Terms for switches in inflation-linked bond SGB IL 3108

Press release 15 January 2021

The Swedish National Debt Office offers switch auctions in inflation-linked bond SGB IL 3108 with the aim of decreasing the outstanding volume to around SEK 25 billion before the bond’s time to maturity is shorter than one year. The initial switch auctions will be held on 5 and 8 of February.

The offered bonds in the switch auctions are SGB
IL 3112 and SGB IL 3114. The switches will be cash neutral

 Switch auction February
1The market value of the purchase and sales volume of each bond shall be equal.
2The stated nominal volume of SGB IL 3108 is an approximation calculated on the basis of today’s yields.
 Fri 5 February 
Cash neutral
Mon 8 February 
Cash neutral
SNDO sells bond 3112 3114
SNDO sells amount (SEK mn)  1,000 1,000
SNDO buys bond 3108 3108
SNDO buys amount (SEK mn)2 1,070 1,060
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

The switches were announced in the publication Central Government Borrowing – Forecast and Analysis 2020:3 in October.

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

Bids must be placed before 11:00 a.m. on the day of the auction. The results will be published at 11:03 a.m. or somewhat later. Bidding is conducted only via the Debt Office’s primary dealers.

For more information, please contact:
Johan Bergström, Acting Head of Funding, +46 (0)8 613 45 68
Anna Olofsson, Acting Head of Analysis and Development, +46 (0)8 613 45 98