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 13 842 587 719 988
USD 1 1 000 000 000
EUR 1 750 000 000
municipal
ISK 11 33 960 000 000
corporate
ISK 59 816 140 132 848
EUR 11 3 240 000 000
SEK 7 3 425 000 000
USD 4 877 481 000
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
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
Arion Bank, FRN 18oct2018, SEK - International bonds XS1506064119 3M STIBOR + 1.09% 500 000 000  SEK 03/28/2017 10/18/2018
Landsbanki (Landsbankinn), 1.375% 14mar2022, EUR - International bonds XS1576777566 1.375% 300 000 000  EUR 02/23/2017 03/14/2022
Iceland, RIKB 5 15nov2028 - Domestic bonds IS0000028249 5% 31 117 101 519  ISK 01/20/2017 11/15/2028
Arion Bank, FRN 30jan2020, SEK - International bonds XS1548794558 3M STIBOR + 1.35% 250 000 000  SEK 01/13/2017 01/30/2020
Iceland, RIKV 17jul2017 6m - Domestic bonds IS0000028306 0% 1 665 000 000  ISK 01/12/2017 07/17/2017
Arion Bank, FRN 27oct2020, NOK - International bonds XS1509019441 3M NIBOR + 1.95% 320 000 000  NOK 01/05/2017 10/27/2020

World Bond market statistics

Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of developed countries
Icelandic international bonds, USD bln 12.600 13.600 13.000 15.500 15.100 14.800 16.600
BIS net issues of international-bond market of developed countries
International-bond net issue of Iceland, USD bln 0.700 0.600 2.400 0.100 0.500 -1.800 -0.300

Developed Markets International Bonds

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
International bonds Developed Markets
Iceland sovereign international bonds, USD bln 1.817 1.800 1.795 1.810 1.786 1.795 1.824
Iceland corporate international bonds, USD bln 9.028 8.666 8.498 8.239 8.031 8.389 8.034
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Currencies

Daily indices

Type: 05/23/2017 05/22/2017 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017
FOREX
USD/ISK 100.3770 99.7065 100.1480 101.4200 101.4610 102.1110 103.2560
Exchange Rates (Emerging Markets)
EUR/ISK 112.2460 111.9980 112.1950 112.6230 113.1120 113.2830 113.3690
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Macroeconomic Indicators (World economy)

Monthly indices

Type Apr 2017 Mar 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Iceland) 1.90 1.90
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Yearly indices

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