enhttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/60Optimizely 12 CMS - LFPChttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/deficit-for-swedish-central-government-in-march-2026/The primary balance was SEK 2.4 billion higher than forecast. This is mainly due to slightly higher tax income than calculated. The Debt Office’s net lending to government agencies etc. was SEK 5.1 billion lower than forecast. This is due, among other things, to higher deposits from Svenska Kraftnät than expected. Interest payments on central government debt were in line with the forecast. For the twelve-month period up to the end of March 2026, central government payments resulted in a deficit of SEK 103.5 billion. Central government debt amounted to SEK 1,222 billion at the end of March. The outcome for April 2026 will be published on 8 May 2026 at 8.00 a.m. The date for publishing a new forecast on the Swedish economy and central government borrowing is 28 May 2026. Budget balance and central government net borrowing requirement [1] (SEK million)   Outcome Forecast Deviation Acc.    Dev. [2] Outcome 12-month Budget balance -6 543 -14 188 7 645 23 610 -103 450 Net borrowing requirement [1] 6 543 14 188 -7 645 -23 610 103 450 Primary balance [3] 13 707 16 106 -2 399 -18 682 73 408 Net lending to agencies etc. [4] -10 445 -5 309 -5 136 -5 632 247 Interest payments on central government debt 3 281 3 391 -110 703 29 795   - Interest on loans in SEK 3 959 3 339 621 1 173 30 649   - Interest on loans in foreign currency 45 49 -4 -555 -408   - Realised currency gains and losses -724 3 -726 85 -446 [1] The net borrowing requirement corresponds to the budget balance with the opposite sign. [2] Sum of monthly forecast deviations since last forecast. [3] Net of the state's primary expenditure and income. [4] The net of government agencies etc. deposits and loans in the state’s internal bank. The net lending includes both current government operations and temporary occurrences that can be decided on short notice. The net lending affects the net borrowing requirement and central government debt, but is not covered by the Central government expenditure ceiling. Report: Sweden’s Central Government Debt March 2026 Official statistics on the central government net borrowing requirement and government debt The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden. The Debt Office published its latest forecast on the Swedish economy and central government borrowing on 27 November 2025: Central Government Borrowing - Forecast and Analysis 2025:2.  https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/deficit-for-swedish-central-government-in-march-2026/Thu, 09 Apr 2026 08:00:31 GMTPress releaseCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/sweden-raises-sek-20-billion-in-new-government-bond-sale/Bond syndication, as opposed to regular auctions, is a process in which a group of banks carries out the bond sale for the Debt Office. A total of 40 investors participated in the final bidding for the new bond, with a bid volume of SEK 50 billion. The transaction was priced at 2 basis points above the yield of the current ten-year government bond SGB 1067. – We see it as a sign of strength that the order book was more than double the issuance volume and that we were able to reach international investors who are not regularly active in the Swedish market, says Johan Bergström, head of funding at the Debt Office. Today’s transaction is part of the Debt Office’s current borrowing plan, which was published in November 2025. The new bond will become Sweden’s ten-year reference bond in September 2026.   Terms and conditions Issuer Swedish National Debt Office  Size SEK 20 billion Coupon 2.75 % Maturity date 2037-02-09 Price 99.025 %  Yield 2.855 % Yield spread against SGB 1067 2 basis points Joint lead managers Danske Bank, Handelsbanken, Nordea, SEB, Swedbank   Distribution by investor type Asset managers 46% Pension funds 23% Central banks and OI 14% Hedge funds 10.5 % Banks 6.5 %   Distribution by region Sweden 62% Other Nordics 6% UK 26% Rest of Europe 4% Others 2% Contact Johan Bergström, Head of Funding, +46 8 613 45 68https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/sweden-raises-sek-20-billion-in-new-government-bond-sale/Wed, 11 Mar 2026 18:10:18 GMTPress releaseCentral Government Borrowinghttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/compliance-with-the-minimum-requirements-for-own-funds-and-eligible-liabilities--q4-2025/The quarterly report also contains a section which describes the systemically important banks’ buffers against regulatory requirements. The purpose is to describe how much of the buffer of CET1 capital that is available to cover losses before the bank is in breach of a regulatory requirement or the Pillar 2 guidance. The report also demonstrates which regulatory requirement was the most restrictive at the end of the fourth