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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 12 694 800 721 020
EUR 2 1 250 000 000
USD 1 1 000 000 000
municipal
ISK 10 33 660 000 000
corporate
ISK 58 927 694 976 408
SEK 16 6 875 000 000
EUR 13 3 600 000 000
USD 5 1 112 231 000
NOK 3 1 417 000 000

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 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% 11 746 000 000  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 2.106% 500 000 000  SEK 08/24/2018 08/31/2028
Islandsbanki, FRN 27aug2021, SEK - International bonds XS1870437354 0.577% 300 000 000  SEK 08/20/2018 08/27/2021
Iceland, RIKV 15mar2019 8m - Domestic bonds IS0000030195 0% 8 929 000 000  ISK 07/30/2018 03/15/2019
Islandsbanki, FRN 5jul2021, SEK - International bonds XS1851338696 0.886% 650 000 000  SEK 06/29/2018 07/05/2021
Islandsbanki, FRN 26apr2022, SEK - International bonds XS1813048128 0.319% 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

World Bond market statistics

Quarterly indices

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

Developed Markets International Bonds

Monthly indices

Type: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
International bonds Developed Markets
[11347] Iceland sovereign international bonds, USD bln 1.068 1.056 1.057 1.082 1.081 1.089 1.087
[11349] Iceland corporate international bonds, USD bln 9.413 9.308 9.363 10.111 10.205 10.165 10.310
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Currencies

Daily indices

Type: 01/17/2019 01/16/2019 01/15/2019 01/14/2019 01/11/2019 01/10/2019 01/09/2019
FOREX
[3979] USD/ISK 121.0824 121.4317 121.5608 120.6848 120.5749 119.7216 118.8154
Exchange Rates (Emerging Markets)
[9881] EUR/ISK 137.8144 138.5200 138.4921 138.4097 138.3119 137.6979 137.1201
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Macroeconomic Indicators (World economy)

Monthly indices

Type: Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018
Inflation Rate (World), % to the same period of the previous year
[15587] Inflation Rate (Iceland) 3.30 2.80 2.70 2.60 2.70 2.60 2.00
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Yearly indices

Type: 2017 2016 2015 2014
Government Debt to GDP (World), %
[15239] 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 ***.** *.**
Landsbankinn, 1% 19oct2018, EUR   EUR 10/19/2018 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
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