NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES

The information contained herein is not for publication or distribution, directly or indirectly, in or into the United States. These materials do not contain or constitute an offer of securities for sale, or the solicitation of an offer to purchase securities, in the United States.  The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration under the Securities Act or pursuant to an available exemption from the registration requirements of the Securities Act.  The Issuer has not registered and does not intend to register any portion of the offering in the United States or to conduct a public offering of any securities in the United States.

Government bonds

Government bonds are fixed-rate bullet loans on which the government pays coupon interest once a year. The calculation of interest is based on the actual days/actual days method. The government bonds are book-entry securities with a value date of T+5.

Most of the government bonds are government benchmark bonds in which the primary dealer banks chosen by the government have undertaken to maintain active trading on the secondary market in order to safeguard liquidity.

Government bonds are aimed especially at the wholesale market, for example major institutional investors.

See: Information memoranda of the outstanding serial bonds

Latest Bond Transactions

The government uses different methods to issue its most important borrowing instruments (Treasury bills, serial bonds and yield bonds). It issues Treasury bills under the T-bill programme, via what is called the ‘daily window’, while serial bonds are issued either as a syndicated issue or in an auction, and yield bonds are sold to members of the public via banks or telephone sales at times announced by the State Treasury.

See: Emission table