quarter. The Debt Office makes decisions on MREL annually. Further information about MREL and its application for Swedish institutions is available in the Debt Office’s MREL policy and on the web page Minimum requirements for own funds and eligible liabilities (MREL). Report: Minimum requirement for own funds and eligible liabilities (MREL) – Compliance Q4 2025  https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/compliance-with-the-minimum-requirements-for-own-funds-and-eligible-liabilities--q4-2025/Mon, 09 Mar 2026 08:00:32 GMTPress releaseFinancial stabilityhttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/surplus-for-swedish-central-government-in-february-2026/The primary balance was SEK 20.7 billion higher than the forecast. This was mainly due to tax incomes being approximately SEK 10 billion higher than calculated. Higher tax incomes were mainly driven by higher supplementary payments than expected. The difference is also explained by lower expenditure for several agencies, defense expenditure being one of them. The Debt Office’s net lending to government agencies etc. was SEK 0.8 billion lower than forecast. Interest payments on central government debt were in line with the forecast. For the twelve-month period up to the end of February 2026, central government payments resulted in a deficit of SEK 101.5 billion. Central government debt amounted to SEK 1,201 billion at the end of February. The outcome for March 2026 will be published on 9 April 2026 at 8.00 a.m. The date for publishing a new forecast on the Swedish economy and central government borrowing is 28 May 2026. Budget balance and central government net borrowing requirement [1] (SEK million)   Outcome Forecast Deviation Acc. Dev. [2] Outcome 12-month Budget balance 83 358 62 123 21 235 15 965 -101 546 Net borrowing requirement [1] -83 358 -62 123 -21 235 -15 965 101 546 Primary balance [3] -81 698 -61 004 -20 694 -16 283 65 974 Net lending to agencies etc. [4] -3 240 -2 466 -774 -495 5 913 Interest payments on central government debt 1 579 1 347 233 813 29 659   - Interest on loans in SEK 1 408 1 289 119 552 30 592   - Interest on loans in foreign currency 99 3 96 -551 -425   - Realised currency gains and losses 73 55 18 812 -508 [1] The net borrowing requirement corresponds to the budget balance with the opposite sign. [2] Sum of monthly forecast deviations since last forecast. [3] Net of the state's primary expenditure and income. [4] The net of government agencies etc. deposits and loans in the state’s internal bank. The net lending includes both current government operations and temporary occurrences that can be decided on short notice. The net lending affects the net borrowing requirement and central government debt, but is not covered by the Central government expenditure ceiling. Report: Sweden’s Central Government Debt February 2026 Official statistics on the central government net borrowing requirement and government debt The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden. The Debt Office published its latest forecast on the Swedish economy and central government borrowing on 27 November 2025: Central Government Borrowing - Forecast and Analysis 2025:2.https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/surplus-for-swedish-central-government-in-february-2026/Fri, 06 Mar 2026 08:07:39 GMTPress releaseCentral Government Borrowinghttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/news/2026/higher-government-debt-but-lower-cost-in-2025/Today, the Debt Office is submitting the report “Central Government Debt Management – Basis for Evaluation 2025” to the Government. The yearly report describes how the Debt Office conducted the borrowing and debt management in the previous year, on the basis of the Government’s guidelines and the objective of minimising the cost of the debt over the long-term while taking account of risk. Year in brief  The central government debt increased by SEK 93 billion in 2025 and was SEK 1,244 billion at the end of the year. The debt ratio rose from 18 to 19 per cent of GDP (based on the Debt Office’s GDP forecast). The cost of the debt decreased to SEK 13 billion, corresponding to 0.2 per cent of GDP. It was mainly the cost of the currency exposed portion of the debt that fell as the krona appreciated. The debt’s term to maturity was in the middle of the target range of 3.5–6 years. The Debt Office continued to phase out the foreign currency exposure of the debt and, in accordance with the new adopted guidelines, began decreasing the inflation-linked debt. The refinancing risk of the central government debt was stable. Relative to the euro area, Sweden has a higher share of debt maturing in the near term, while the amount maturing as a share of GDP is lower. The Debt Office continued to increase the supply of nominal government bonds over the year in order to fund the budget deficit and maturing loans. Short-term and