Issuer: The Swedish State through the Swedish National Debt Office. 

Type of debt instrument: Running promissory notes. Interest bearing bonds with annual payment of interest of the nominal amount. The holder also receives an amount over and above this payment which is related to the fluctuations in the consumer price index over the maturity of bond. Real yield zero coupon bonds are also issued.

Maturity: Five to 13 years from issue date.

Denomination: Lowest denomination is SEK 5 000.

Issuance: Issued quarterly by the Swedish National Debt Office's authorised dealers, i.e. banks and securities institutions.

Secondary market: The liquidity of the Swedish index-linked bond market is considered to be high. The secondary market also includes a market where trading is conducted by telephone. The participants involved in this market - banks and securities institutions - are market-makers. Mortgage bonds can also be traded on Retail Bonds list, an electronic exchange within OMX Nordic Exchange Stockholm.

Valuation: The pricing of the instruments is stated as a real annual interest rate. The buyer does not pay a nominal amount, but pays the market price plus any accrued interest since the last interest payment date. Each year a nominal interest rate is fixed, plus an index-linked rate calculated on the fluctuation in the CPI rate on the interest payment date.

Delivery and settlement: The delivery and settlement date for index-linked bonds is three days following the transaction date. The fixed interest payment, plus the change in the consumer price, is paid annually on 1st of December.

Link to Swedish National Debt Office:
www.rgk.se
(Please refer to Instruments/Index-linked bonds under the heading "Funding") 
 

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