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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 11 628 811 321 020
EUR 3 1 750 000 000
USD 1 1 000 000 000
municipal
ISK 8 32 950 000 000
corporate
ISK 54 921 709 906 408
SEK 20 8 600 000 000
EUR 12 3 500 000 000
NOK 5 2 717 000 000
USD 4 922 231 000

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
Arion Bank, FRN 9jul2029, NOK - International bonds XS2025568846 3m NIBOR + 3.65% 300 000 000  NOK 07/03/2019 07/09/2029
Iceland, RIKV 5feb2020 8m - Domestic bonds IS0000031292 0% 4 728 000 000  ISK 06/27/2019 02/05/2020
Islandsbanki, FRN 26jun2029, SEK - International bonds XS2017804548 3m STIBOR + 3.9% 500 000 000  SEK 06/18/2019 06/26/2029
Iceland, 0.1% 20jun2024, EUR - International bonds XS2015295814 0.1% 500 000 000  EUR 06/13/2019 06/20/2024
Landsbankinn, FRN 24nov2020, SEK - International bonds XS1523193123 1.479% 550 000 000  SEK 05/21/2019 11/24/2020
Landsbankinn, FRN 29nov2020, SEK - International bonds XS2004503889 3m STIBOR + 0.85% 600 000 000  SEK 05/21/2019 11/29/2020
Islandsbanki, 1.125% 12apr2022, EUR - International bonds XS1980828997 1.125% 300 000 000  EUR 04/04/2019 04/12/2022
Arion Bank, FRN 5apr2022, SEK - International bonds XS1977186920 1.338% 150 000 000  SEK 03/29/2019 04/05/2022
Iceland, RIKV 15nov2019 8m - Domestic bonds IS0000031102 0% 10 759 000 000  ISK 03/28/2019 11/15/2019
Landsbankinn, FRN 21feb2022, NOK - International bonds XS1953243950 3.21% 1 000 000 000  NOK 02/12/2019 02/21/2022

Forex

Daily indices

Type: 07/22/2019 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019
FOREX rates
[3979] USD/ISK 124.7167 125.0521 125.1052 125.9121 126.4216 125.8813 125.8973
[9881] EUR/ISK 139.8914 140.2959 140.9680 141.2858 141.6824 141.7193 141.9002
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BIS

Quarterly indices

Type: I 2019 III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017
BIS international bonds outstanding volume
[10221] Icelandic international bonds, USD bln 14.300 15.100 15.000 15.800 15.500 14.800 14.600
BIS new international bonds volume
[10487] International-bond net issue of Iceland, USD bln -0.500 0.200 0.000 -0.100 0.500 0.000 0.300

GDP

Yearly indices

Type: 2018 2017 2016 2015 2014
Government debt-to-GDP (Western Europe)
[15239] Government Debt to GDP(Iceland) 37.70 42.30 54.00 68.50 82.50

International bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
DM international bonds outstanding volume
[11347] Iceland sovereign international bonds, USD bln 1.561 1.044 1.048 1.048 1.062 1.067 1.068
[11349] Iceland corporate international bonds, USD bln 8.930 8.803 8.935 9.062 9.380 9.246 9.413
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Central banks rates

Periodic indices

Type: Current value Change Last update
Western Europe central banks rates
[9363] Iceland Lending Rate, %  5.25 -0.5 10.12.2014

Inflation

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Inflation (Western Europe)
[15587] Inflation Rate (Iceland) 3.30 3.60 3.30 2.94 2.98 3.39 3.74
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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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