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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 11 685 456 721 020
EUR 2 1 250 000 000
USD 1 1 000 000 000
municipal
ISK 10 33 660 000 000
corporate
ISK 60 934 425 976 408
SEK 16 6 875 000 000
EUR 14 3 700 000 000
USD 5 1 112 231 000
NOK 3 1 417 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** 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.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
WOW air, FRN 24sep2021, EUR - Domestic bonds NO0010832785 3M Euribor+ 9% 60 000 000  EUR 09/24/2018 09/24/2021
Landsbanki (Landsbankinn), 3.125% 6sep2028, EUR - International bonds XS1876547420 3.125% 100 000 000  EUR 08/30/2018 09/06/2028
Islandsbanki, FRN 31aug2028, SEK - International bonds XS1874044016 3M STIBOR + 2.5% 500 000 000  SEK 08/24/2018 08/31/2028
Islandsbanki, FRN 27aug2021, SEK - International bonds XS1870437354 3M STIBOR + 1% 300 000 000  SEK 08/20/2018 08/27/2021
Iceland, RIKV 15mar2019 8m - Domestic bonds IS0000030195 0% 6 700 000 000  ISK 07/30/2018 03/15/2019
Islandsbanki, FRN 5jul2021, SEK - International bonds XS1851338696 0.541% 650 000 000  SEK 06/29/2018 07/05/2021
Iceland, RIKV 15nov2018 5m - Domestic bonds IS0000030070 0% 6 876 000 000  ISK 06/25/2018 11/15/2018
Islandsbanki, FRN 26apr2022, SEK - International bonds XS1813048128 3M STIBOR + 0.8% 1 000 000 000  SEK 04/19/2018 04/26/2022
Arion Bank, 1% 20mar2023, EUR - International bonds XS1794196615 1% 300 000 000  EUR 03/13/2018 03/20/2023
Islandsbanki, FRN 1feb2021, SEK - International bonds XS1760783164 0.246% 100 000 000  SEK 01/23/2018 02/01/2021

World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of developed countries
Icelandic international bonds, USD bln 15.800 15.500 14.800 14.600 13.500 12.600 13.600
BIS net issues of international-bond market of developed countries
International-bond net issue of Iceland, USD bln -0.100 0.500 0.000 0.300 0.800 0.700 0.600

Developed Markets International Bonds

Monthly indices

Type Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018
International bonds Developed Markets
Iceland sovereign international bonds, USD bln 1.082 1.081 1.089 1.087 1.088 1.122 1.142
Iceland corporate international bonds, USD bln 10.227 10.295 10.282 10.568 10.597 11.030 11.156
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Currencies

Daily indices

Type: 10/23/2018 10/22/2018 10/19/2018 10/18/2018 10/17/2018 10/16/2018 10/15/2018
FOREX
USD/ISK 118.9943 118.0693 117.1293 117.6914 119.2551 117.9656 116.2221
Exchange Rates (Emerging Markets)
EUR/ISK 136.3478 135.4212 134.7757 134.9154 137.1915 136.5968 134.5713
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Macroeconomic Indicators (World economy)

Monthly indices

Type Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Iceland) 2.70 2.60 2.70 2.60 2.00 2.30 2.80
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Iceland) 42.30 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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