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Terms for exchanges to inflation-linked bond SGB IL 3109
Press release 11 December 2013
The Swedish National Debt Office introduces a new government bond SGB IL 3109 X% 1 Jun 2025. The auction details and the coupon will be published on Thursday 30 January 2014 at 16.20.
On Thursday, 6 February SEK 1 billion will be issued in a first auction in loan SGB IL 3109. At the same time the Debt Office is offering exchanges from loan SGB IL 3102 4% 1 Dec 2020 and SGB IL 3104 3.5% 1 Dec 2028 to the new loan to quickly build up volume. The exchanges will be made price risk neutral[1] and cash neutral[2].
| Time for exchanges of loan IL 3109 | Friday 7 February, Risk neutral | Monday 10 February, Cash neutral | Tuesday 11 February Cash Neutral |
|---|---|---|---|
| Time for buy-back yield | 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 |
| SNDO buys amount (SEK mn) [3] | 2 600 | 3 000 | 3 100 |
| SNDO buys loan | IL 3104 | IL 3104 | IL 3102 |
| SNDO sells amount (SEK mn) | 5 000 | 5 000 | 5 000 |
| SNDO sells loan | IL 3109 | IL 3109 | IL 3109 |
The loan was announced in the publication Central Government Borrowing – Forecast and Analysis 2013:3 in October. See terms of sale on www.riksgalden.se.
The bid yield on the buy-back loan will be published at 10.45 at our web site on the day of the auction.
Bids must be placed before 11.00 on the day of the auction. The results will be published around 11.03. However, the auction result may be published 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 sale volume multiplied by the modified duration of each respective bond shall be equal.
[2] The market value of 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 current yields.