Terms for switches to inflation-linked bond SGB IL 3115

Terms for switches to inflation-linked bond SGB IL 3115

The Swedish National Debt Office will offer switches to government bond SGB IL 3115 from SGB IL 3111, SGB IL 3114 and SGB IL 3104 during the period 3 September – 7 September. The total volume offered of SGB IL 3115 is SEK 3.75 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.

Switch auctions
	Fri 3 Sept Risk neutral	Mon 6 Sept Risk neutral	Tue 7 Sept Cash neutral
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.

Contact:
Johan Bergström, Head of Funding, +46 (0)8 613 45 68
Anna Olofsson, Head of Analysis, +46 (0)8 613 45 98

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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.