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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 11 607 276 321 020
EUR 2 1 250 000 000
USD 1 1 000 000 000
municipal
ISK 9 33 535 000 000
corporate
ISK 57 925 864 976 408
SEK 18 7 325 000 000
EUR 12 3 500 000 000
USD 5 1 112 231 000
NOK 4 2 417 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
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
Iceland, RIKV 18jun2019 4m - Domestic bonds IS0000030997 0% 3 811 000 000  ISK 02/22/2019 06/18/2019
Landsbankinn, FRN 21feb2022, NOK - International bonds XS1953243950 3M NIBOR+1.75% 1 000 000 000  NOK 02/12/2019 02/21/2022
Landsbankinn, FRN 21feb2022, SEK - International bonds XS1953243364 3m STIBOR+1.75% 500 000 000  SEK 02/12/2019 02/21/2022
Islandsbanki, FRN 8feb2021, SEK - International bonds XS1949841032 3m STIBOR+1.44% 300 000 000  SEK 02/01/2019 02/08/2021
Islandsbanki, FRN 28jul2020, SEK - International bonds XS1940960625 3m STIBOR+1.2% 250 000 000  SEK 01/18/2019 07/28/2020
Iceland, RIKV 15may2019 6m - Domestic bonds IS0000030740 0% 2 029 000 000  ISK 11/27/2018 05/15/2019
Iceland, RIKS 1.5 16feb2026 - Domestic bonds IS0000030732 1.5% 13 596 000 000  ISK 11/26/2018 02/16/2026
WOW air, FRN 24sep2021, EUR - Domestic bonds NO0010832785 3M Euribor+ 9% 60 000 000  EUR 09/24/2018 09/24/2021
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 2.43% 500 000 000  SEK 08/24/2018 08/31/2028

Forex

Daily indices

Type: 03/18/2019 03/15/2019 03/14/2019 03/13/2019 03/12/2019 03/11/2019 03/08/2019
FOREX rates
[3979] USD/ISK 117.0013 117.1313 118.1328 118.8169 119.7133 121.3219 121.3276
[9881] EUR/ISK 132.6502 132.6115 133.4948 134.5962 135.1998 136.3847 136.3732
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BIS

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS international bonds outstanding volume
[10221] Icelandic international bonds, USD bln 15.100 15.000 15.800 15.500 14.800 14.600 13.500
BIS new international bonds volume
[10487] International-bond net issue of Iceland, USD bln 0.200 0.000 -0.100 0.500 0.000 0.300 0.800

GDP

Yearly indices

Type: 2017 2016 2015 2014
Government debt-to-GDP (Western Europe)
[15239] Government Debt to GDP(Iceland) 42.30 54.00 68.50 82.50

Inflation

Monthly indices

Type: Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018
Inflation (Western Europe)
[15587] Inflation Rate (Iceland) 3.30 2.80 2.70 2.60 2.70 2.60 2.00
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International bonds outstanding volume

Monthly indices

Type: Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018
DM international bonds outstanding volume
[11347] Iceland sovereign international bonds, USD bln 1.062 1.067 1.068 1.056 1.057 1.082 1.081
[11349] Iceland corporate international bonds, USD bln 9.380 9.246 9.413 9.308 9.363 10.111 10.205
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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 ***.** *.**
Landsbankinn, 1% 19oct2018, EUR   EUR 10/19/2018 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
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