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Terms for switches to inflation-linked bond SGB IL 3110
News 17 December 2014
The Swedish National Debt Office introduces a new inflation-linked government bond, SGB IL 3110 X% 1 Jun 2019. The auction details and the coupon will be published on 29 January 2015 at 16.20.
On 5 February 2015, SEK 1 billion will be issued in a first auction of SGB IL 3110. Thereafter the Debt Office is offering switches from SGB IL 3107 0,5% 1 Jun 2017 to the new bond to quickly build up volume. The switches will be made price risk neutral [1] and cash neutral [2].
|
|
Fri 6 Feb |
Mon 9 Feb |
|
Time for yield on buy-back loan |
10.45 |
10.45 |
|
Time for auction cut-off |
11.00 |
11.00 |
|
Time for auction result |
11.03 |
11.03 |
|
SNDO buys amount (SEK mn) [3] |
2 900 |
3 600 |
|
SNDO buys loan |
IL 3107 |
IL 3107 |
|
SNDO sells amount (SEK mn) |
3 000 |
2 000 |
|
SNDO sells loan |
IL 3110 |
IL 3110 |
The bid yield on the buy-back loan will be published at 10:45 a.m. on riksgalden.se on the day of the auction.
Bids must be placed before 11:00 a.m. on the day of the auction. The results will be published around 11:03 a.m. or somewhat later. Bidding is only possible through primary dealers.
The new bond was announced in the publication Central Government Borrowing – Forecast and Analysis 2014:3 on 9 December 2014.
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 multiplied by the modified duration of each respective bond shall be equal.
[2] The market value of the purchase and sales volume of each bond shall be equal.
[3] The stated nominal volume of the buy-back loan is only an approximation calculated on the basis of today's yields.