Iceland: bonds

The Central Bank of Iceland administers debt affairs and debt management with the authorisation of the Ministry of Finance and in accordance with guidelines set by the Ministry. The Minister of Finance decided to assign the tasks that were handled by the NDMA to the Central Bank of Iceland. The changes took place on October 1st, 2007.

Nominal Treasury Bonds (RIKB) are coupon or zero coupon, none-indexed securities issued by the Government Debt Management on behalf of the Republic of Iceland. Issues of Nominal Treasury Bonds listed on the NASDAQ OMX Iceland hf.

Inflation-linked Treasury Bonds (RIKS) are long-term bullet bonds or coupon bonds issued by the Government Debt Management on behalf of the Republic of Iceland. The Bonds are index-linked to the Icelandic Consumer Price Index.

Treasury Bills (RIKV) are zero coupon, none-indexed securities with maturity up to one year and issued by the Government Debt Management on behalf of the Republic of Iceland.

Listed below are the five banks that act as Primary Dealers for Government Securitities: Islandsbanki, Arion Bank, Landsbankinn, mp bank, Straumur Investment Bank.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
ISK 14 850 427 719 988
USD 1 1 000 000 000
EUR 1 750 000 000
municipal
ISK 11 33 960 000 000
corporate
ISK 59 823 152 392 848
EUR 12 3 540 000 000
SEK 9 4 425 000 000
USD 6 1 142 231 000
NOK 3 1 417 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Iceland, RIKV 15jan2018 6m - Domestic bonds IS0000028991 0% 3 605 000 000  ISK 07/13/2017 01/15/2018
Arion Bank, 0.75% 29jun2020, EUR - International bonds XS1637351138 0.75% 300 000 000  EUR 06/20/2017 06/29/2020
Landsbanki (Landsbankinn), 0.75% 22jun2020, SEK - International bonds XS1633806846 0.75% 300 000 000  SEK 06/13/2017 06/22/2020
Landsbanki (Landsbankinn), FRN 22jun2020, SEK - International bonds XS1633806259 3M STIBOR + 1% 700 000 000  SEK 06/13/2017 06/22/2020
Iceland, RIKV 15dec2017 6m - Domestic bonds IS0000028900 0% 1 000 000 000  ISK 06/13/2017 12/15/2017
Islandsbanki, 3% 30may2030, ISK - Domestic bonds IS0000028827 3% 7 320 000 000  ISK 05/30/2017 05/30/2030
Landsbanki (Landsbankinn), 3% 15nov2024, ISK - Domestic bonds IS0000028751 3% 1 500 000 000  ISK 05/11/2017 11/15/2024
Iceland, RIKV 15nov2017 6m - Domestic bonds IS0000028769 0% 3 500 000 000  ISK 05/11/2017 11/15/2017
Eik Fasteignafelag, 3.6% 10mar2046, ISK - Domestic bonds IS0000026904 3.6% 5 500 000 000  ISK 04/13/2017 03/10/2046
Arion Bank, 3% 12apr2025, ISK - Domestic bonds IS0000028660 3% 2 740 000 000  ISK 04/07/2017 04/12/2025

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of developed countries
Icelandic international bonds, USD bln 13.500 12.600 13.600 13.000 15.500 15.100 14.800
BIS net issues of international-bond market of developed countries
International-bond net issue of Iceland, USD bln 0.800 0.700 0.600 2.400 0.100 0.500 -1.800

Developed Markets International Bonds

Monthly indices

Type Jul 2017 Jun 2017 May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017
International bonds Developed Markets
Iceland sovereign international bonds, USD bln 1.888 1.857 1.843 1.817 1.800 1.795 1.810
Iceland corporate international bonds, USD bln 9.995 10.076 9.487 9.028 8.666 8.498 8.239
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Currencies

Daily indices

Type: 07/05/2017 07/04/2017 07/03/2017 06/30/2017 06/29/2017 06/28/2017 06/27/2017
FOREX
USD/ISK 104.1050 102.9600 102.3520 101.8830 102.3340 103.6030 103.3420
Exchange Rates (Emerging Markets)
EUR/ISK 118.1430 116.8620 116.2510 116.3540 117.0260 117.8760 117.2760
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jul 2017 Jun 2017 May 2017 Apr 2017 Mar 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Iceland) 1.80 1.50 1.70 1.90 1.90
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Iceland) 54.00 68.50 82.50

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Iceland, 2.5% 15jul2020, EUR   EUR 07/15/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Iceland, 4.875% 16jun2016, USD   USD 06/16/2016 05/18/2016 ***.* *.** 05/18/2016 ***.* *
Iceland, 5.875% 11may2022, USD   USD 05/11/2022 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Arion Bank, 3.125% 12mar2018, EUR   EUR 03/12/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Landsbanki (Landsbankinn), 1% 19oct2018, EUR   EUR 10/19/2018 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
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