foreign currency borrowing also increased. Demand was strong in relation to the supply in the Debt Office’s auctions. In an annual survey, primary dealers responded that they have seen increased interest in Swedish government securities among foreign investors. Confidence in the Debt Office’s borrowing operations remained high among both primary dealers and Swedish investors. Investors also saw improvement of the liquidity in the government securities market. Read the full report Central Government Debt Management – Basis for Evaluation 2025 (only available in Swedish) Read more about the annual survey of market confidence for the Debt Office and the assessment of market liquidity: Results of the annual market survey (in Swedish)https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/news/2026/higher-government-debt-but-lower-cost-in-2025/Tue, 17 Feb 2026 09:30:31 GMTNewsCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/deficit-for-swedish-central-government-in-january-2026/The primary balance was SEK 10.3 billion lower than the forecast. This was mainly due to tax incomes being approximately SEK 8 billion lower than calculated. The Debt Office’s net lending to government agencies etc. was SEK 5.0 billion lower than forecast. Interest payments on central government debt were SEK 0.5 billion higher than forecast. For the twelve-month period up to the end of January 2026, central government payments resulted in a deficit of SEK 110.9 billion. Central government debt amounted to SEK 1,281 billion at the end of January. The outcome for February 2026 will be published on 6 March 2026 at 8.00 a.m. The date for publishing a new forecast on the Swedish economy and central government borrowing is 28 May 2026. Budget balance and central government net borrowing requirement [1] (SEK million)   Outcome Forecast Deviation Acc.    Dev. [2] Outcome 12-month Budget balance -32 239 -26 374 -5 865 -5 270 -110 935 Net borrowing requirement [1] 32 239 26 374 5 865 5 270 110 935 Primary balance [3] 34 268 23 927 10 341 4 412 66 577 Net lending to agencies etc. [4] 639 5 656 -5 017 278 15 197 Interest payments on central government debt -2 668 -3 209 541 580 29 161   - Interest on loans in SEK -466 -1 036 570 433 30 469   - Interest on loans in foreign currency -548 116 -664 -647 -475   - Realised currency gains and losses -1 654 -2 290 635 794 -833 [1] The net borrowing requirement corresponds to the budget balance with the opposite sign. [2] Sum of monthly forecast deviations since last forecast. [3] Net of the state's primary expenditure and income. [4] The net of government agencies etc. deposits and loans in the state’s internal bank. The net lending includes both current government operations and temporary occurrences that can be decided on short notice. The net lending affects the net borrowing requirement and central government debt, but is not covered by the Central government expenditure ceiling. Report: Sweden’s Central Government Debt January 2026 Official statistics on the central government net borrowing requirement and government debt The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden. The Debt Office published its latest forecast on the Swedish economy and central government borrowing on 27 November 2025: Central Government Borrowing - Forecast and Analysis 2025:2.  https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/deficit-for-swedish-central-government-in-january-2026/Fri, 06 Feb 2026 08:00:30 GMTPress releaseCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/deficit-for-swedish-central-government-in-2025/The central government budget balance showed a deficit for the second year in a row. Despite a first incoming payment to Sweden from the EU Recovery and Resilience Facility, amounting to SEK 18.5 billion, the deficit was approximately the same size as in 2024. This is due, among other things, to the weak economy and fiscal policy measures in the form of tax cuts and spending increases. Higher interest payments also contributed to the deficit remaining at the same level as in 2024.  Overall, this resulted in a deficit of SEK 101.9 billion in 2025, compared with SEK 104.3 billion in 2024. The EU Recovery and Resilience Facility is part of the aid from the EU-wide initiative to boost recovery in member states after the pandemic and contribute to the green and digital transitions. The central government deficit of SEK 101.9 billion for 2025 was in line with the Debt Office's latest forecast of SEK 102.5 billion. Central government debt amounted to SEK 1,244 billion at the end of December, which was SEK 93 billion higher than in December 2024. Deficit for Swedish central government in December Central government payments resulted in a deficit of SEK 127.8 billion in December. The Debt Office's forecast was a deficit of SEK 136.0 billion. The difference is mainly due to lower expenditure than forecast. The primary balance was SEK 