Friday, 17. February, 2012
Fitch Ratings-London-17 February 2012:
Fitch Ratings has upgraded Iceland's Long-term foreign
currency Issuer Default Rating (IDR) to 'BBB-' from 'BB+' and affirmed its Long-term local
currency IDR at 'BBB+'. Its Short-term foreign currency IDR has also been upgraded to 'F3'from
'B' and its Country Ceiling to 'BBB-' from 'BB+'. The Outlooks on the Long-term ratings are Stable.
Fitch Ratings.pdf
Wednesday, 15. February, 2012
Today, 15 February 2012, an auction was held by Central Bank of Iceland in which the Bank offered to purchase euros versus payment in the indexed Treasury series RIKS 30 0701. This measure is an element in the removal of restrictions on capital account transactions and will reduce the annual Treasury’s refinancing need. Bonds sold in the series amounted to 17,050,925,408 kr. nominal value.
The accepted exchange rate in the auction was 240 krona for each Euro.
On 9 February the fixed price for this Treasury bond was announced as 115.675833 per nominal unit with accrued interest and indexation (e. dirty price) with a settlement date of 17 February 2012 (yield 2.50%)
Press release (pdf)
Tuesday, 14. February, 2012
The Government Debt Management has decided to cancel the auction of Treasury bonds planned for 17 February due to foreign exchange auction held by the Central Bank of Iceland on 15 February 2012.
Tuesday, 14. February, 2012
The Central Bank of Iceland intends to hold auctions on the following days, offering, on the one hand, to purchase foreign currency under the Central Bank Investment Programme and, on the other, to purchase foreign currency in exchange for Treasury bonds:
28 March 2012
9 May 2012
20 June 2012
On these same days, the Bank also intends to hold auctions in which it offers to purchase Icelandic krónur against cash payment in foreign currency.
The aim of the auctions is to sell krónur to parties that are willing to own them for a minimum of five (5) years through purchases of Treasury bonds or investments under the Investment Programme announced on 18 November 2011. The auctions also enable investors to sell their króna holdings in a systematic manner if they so choose. The Bank’s aim with these transactions is to facilitate the removal of the capital controls without causing major exchange rate or monetary instability or jeopardising financial stability. They also aim to provide the Treasury with economical, long-term funding, thus reducing its re-financing need while the capital controls are being lifted.
The auctions and the Terms of Auction will be advertised in greater detail at a later date. The application deadline for participation in the Investment Programme is 14 days prior to the auction concerned.
Monday, 13. February, 2012
Today at 11:00 am, Government Debt Management auctioned Treasury bills in series RIKV 12 0515 and RIKV 12 0815.
Auction results (pdf)