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Terms for switches to inflation-linked bond SGB IL 3113
News 15 December 2016
The Swedish National Debt Office introduces a new inflation-linked bond SGB IL 3113 X% 1 Dec 27. The auction details and the coupon will be published on Thursday 26 January 2017 at 16.20.
The Debt Office will issue SEK 750 million of SGB IL 3113 in a first auction on
2 February, 2017. Thereafter switches to the new bond will be offered to quickly build up volume. The switches will be made price risk neutral[1] as well as cash neutral[2].
|
|
Fri 3 Feb Risk neutral |
Mon 6 Feb Cash neutral |
Tue 7 Feb Cash neutral |
|
SNDO buys bond |
SGB IL 3104 |
SGB IL 3109 |
SGB IL 3102 |
|
3 000 |
4 600 |
2 100 |
|
|
SNDO sells bond |
SGB IL 3113 |
SGB IL 3113 |
SGB IL 3113 |
|
SNDO sells amount (SEK mn) |
5 000 |
5 000 |
3 000 |
|
Time for yield on buy-back bond |
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 2016:3 on 26 October, 2016.
The bid yield on the buy-back bond will be published at 10.45 on our website the day of the auction.
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
Göran Robertsson, Head of Analysis, +46 (0)8 613 46 06
[1] The market value of the purchase and sale volume multiplied by the modified duration of each respective bond shall be equal.
[2] The market value of purchase and sale 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.