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Terms for switches to new government bond SGB 1066
Press release 11 January 2024
The Swedish National Debt Office will at the end of January introduce a new government bond, SGB 1066, maturing on 11 May 2035. The Debt Office will sell SEK 3 billion in the first auction and then offer switches to the new bond for a total of SEK 10 billion.
The coupon of the new bond will be published on Wednesday 24 January at 16:20, ahead of the first auction which will be held on 31 January. Thereafter, the Debt Office will offer switches to SGB 1066 X% 11 May 35 from SGB 1065 1.75% 11 Nov 33, SGB 1053 3.50% 30 Mar 39 and SGB 1056 2.25% 1 Jun 32. The switches will be made price risk neutral1.
| Thu 1 Feb Risk neutral | Fri 2 Feb Risk neutral | Mon 5 Feb Risk neutral | |
|---|---|---|---|
|
SNDO buys bond |
1065 |
1053 |
1056 |
|
SNDO buys amount (SEK mn)2 |
4,600 |
2,200 |
3,900 |
|
SNDO sells bond |
1066 |
1066 |
1066 |
|
SNDO sells amount (SEK mn) |
4,000 |
3,000 |
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 switch auctions were announced in the publication Central Government Borrowing – Forecast and Analysis 2023:3 in October. The purpose of the switches is to build up volume in the new bond.
The bid yield on the buy-back bond will be published at 10:45 on the day of the auction on riksgalden.se/borrowing. Bids must be placed before 11:00 through the Debt Office’s primary dealers. The results will be published at 11:03 or somewhat later.
For more information, please contact:
Johan Bergström, Head of Funding, +46 (0)8 613 45 68
Anna Olofsson, Head of Analysis, +46 (0)8 613 45 98
1 The market value of the purchase and sales volume multiplied by the modified duration of each respective bond shall be equal.
2 The stated nominal volume of the bonds 1065, 1053 and 1056 is an approximation based on today's yields.