Anyone trading Premium Bonds?

Does anyone have experience trading Premium Bonds from Sweden or Belgium?

I think they are interesting because they tend to surprise you beside the fluctuation in the price. They are usually guaranteed a certain return based on odds and premium, but in general that can go up high.

I would classify them as high yield zero risk bonds, although not direct high yield and the yield itself is based on how much "luck" you have when the premium is drawn.

Anyone tried it?

Can you give an example such as a ticker or CUSIP/ISIN number so that I could look up what one of these bonds is? I assume they are EUR or SEK denominated? What type of maturity are we talking about here?

Thanks.

Sorry for the late reply, but here are bonds from Belgium that are premium based. The ISIN number is written there: http://www.debtagency.be/fr_products_lottery.htm

Strange bonds. I can't really run any analytics on bloomberg such as Price/yield calculations. Also they look like they have sinking provisions as well as call provisions which would make them a little more tricky to model.

That said - I wouldn't pay much over par for them -- They are callable (the last one anyway) on 2/15/2011 at $100, so I wouldn't pay much more than that for them...