12.5 billion higher than forecast. The difference is mainly due to lower expenditure for several agencies. Tax income was simultaneously slightly weaker than expected. The Debt Office’s net lending to government agencies etc. was SEK 4.3 billion higher than forecast. This is mainly due to lower borrowing from the agencies. Interest payments on central government debt were in line with the forecast. The outcome for January 2026 will be published on 6 February 2026 at 8:00 a.m. The date for publishing a new forecast for the Swedish economy and central government borrowing is 28 May 2026. Budget balance and central government net borrowing requirement [1][5] (SEK million)   Outcome Forecast Deviation Acc. Dev. [2] Outcome 12-month Budget balance -127 793 -135 978 8 185 594 -101 947 Net borrowing requirement [1] 127 793 135 978 -8 185 -594 101 947 Primary balance [3] 58 405 70 945 -12 540 -5 929 62 996 Net lending to agencies etc. [4] 65 347 61 079 4 269 5 296 7 862 Interest payments on central government debt 4 041 3 955 86 39 31 088  - Interest on loans in SEK 3 914 3 742 172 -137 30 614  - Interest on loans in foreign currency -28 107 -134 17 67  - Realised currency gains and losses 155 106 49 158 407 [1] The net borrowing requirement corresponds to the budget balance with the opposite sign. [2] Sum of monthly forecast deviations since previous forecast. [3] Net of the central government's primary expenditure and income. [4] Net of deposits and loans for government agencies etc. in the central government’s internal bank. The net lending includes both current government operations and temporary occurrences that can be decided on short notice. The net lending affects the net borrowing requirement and central government debt but is not covered by the central government expenditure ceiling. [5] The outcome is preliminary and may be revised in connection with the Debt Office’s annual accounts. Please refer to the Debt Office’s 2025 annual report for the final annual outcome. Report: Sweden’s Central Government Debt December 2025 Official statistics on the central government net borrowing requirement and government debt The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden. The Debt Office published its latest forecast for the Swedish economy and central government borrowing on 27 November 2025: Central Government Borrowing - Forecast and Analysis 2025:2.https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/deficit-for-swedish-central-government-in-2025/Mon, 12 Jan 2026 08:00:00 GMTPress releaseCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/decisions-on-resolution-plans-for-2026/The Debt Office manages systemically important banks and certain other institutions that have failed, or are at risk of failing, through a special procedure called resolution. The aim of resolution is to preserve critical functions of the financial system and real economy, as well as to mitigate adverse contagion effects so that financial stability can be maintained. To be able to implement resolution in an effective manner, the Debt Office decides on specific requirements for own funds and eligible liabilities (MREL) for the eight systemically important banks. MREL is designed so that the banks’ shareholders and creditors – not taxpayers – are to ensure that the bank has sufficient financial resources to continue operating. In order to fully evaluate the banks’ capacity and capability to support a resolution procedure, we need to transition to testing specific components of the banks. In 2025, the Debt Office has assessed whether the systemically important banks have the capacity and capability to support a resolution procedure. The assessments have been based on the banks’ own evaluations of their capacity. The banks must also conduct these self-evaluations in accordance with the guidelines on resolvability from the European Banking Authority (EBA). In the coming years, the Debt Office will transition to testing the banks’ operational capabilities on the basis of the EBA’s guidelines. The tests may, for instance, include determining whether the capability exists to provide information that enables a valuation of the bank, the bank has a suitable communications plan, or whether the services needed for the bank’s operations will continue to function during resolution. “The systemically important banks’ work to become resolvable continues to be a focus area for the Debt Office. We see progress being made, but further measures are needed. In order to fully evaluate the banks’ capacity and capability to support a resolution procedure, we need to transition to testing specific components of the banks’ resolvability,” says Debt Office Director General Karolina Ekholm. The eight systemically important banks and their MREL, 31 december 2025 Bank Total risk-weighted requirement [1]  Total non-risk-weighted requirement [2]  Handelsbanken  26.29 6.00 SEB 27.22 6.00 Swedbank  27.40 6.00 Landshypotek 22.30 6.00 Länsförsäkringar 22.42 6.00 SBAB 22.00 6.00 Skandiabanken  21.66 6.00 Sparbanken Skåne 21.77 6.00 [1] Share of risk-weighted exposure amount (REA).  [2] Proportion of leverage ratio exposure (LRE). Note: For more information on how MREL is calculated, see the decision memorandum Minimum requirement for own funds and eligible liabilities (MREL), as well as the MREL policy (in Swedish). Table for all MREL and the Swedish systemically important banks.  Banks are to comply with EBA guidelines The EBA’s guidelines for improving resolvability for institutions and resolution authorities (EBA/GL/2022/01) entered into force on 1 January 2024. These guidelines are a key tool in the Debt Office’s assessment of the banks’ resolvability. Insufficient compliance with the guidelines can be grounds for the Debt Office to determine that there are substantive impediments to resolution. In 2025, the Debt Office has continued to evaluate the banks’ compliance with these guidelines. Although we have not identified any substantive impediments to resolution, there are nevertheless a number of areas in which further measures are needed in order to strengthen resolvability. https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/decisions-on-resolution-plans-for-2026/Fri, 19 Dec 2025 08:00:00 GMTPress releaseFinancial stabilityhttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/compliance-with-the-minimum-requirements-for-own-funds-and-eligible-liabilities--q3-2025/The quarterly report also contains a section which describes the systemically important banks’ buffers against regulatory requirements. The purpose is to describe how much of the buffer of CET1 capital that is available to cover losses before the bank is in breach of a regulatory requirement or the Pillar 2 guidance. The report also demonstrates which regulatory requirement was the most restrictive at the end of the third quarter. The Debt Office makes decisions on MREL annually. Further information about MREL and its application for Swedish institutions is available in the Debt Office’s MREL policy and on our website. Report: Minimum requirement for own funds and eligible liabilities (MREL) – Compliance Q3 2025https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/compliance-with-the-minimum-requirements-for-own-funds-and-eligible-liabilities--q3-2025/Mon, 08 Dec 2025 08:00:00 GMTPress releaseFinancial stabilityhttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/surplus-for-swedish-central-government-in-november-2025/The primary balance was SEK 6.6 billion lower than the forecast. The difference is mainly due to the fact that tax incomes were approximately SEK 5 billion lower than forecast. The Debt Office’s net lending to government agencies etc. was SEK 1.0 billion higher than the forecast. Interest payments on central government debt were in line with the forecast. For the twelve-month period up to the end of November 2025, central government payments resulted in a deficit of SEK 101.4 billion. Central government debt amounted to SEK 1,217 billion at the end of November. The outcome for December 2025 will be published on 12 January 2026 at 8.00 a.m. The date for publishing a new forecast on the Swedish economy and central government borrowing is 28 May 2026. Budget balance and central government net borrowing requirement [1] (SEK million)   Outcome Forecast Deviation Acc.    Dev. [2] Outcome 12-month Budget balance 4 476 12 067 -7 590 -7 590 -101 364 Net borrowing requirement [1] -4 476 -12 067 7 590 7 590 101 364 Primary balance [3] -3 359 -9 969 6 611 6 611 63 300 Net lending to agencies etc. [4] -4 466 -5 493 1 027 1 027 7 305 Interest payments on central government debt 3 348 3 396 -47 -47 30 759   - Interest on loans in SEK 3 151 3 459 -308 -308 30 060   - Interest on loans in foreign currency 174 22 152 152 316   - Realised currency gains and losses 24 -86 109 109 383  [1] The net borrowing requirement corresponds to the budget balance with the opposite sign.  [2] Sum of monthly forecast deviations since last forecast.  [3] Net of the state's primary expenditure and income.  [4] The net of government agencies etc. deposits and loans in the state’s internal bank. The net lending includes both current government operations and temporary occurrences that can be decided on short notice. The net lending affects the net borrowing requirement and central government debt, but is not covered by the Central government expenditure ceiling. Report: Sweden’s Central Government Debt November 2025 Official statistics on the central government net borrowing requirement and government debt The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden. The Debt Office published its latest forecast on the Swedish economy and central government borrowing on 27 November 2025: Central Government Borrowing - Forecast and Analysis 