09.05.25
Auction result of Treasury Bonds - RIKB 27 0415 - RIKB 38 0215
Series 
RIKB 27 0415
RIKB 38 0215
Settlement Date 
05/14/2025
05/14/2025
Total Amount Allocated (MM) 
7,100
4,950
All Bids Awarded At (Price / Yield) 
100.809
/
7.520
97.865
/
6.750
Total Number of Bids Received 
27
29
Total Amount of All Bids Received (MM) 
7,800
7,250
Total Number of Successful Bids 
24
20
Number of Bids Allocated in Full 
24
20
Lowest Price / Highest Yield Allocated 
100.809
/
7.520
97.865
/
6.750
Highest Price / Lowest Yield Allocated 
100.900
/
7.470
98.350
/
6.690
Lowest Price / Highest Yield Allocated in Full 
100.809
/
7.520
97.865
/
6.750
Weighted Average of Successful Bids (Price/Yield) 
100.847
/
7.500
98.020
/
6.730
Best Bid (Price / Yield) 
100.900
/
7.470
98.350
/
6.690
Worst Bid (Price / Yield) 
100.757
/
7.550
97.450
/
6.800
Weighted Average of All Bids Received (Price / Yield) 
100.841
/
7.500
97.880
/
6.750
Percentage Partial Allocation (Approximate) 
100.00 %
100.00 %
Bid to Cover Ratio 
1.10
1.46

Aðrar fréttir

Treasury issues Eurobond

The Republic of Iceland has successfully issued a €750 million Eurobond (ISK 109 billion equivalent) with a fixed coupon of 2.625% and a five-year maturity, priced at a re-offer yield of 2.672%. The proceeds will be used to strengthen the foreign exchange reserves of the Central Bank of Iceland and to refinance existing Eurobonds.

Concurrently with the new issue, the Treasury launched a tender offer to repurchase its outstanding €500 million Eurobond maturing in 2026. The offer remains open until 17:00 BST on Friday, 23 May 2025.

The transaction attracted robust demand, with orders totalling €4.4 billion—nearly six times the issue size. The investor base comprised over 100 institutions, including asset managers, banks, central banks, pension funds, insurance companies, and other institutional investors, primarily from across Europe. Citibank, Barclays, J.P. Morgan, and BNP Paribas acted as joint lead managers for the transaction.

Daði Már Kristófersson, Minister of Finance and Economic Affairs, commented:
“It is highly gratifying to see such strong investor interest in this bond issue and the improved spreads compared to our previous offerings. The breadth and diversity of the investor base align with our goal of broadening access to Icelandic government bonds. This outcome reflects market confidence in the Icelandic economy, sound public finances, and the Government’s policy direction.”

This issuance forms part of the Government’s Medium-Term Debt Management Strategy, which aims to ensure that the Treasury is a regular and credible issuer in international capital markets.

The pricing of the bond, 42 bps over mid-swaps, represents a significant improvement over the Treasury’s 10-year green bond issued in 2024, which carried a mid-swap spread of 95 basis points. Despite ongoing global uncertainty, spreads on Icelandic sovereign debt have narrowed and outperformed those of many peers with comparable credit ratings.

“Our message is resonating well with investors,” said Minister Kristófersson. “Iceland stands out for its solid and growing economy with good prospects, declining inflation, diversified exports, improved sustainability, and stronger credit profile.”

May 15 2025
Treasury Bills
Treasury Bill Auction Announcement - RIKV 25 0820 - RIKV 25 1119
Series RIKV 25 0820 RIKV 25 1119
ISIN IS0000037216 IS0000037547
Maturity Date 08/20/2025 11/19/2025
Auction Date 05/19/2025 05/19/2025
Settlement Date 05/21/2025 05/21/2025

On the Auction Date, between 10:30 am and 11:00 am, the Government Debt Management will auction Treasury bills in the Series, with the ISIN numbers and with the Maturity Dates according to the table above. Payments for the Treasury bills must be received by the Central Bank before 14:00 on the Settlement Date and the Bills will be delivered in electronic form on the same day.

Further reference is made to the General Terms of Icelandic Treasury bills and General Terms of Auction for Treasury bills on the Government Debt Management website.

For additional information please contact Oddgeir Gunnarsson, Government Debt Management, at +354 569 9635.