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News

Municipality Credit Iceland issues green bonds

Municipality Credit Iceland (MCI) finalised a private placement of new green bonds class LSS040440 GB on 19 February 2020. Landsbankinn Capital Markets coordinated the sale.

20 February 2020

Municipality Credit Iceland (MCI) finalised a private placement of new green bonds class LSS040440 GB on 19 February 2020. Landsbankinn Capital Markets coordinated the sale.

LSS040440 GB is an indexed 20Y series, with equal instalments and interest payments at six-month intervals and 1.50% fixed annual rates.

The placement had a Dutch auction structure, whereby all accepted bids are offered investors at the highest price for each class.

A total of 32 bids were submitted for LSS040440 GB in the nominal value of ISK 3,990 million at a yield of 1.30% - 1.69%. Bids totalling ISK 1,100 million were accepted at a yield of 1.35%. The nominal value of the class will be ISK 1,100 million following issuance.

The proceeds from the bond offering will go towards financing environmentally-friendly municipality undertakings that minimise climate change.

Payment and settlement is scheduled for 26 February 2020. The issuer will apply for admittance of the bonds for trading on the Nasdaq Iceland Sustainable Bond market the same day.

Umræðan: Green bond financing for municipalities (icelandic)

ISK appreciated in February

At the end of February, the EUR/ISK stood at 152.9, compared to 156.1 at the end of January, appreciating during the month. Both turnover and fluctuation was similar as in January. The CBI continued its regular programme of currency sales.

1 March 2021

Icelandic Economic Weekly: 1 March 2021

The Icelandic economy contracted by 6.6% between years in 2020.

22 Feb. 2021

Icelandic Economic Weekly: 22 February 2021

The CBI released the minutes of the MPC’s meeting on the policy rate decision 3 February. Landsbankinn concluded the sale of a new green euro-denominated bond series. Landsvirkjun published financial statements for 2020.

17 Feb. 2021

Landsbankinn carbon-offsets its operation

Landsbankinn has carbon-offset its 2020 activity and achieved CarbonNeutral® company certification.

17 Feb. 2021

Landsbankinn in Djúpivogur moves

Landsbankinn’s service outlet in Djúpivogur has been moved to the shopping and service centre at Búland 1, where Kjörbúðin, Íslandspóstur and Vínbúðin are located. The Bank’s opening hours are unchanged and the ATM will be accessible during Kjörbúðin’s opening hours.

15 Feb. 2021

Icelandic Economic Weekly: 15 February 2021

Last week, Icelandair Group and the three main commercial banks published financial results for 2020.

9 Feb. 2021

Landsbankinn named best bank in Iceland by The Banker

Iceland’s competitive banking market is characterised by a high degree of innovation and a strong tradition of customer service. Landsbankinn, winning the 2020 country award, impressed the judges in both of these domains, and with its relatively strong set of financial results.

8 Feb. 2021

Icelandic Economic Weekly: 8 February 2021

The MPC of the CBI held policy rates unchanged. Concurrent with the policy rate decision, the CBI released its quarterly Monetary Bulletin. The CBI sent the prime minister a report on inflation above the upper deviation threshold of the inflation target. The population of Iceland was 368,590 at end of 2020.

4 Feb. 2021

January uneventful in the Icelandic FX market

January was uneventful on the Icelandic FX interbank market. The EUR was stable within a rather narrow limit, with both turnover and fluctuation declining between months. The CBI continued its regular programme of currency sales.

1 Feb. 2021

Icelandic Economic Weekly: 1 February 2021

The Minister of Finance and Economic Affairs made a formal decision to initiate the sale shares in Íslandsbanki. The Treasury issued a eurobond. Landsbankinn issued a bond in SEK. The CPI based on prices in January decreased by 0.06% between months due to seasonal sales, bringing the headline number to 4.3%. The CBI released the results of its market expectations survey.