2025:2.https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/surplus-for-swedish-central-government-in-november-2025/Fri, 05 Dec 2025 08:00:00 GMTPress releaseCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/more-government-bonds-as-deficit-grows/The Debt Office’s new forecast shows budget deficits of SEK 103 billion for this year, SEK 173 billion in 2026, and SEK 194 billion in 2027. This is mainly due to expansionary fiscal policy. For the years 2025 and 2026, the deficit – net borrowing requirement – is now a total of SEK 94 billion larger than in the previous forecast from May. The year 2027 is included for the first time. “As we now see several consecutive years of budget deficits, we plan to increase borrowing mainly by selling more government bonds. Although we believe the economic recovery will strengthen central government finances, this will not offset the effect of reduced taxes and higher expenditure,” says Debt Office Director General Karolina Ekholm. Economic recovery close at hand In the macro outlook that forms the basis of the budget forecast, the Swedish economy grows by 0.9 per cent this year, then shifts up to 2.7 per cent in 2026 and 2.5 per cent in 2027 as consumption accelerates. Increased economic activity will subsequently have an impact on the labour market in the form of rising employment and decreasing unemployment. Central government debt increases The budget deficits cause the central government debt to increase in all three years, and it is expected to be SEK 1,591 billion by the end of 2027, which corresponds to 22 per cent of GDP. The general government debt (Maastricht measure) increases from 34 per cent of GDP at the end of 2024 to 38 per cent at the end of 2027. This is still a low level from an international perspective. Increased government bond supply To meet the growing borrowing requirement, the Debt Office plans to increase the annual issuance volume of nominal government bonds from SEK 118 billion for this year to SEK 216 billion in 2026 and SEK 220 billion in 2027. Short-term borrowing also increases, although to a lesser extent than the long-term borrowing. Inflation-linked bond borrowing is unchanged in the funding plan, which also contains one foreign currency bond per year for 2026 and 2027. Another new development regarding the borrowing is that the Debt Office will be switching from multiple-price auctions to single-price auctions for treasury bills in February 2026. The Debt Office will also consider holding more frequent auctions for nominal government bonds after the next Central Government Borrowing report, which will be published on 28 May 2026. Debt Office’s forecast – key figures Selected tables from the Central Government Borrowing – Forecast and Analysis 2025:2. Central government borrowing (SEK billion) Debt instrument Outcome 2024 Forecast 2025 25:1 2025 Forecast 2026 25:1 2026 Forecast 2027 Nominal government bonds 72 118 118 216 146 220 Inflation-linked bonds 9 6 6 6 6 6 Foreign currency bonds 21 41 39 19 19 19 T-bills, stock at year-end 113 173 160 250 183 243 Liquidity management, stock at year-end 134 134 141 142 189 132 Note: 25:1 refers to the previous forecast published in May 2025. Central government finances (SEK billion, unless otherwise stated) Key figure Outcome 2024 Forecast 2025 25:1 2025 Forecast 2026 25:1 2026 Forecast 2027 Budget balance (with the opposite sign, the net borrowing requirement) -104 -103 -93 -173 -89 -194 Central govt. debt 1,151 1,240 1,232 1,406 1,316 1,591 Central govt. debt (% of GDP) 18 19 19 21 19 22 General govt. debt (% of GDP) 34 35 35 37 35 38 Note: 25:1 refers to the previous forecast published in May 2025. Swedish economy (Annual percentage change, unless otherwise stated) Key figure Outcome 2024 Forecast 2025 25:1 2025 Forecast 2026 25:1 2026 Forecast 2027 GDP growth 0.8 0.9 1.4 2.7 2.0 2.5 Unemployment (% of labour force) 8.4 8.7 8.7 8.4 8.4 7.8 CPIF inflation 1.9 2.6 2.5 0.8 1.7 1.7 Note: 25:1 refers to the previous forecast published in May 2025. Report: Central Government Borrowing – Forecast and Analysis 2025:2 The Debt Office is holding an online presentation of the report today, 27 November, at 10:00 a.m. (in Swedish). Follow the live stream (in Swedish). For further information or interview requests, contact the Debt Office's press function at press@riksgalden.se or by phone at +46 (0) 8 613 47 01.https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/more-government-bonds-as-deficit-grows/Thu, 27 Nov 2025 09:30:00 GMTPress releaseCentral Government Borrowinghttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/news/20252/adopted-guidelines-for-government-debt-management-2026/In the guidelines, the Government sets forth among other things how the central government debt is to be composed and what its term to maturity shall be. The objective is to minimise the cost of the debt over the long term while taking account of risk in the management. The guidelines