Terms for switches to inflation-linked bond SGB IL 3115
The Swedish National Debt Officewill offer switches to government bondSGBIL 3115 from SGB IL 3111, SGB IL 3114 and SGB IL 3104 during theperiod 3 September – 7 September.The total volume offered of SGB IL 3115 is SEK3.75 billion.
The switches are offered to build up the outstanding volume of SGB IL 3115. The switches will be made price risk neutral1 as well as cash neutral2.
|Fri 3 Sept|
|Mon 6 Sept|
|Tue 7 Sept|
|SNDO sells bond||3115||3115||3115|
|SNDO sells amount (SEK mn) 3||1 500||1 250||1 000|
|SNDO buys bond||3111||3114||3104|
|SNDO buys amount (SEK mn)||2 400||2 700||700|
|Time for yield on buy-back bond||10.45||10.45||10.45|
|Time for auction cut-off||11.00||11.00||11.00|
|Time for auction result||11.03||11.03||11.03|
The dates for the switches were announced in the publication Central Government Borrowing – Forecast and Analysis 2021:2 on 27 May 2021.
The buy-back yield on the bond will be published at 10.45 a.m on our website on the day of the auction https://www.riksgalden.se/en/our-operations/central-government-borrowing/.
Bids must be placed before 11.00 a.m on the day of the auction. The results will be published at 11.03 a.m or somewhat later. Bidding is only possible by primary dealers.
Johan Bergström, Head of Funding, +46 (0)8 613 45 68
Anna Olofsson, Head of Analysis, +46 (0)8 613 45 98
1 The market value of the purchase and sale volume multiplied by the modified duration of each respective bond shall be equal.
2 The market value of purchase and sales volume of each bond shall be equal.
3 The stated nominal volume of the buy-back loan is an approximation calculated on the basis of today's yields.
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