Terms for switches in inflation-linked bond SGB IL 3102

The Swedish National Debt Office offers switch auctions in inflation-linked bond SGB IL 3102 with the aim of decreasing the outstanding volume to around SEK 25 billion before the bond’s time to maturity is shorter than one year. The switch auctions will be held on 20, 23 and 24 September.

The offered bonds in the switch auctions are SGB IL 3112, SGB IL 3109 and SGB IL 3113. Switches versus SGB IL 3112 and SGB IL 3113 will be price risk neutral ¹ while the switch versus SGB IL 3109 will be cash neutral².

Switch auctions
	Fri 20 September Risk neutral	Mon 23 September Cash neutral	Tue 24 September Risk neutral
SNDO sells bond	3112	3109	3113
SNDO sells amount (SEK mn)	400	250	250
SNDO buys bond	3102	3102	3102
SNDO buys amount (SEK mn) 3	1 800	200	1 400
Time for yield on buy-back loan	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 switches were announced in the publication Central Government Borrowing – Forecast and Analysis 2019:2 in June.

The buy-back yield will be published at 10:45 a.m. on the day of the auction on riksgalden.se/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 conducted only via the Debt Office’s primary dealers.

For more information, please contact:
Anna Sjulander, Head of Funding, +46 (0)8 613 47 77
Magdalena Belin, Head of Analysis, +46 (0)8 613 52 28

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¹ The market value of the purchase and sales volume multiplied by the modified duration of each respective bond shall be equal.

² The market value of the purchase and sales volume of each bond shall be equal.

³ The stated nominal volume of SGB IL 3102 is an approximation calculated on the basis of today’s yields.

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