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Terms for switches in inflation-linked bond SGB IL 3102

Nachrichtenquelle: GlobeNewswire
15.03.2019, 09:30  |  1343   |   |   

The Swedish National Debt Office offers switch auctions in inflation-linked bond SGB IL 3102 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 switch auctions will be held on 5 and 8 April.

The offered bonds in the switch auctions are SGB IL 3113 and SGB IL 3112. Switches versus SGB IL 3113 will be price risk neutral [1] while switches versus SGB IL 3112 will be cash neutral[2].

Switch auctions
  Fri 5 April

Risk neutral
Mon 8 April

Cash neutral
SNDO sells bond  3113 3112
SNDO sells amount (SEK mn) 500 750
SNDO buys bond  3102 3102
SNDO buys amount (SEK mn) [3] 2 035 595
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 2018:3 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 only possible by primary dealers.

For more information, please 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 sales volume multiplied by the modified duration of each respective bond shall be equal.

[2] The market value of the purchase and sales volume of each bond shall be equal.

[3] The stated nominal volume of SGB IL 3102 is an approximation calculated on the basis of today's yields.

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Riksgälden via Globenewswire

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