the Republic of Iceland will prepay the loan taken from Poland in 2009, in connection with the Stand-By Arrangement with the International Monetary Fund (IMF) following the collapse of the Icelandic financial system. The prepayment amounts to 204 million zlotys, the equivalent of 7.3 billion Icelandic krónur.  The loan facility offered by Poland totalled 630 million złotys, and Iceland borrowed about a third of that amount.  The original maturity of the loan was during the period 2015-2022. 

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)   

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
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
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November 21, 2008
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December 03, 2008
Treasury Notes Auction Results
December 08, 2008
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Treasury Bills Auction Results
January 21, 2009
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September 25, 2008
Treasury Notes Auction Results
September 30, 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
Glitnir Weekly
February 21, 2008
Treasury Notes Auction Results
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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February 11, 2008
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November 19, 2007
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December 03, 2007
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December 10, 2007
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November 26, 2007
The Week in Review
November 19, 2007
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November 27, 2007
Glitnir Weekly
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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December 17, 2007
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December 28, 2007
HFF Forecast 2008
January 07, 2008
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December 27, 2007
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November 25, 2007
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November 12, 2007
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November 09, 2007
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September 19, 2007
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August 27, 2007
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August 20, 2007
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Yield Curve

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Non-IndexedPriceYield
RIKV 15 071599.883.60%
RIKV 15 0817 99.385.03%
RIKV 15 0915 98.905.39%
RIKV 15 1015 98.425.58%
RIKV 15 1116 97.905.66%
RIKB 16 101399.686.23%
RIKB 17 0206 97.706.54%
RIKB 19 0226106.386.70%
RIKB 20 020597.756.82%
RIKB 22 1026102.706.76%
RIKB 25 0612108.156.84%
RIKB 31 012497.306.78%
IndexedPriceYield
RIKS 21 0414106.602.56%
HFF150224104.902.61%
HFF150434109.652.68%
HFF150644113.602.73%

CPI Change

Current Value429.30
12 Months Change*1.54%
3 Months Change*2.75%
Last Month Change0.26%
Daily CPI429.30

* Annualized rates

Exchange rate

ISK10001000
EUR146.85147.25
USD132.24132.6
GBP206.02206.58
JPY1.081.08
NOK16.5216.56
SEK15.6515.69
DKK19.6819.73
CHF140.66141.04
TWI203.11203.37