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 

Friday, July 18, 2014

Iceland Outlook Revised To Positive

On July 18, 2014, Standard & Poor's Ratings Services revised its outlook on the Republic of Iceland to positive from stable. At the same time, the rating agency affirmed 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on Iceland.
S&P report(pdf) 

Friday, July 18, 2014

Medium-term Debt Management Strategy 2014-2017

The Ministry of Finance and Economic Affairs has published the government's Medium-term Debt Management Strategy for the period 2014-2017. This is the fourth instance of such publication. The principal changes which have been made since last year's publication concern the guidelines for the composition of the debt portfolio, which provide for a reduced share of inflation-indexed borrowing and a correspondingly greater share of non-indexed loans. A change has also been made to the target for the Treasury's foreign balance with the Central Bank, reducing it from ISK 80 billion to around ISK 60-70 billion on average. 
GDM Strategy.pdf 
Press release.pdf 

Tuesday, July 15, 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 2 September 2014. 
The asking price of the series for the auction will be announced after the market close at 16:00 on 29 August 2014.
TermsofAuction.(pdf 

Tuesday, July 15, 2014

Moody‘s publishes annual sovereign credit analysis

The rating agency has released a report following their annual visit to Iceland.  Moody‘s affirms Iceland‘s Baa3/P-3 ratings for long-term and short-term debt and outlook remains stable.
Moody‘s analysis(pdf) 

 

Friday, July 11, 2014

Auction result Treasury bills RIKV 14 1015 & RIKV 15 0115

RIKV 14 1015:

Number of bids in the series was 5 amounting to ISK 1,200 million nominal value. Bids were accepted for ISK 700 million nominal value at the price of 98.963 (simple interest of 4.10%). 

RIKV 15 0115:

Number of bids in the series was 8 amounting to ISK 3,450 million nominal value. Bids were accepted for ISK 3,280 million nominal value at the price of 97.898 (simple interest of 4.20%).
Auction results (pdf)   

Wednesday, July 09, 2014

Market Information in July 2014

 By GDM
Wednesday, July 09, 2014

Auction of Treasury bills RIKV 14 1015 & RIKV 15 0115

On Friday, 11 July at 11:00 am, Government Debt Management will conduct an auction of Treasury bills RIKV 14 1015 and RIKV 15 0115 which mature on 15 October 2014 and 15 January 2015.
Press release (pdf) 
Auction terms (pdf)  

Tuesday, July 08, 2014

Treasury Issues EUR-denominated Bonds

The National Treasury has today concluded agreements on issuance of bonds totalling EUR 750 million, or the equivalent of ISK 116 billion, the Treasury's first public EUR issuance since 2006.
Press release(pdf) 

Wednesday, July 02, 2014

Auction of Treasury bonds cancelled

The Government Debt Management has decided to cancel the auction of Treasury bonds planned for 4 July 2014.

Monday, June 30, 2014

Quarterly Government Debt Management Prospect

Third quarter 2014

  • In Q3, benchmark Treasury bonds will be offered for sale in the amount of 5-15 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.
Friday, June 27, 2014

Consumer price index in June 2014

The Consumer Price Index based on prices in June 2014 is 422.8 points (May 1988=100), 0.36% higher than in May 2014. The CPI less housing cost is 397.6 points, 0.48% higher than in May. 
International airfares rose by 12.2% (effect on the index (0.19%). 

The CPI compiled in the middle of June 2014, 422.8 points, is applicable for indexation purposes in August 2014. The old credit terms index for August 2014 is 8,348 points.

Read more 

Tuesday, June 24, 2014

Issuance of RIKS 33 0321 in foreign exchange auction

Today, 24 June 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 231,674,449 kr. nominal value.

The accepted exchange rate in the auction was 186 krona for each Euro.

On 20 June the fixed price for this Treasury bond was announced as 105.976296 kr. with accrued interest and indexation (e. dirty price) with a settlement date of 27 June 2014 (yield 3.20%)1

1 Clean price being 97.21

Friday, June 20, 2014

Bond price for foreign exchange auction

According to an announcement published by the Central Bank of Iceland on 15 May 2014 regarding the Central Bank of Iceland foreign currency auction to be held on 24 June 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 20 June 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 105.976296 kr. per Treasury bond unit with accrued interest and indexation (dirty price), assuming a settlement date of 27 June 2014 (yield 3.20%).

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

Clean price of 97,21

 

Wednesday, June 18, 2014

Auction of Treasury bonds cancelled

The Government Debt Management has decided to cancel the auction of Treasury bonds planned for 20 June 2014.

Thursday, June 12, 2014

Auction result Treasury bills RIKV 14 0915 & RIKV 14 1215

RIKV 14 0915:

Number of bids in the series was 10 amounting to ISK 4,544 million nominal value. Bids were accepted for ISK 4,229 million nominal value at the price of 98.962 (simple interest of 4.15%). 

