Commercial papers

We use commercial papers when borrowing foreign currency on a shorter term than one year. Commercial papers have the same interest rate convention as T-bills and provide the same flexibility as short-term bills.

We mainly issue commercial papers in euro and US dollars in combination with a currency swap. The swap is used to exchange foreign currency for kronor, turning our exposure into kronor. The foreign currency share of the total debt is thus unaffected. 

Commercial papers give us the possibility to tap into the international demand for short-term government securities. They may also be a cheaper alternative than T-bills, depending on the market rates for different currencies and the pricing of the swap.


Sales of commercial papers are made through our primary dealers. These currently include:

  • Barclays Capital, telephone +44 207 773 9075
  • Citibank International plc, telephone + 44 207 986 9070
  • Goldman Sachs International, telephone +44 207 774 6110
  • UBS Ltd, telephone +44 207 329 0203


We can also use commercial papers for investments. This possibility is mainly used when we have surpluses in both foreign currency and in kronor.