Terms for switches to inflation-linked bond SGB IL 3112

14 January 2016

The Swedish National Debt Office introduces a new inflation-linked government bond, SGB IL 3112 X% 1 Jun 26. The auction details and the coupon will be published on 4 February 2016 at 16:20.

The Debt Office will issue SEK 1 billion of SGB IL 3112 in a first auction on 11 February 2016. Thereafter switches to the new bond will be offered to quickly build up volume. The switches will be made cash neutral[1] and price risk neutral[2].

Swich auctions

Fri 12 Feb
Cash neutral

Mon 15 Feb
Risk neutral

Tue 16 Feb
Cash neutral

SNDO buys bond

IL 3108

IL 3109

IL 3104

SNDO buys amount (SEK mn) [3] 

4 900

5 300

1 700

SNDO sells bond

IL 3112

IL 3112

IL 3112

SNDO sells amount (SEK mn)

5 000

5 000

3 000

Time for yield on buy-back loan

10.45

10.45

10.45

Time for auction cut-off

11.00

11.00

11.00

Time for auction result

11.03

11.03

11.03

The new bond was announced in the publication Central Government Borrowing – Forecast and Analysis 2015:3 on 28 October 2015.

The bid yield on the buy-back loan will be published at 10:45 on the day of the auction on riksgalden.se/borrowing.

Bids must be placed before 11:00 on the day of the auction. The results will be published at 11:03 or somewhat later. Bidding is only possible by primary dealers.

For more information, please contact:
Maria Norström, Head of Funding, +46 (0)8 613 46 35
Magdalena Belin, Head of Analysis, +46 (0)8 613 52 28



[1] The market value of the purchase and sales volume of each bond shall be equal.

[2] The market value of the purchase and sales volume multiplied by the modified duration of each respective bond shall be equal.

[3] The stated nominal volume of the buy-back loan is an approximation calculated on the basis of today's yields.