Switch Operation

Published 27 September 2022

Date and time of the event:

28/09/2022 10:30

Abstract icon Bond(s) offered: 0.10 pct. DGBI 2034 against buyback of 0.10 pct. DGBI 2023 (1:2). Max. (issuance): 1.0 bln. DKK. \\ 0.00 pct. DGB 2031 against buyback of 0.50 pct. DGB 2029. Max. (issuance): 1.0 bln. DKK.
General information about switch operations

Switch operations make it possible for market participants to exchange a significant amount of off-the-run issues to on-the-run issues at market price.

Switch operations are offered via the auction system MTS PAF which is also used for the regular auctions of Danish government securities.

Switch operations via MTS PAF are conducted just as regular auctions of government securities with uniform pricing. Investors can submit bids through the primary dealers. Bids are contingent on simultaneous sale of the buy-back issues at the pre-announced price and hedge ratio announced at 10.20 CET on the day of the switch operation via Danmarks Nationalbank's webpage (link).

Deadline for submission of bids is 10.30 CET. Cut-off price and allotted quantity will be determined and announced as soon as possible hereafter. Results of the switch operation are published on Danmarks National-bank's webpage, cf. link above.