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Terms for switches to inflation-linked bond SGB IL 3114
Press release 13 February 2020
The Swedish National Debt Office will offer switches to government bond SGB IL 3114 from SGB IL 3104 and SGB IL 3109 during the period 20 March–24 March. The total volume offered of SGB IL 3114 is SEK 5 billion.
The switches are offered to build up the outstanding volume of SGB IL 3114. The switches will be made price risk neutral[1] as well as cash neutral[2].
| Fri 20 MarRisk neutral | Mon 23 MarRisk neutral | Tue 24 MarCash neutral | |
|---|---|---|---|
|
SNDO sells bond |
3114 |
3114 |
3114 |
|
SNDO sells amount (SEK mn)3 |
2 500 |
1 000 |
1 500 |
|
SNDO buys bond |
3104 |
3109 |
3104 |
|
SNDO buys amount (SEK mn) |
2 000 |
1 900 |
900 |
|
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 dates for the switches were announced in the publication Central Government Borrowing – Forecast and Analysis 2019:3 on 23 October 2019.
The buy-back yield on the bond will be published at 10.45 on our website on the day of the auction riksgalden/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.
Contact:
Anna Sjulander, Head of Funding, +46 (0)8 613 47 77
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 an approximation calculated on the basis of today's yields.