RIKV 14 1215:

Number of bids in the series was 6 amounting to ISK 585 million nominal value. Bids were accepted for ISK 385 million nominal value at the price of 98.018 (simple interest of 4.00%).
Auction results (pdf)  

Wednesday, June 11, 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

Tuesday, June 10, 2014

Auction of Treasury bills RIKV 14 0915 & RIKV 14 1215

On Thursday, 12 June at 11:00 am, Government Debt Management will conduct an auction of Treasury bills RIKV 14 0915 and RIKV 14 1215 which mature on 15 September and 15 December 2014.
Press release (pdf) 
Auction terms (pdf)  

Friday, June 06, 2014

Auction result of nominal bonds RIKB 20 0205

RIKB 20 0205:

Number of bids in this series were 8, amounting to 1,300 m.kr. nominal value. All bids were rejected.
Auction results (pdf)  

Wednesday, June 04, 2014

Auction of nominal bonds RIKB 20 0205

Föstudaginn 6. júní kl. 11:00 fer fram útboð hjá Lánamálum ríkisins með tilboðsfyrirkomulagi.
Boðin verða til sölu óverðtryggð bréf í flokknum RIKB 20 0205. Heildarfjárhæð samþykktra tilboða verður tilkynnt að loknu útboði.
Press release (pdf)
Auction terms (pdf) 

Tuesday, June 03, 2014

Changes in notification of auctions

After consulting with the Primary Dealers the notification of auctions by the GDM will hereafter be published at least one trading day prior to the auction instead of two trading days (if the auction is on Friday then the announcement will be published after the market closes on Wednesday instead of Tuesday).

Wednesday, May 28, 2014

Consumer price index in May 2014

The Consumer Price Index based on prices in May 2014 is 421.3 points (May 1988=100), 0.07% higher than in April 2014. The CPI less housing cost is 395.7 points, 0.08% lower than in April. 

The CPI is 2.4% higher in May 2014 than in May 2013 and the CPI less housing cost is 1.1% higher than one year ago. Over the last three months, the CPI has increased by 0.6%, equivalent to an annual inflation rate of 2.5% (0.8% inflation for the CPI less housing cost). 

The CPI compiled in the middle of May 2014, 421.3 points, is applicable for indexation purposes in July 2014. The old credit terms index for July 2014 is 8,319 points.
Read more 

Wednesday, May 21, 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


Thursday, May 15, 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 24 June 2014.

The asking price of the series for the auction will be announced after the market close at 16:00 on 20 June 2014.
TermsofAuction.(pdf 

Wednesday, May 14, 2014

Issuance of RIKS 33 0321 in foreign exchange auction

Today, 14 May 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 255,104,928 kr. nominal value.

The accepted exchange rate in the auction was 190 krona for each Euro.

On 12 May the fixed price for this Treasury bond was announced as 111,346340 kr. with accrued interest and indexation (e. dirty price) with a settlement date of 16 May 2014 (yield 2.81%)1

____________________

1 Clean price being 102.75

Tuesday, May 13, 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 09 May, 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 for RIKB 20 0205  is 1,400 m.kr. Total nominal value of RIKB 16 1013 after the auction is now 69,023,000,000 kr. and total nominal value of RIKB 20 0205   is now 15,293,000,000 kr.  Settlement date is 14 May 2014.

Tuesday, May 13, 2014

Auction of Treasury bonds cancelled

The Government Debt Management has decided to cancel the auction of Treasury bonds planned for 16 May 2014.

Tuesday, May 13, 2014

Auction result Treasury bills RIKV 14 0815 & RIKV 14 1117

RIKV 14 0815:

Number of bids in the series was 5 amounting to ISK 4,900 million nominal value. Bids were accepted for ISK 4,500 million nominal value at the price of 98.963 (simple interest of 4.10%). 

RIKV 14 1117:

Number of bids in the series was 4 amounting to ISK 3,850 million nominal value. Bids were accepted for ISK 3,750 million nominal value at the price of 97.901 (simple interest of 4.15%).

Auction results (pdf) 

Monday, May 12, 2014

Bond price for foreign exchange auction

According to an announcement published by the Central Bank of Iceland on 31 March 2014 regarding the Central Bank of Iceland foreign currency auction to be held on 14 May 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 12 May 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 111.346340 kr. per Treasury bond unit with accrued interest and indexation (dirty price), assuming a settlement date of 16 May 2014 (yield 2.81%).

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

 


Clean price of 102,75

 

December 11, 2013
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Yield Curve

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Non-IndexedPriceYield
RIKV 14 081599.547.64%
RIKV 14 0915 99.096.24%
RIKV 14 1015 98.665.89%
RIKV 14 1117 98.205.70%
RIKV 14 1215 97.805.61%
RIKV 15 011597.545.20%
RIKB 15 040899.625.03%
RIKB 16 1013101.255.38%
RIKB 19 0226108.706.48%
RIKB 20 020598.006.68%
RIKB 22 1026101.856.94%
RIKB 25 0612106.107.17%
RIKB 31 012491.807.37%
IndexedPriceYield
RIKS 21 0414104.003.13%
HFF150224102.103.32%
HFF150434104.253.30%
HFF150644105.703.33%

CPI Change

Current Value421.30
12 Months Change*2.43%
3 Months Change*2.51%
Last Month Change0.07%
Daily CPI422.46

* Annualized rates

Exchange rate

ISK10001000
EUR154.6155
USD114.79115.09
GBP194.93195.43
JPY1.131.13
NOK18.4918.54
SEK16.8016.84
DKK20.7320.79
CHF127.21127.54
TWI207.49207.62