for next year also clarify how the management of central government debt should be evaluated. The Government's decision entails that the central government debt will continue to be managed based on the following targets: Phasing out foreign currency debt (i.e. foreign currency exposure), with a target value of zero from 1 January 2027. Successively reducing inflation-linked krona debt to a target level of around SEK 80 billion by the end of 2029. Nominal krona debt constituting the remainder of national debt, after inflation-linked krona debt and foreign currency debt. Steering the maturity (in terms of average time to refixing) of the central government debt towards 3.5 to 6 years. Guidelines for central government debt management in 2026 - Government.se Report: Central government debt management – Proposed guidelines 2026 - Riksgälden.sehttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/news/20252/adopted-guidelines-for-government-debt-management-2026/Thu, 13 Nov 2025 14:35:00 GMTNewsAbout the Debt OfficeCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/deficit-for-swedish-central-government-in-october-2025/The primary balance was SEK 2.5 billion lower than the forecast. The difference is mainly due to larger than expected payments from government agencies. Tax incomes, however, were approximately SEK 4 billion higher than forecast. The Debt Office’s net lending to government agencies etc. was SEK 3.2 billion lower than the forecast. The difference is mainly due to higher deposits from the Swedish National Grid. Interest payments on central government debt were SEK 0.1 billion lower than forecast. For the twelve-month period up to the end of October 2025, central government payments resulted in a deficit of SEK 87.9 billion. Central government debt amounted to SEK 1,141 billion at the end of October. The outcome for October 2025 will be published on 5 December 2025 at 8.00 a.m. The date for publishing a new forecast on the Swedish economy and central government borrowing is 27 November 2025.   Budget balance and central government net borrowing requirement [1] (SEK million)   Outcome Forecast Dev. Acc.    Dev. [2] Outcome 12-month [1] The net borrowing requirement corresponds to the budget balance with the opposite sign. [2] Sum of monthly forecast deviations since last forecast. [3] Net of the state's primary expenditure and income. [4] The net of government agencies etc. deposits and loans in the state’s internal bank. The net lending includes both current government operations and temporary occurrences that can be decided on short notice. The net lending affects the net borrowing requirement and central government debt, but is not covered by the Central government expenditure ceiling. Budget balance -17 367 -18 027 660 2 836 -87 949 Net borrowing requirement [1] 17 367 18 027 -660 -2 836 87 949 Primary balance [3] 26 405 23 939 2 466 2 063 53 378 Net lending to agencies etc. [4] -8 083 -4 857 -3 226 -5 563 4 493 Interest payments on central government debt -954 -1 055 100 664 30 078   - Interest on loans in SEK -662 -712 49 -108 28 890   - Interest on loans in foreign currency -223 -341 118 -68 667   - Realised currency gains and losses -69 -2 -67 840 522 Report: Sweden’s Central Government Debt October 2025 Official statistics on the central government net borrowing requirement and government debt The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden. The Debt Office published its latest forecast on the Swedish economy and central government borrowing on 22 May 2025: Central Government Borrowing - Forecast and Analysis 2025:1.  https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/deficit-for-swedish-central-government-in-october-2025/Fri, 07 Nov 2025 08:00:00 GMTPress releaseCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/maximum-deposit-guarantee-amount-changed-to-sek-1150000/The deposit insurance scheme is in place so that depositors will feel secure about having their money deposited at a bank or other credit institution. If an institution were to fail, the central government via the Debt Office will provide reimbursement for capital and interest up to a certain maximum amount per person and institution. The Debt Office has decided to change the maximum compensation amount for the deposit guarantee from SEK 1,050,000 to SEK 1,150,000 per person and institution as of 1 January 2026. In certain cases, such as in connection with the sale of a private residence, compensation can be paid out up to SEK 5 million. That amount remains unchanged. “Deposit insurance is an important form of consumer protection and simultaneously reduces the risk of bank runs in the event of financial market turbulence. It thereby contributes to maintaining financial stability,” says Fredrik Bystedt, head of the Financial Stability department.   Amount is reviewed every fifth year Every fifth year, countries in the EU, that use a currency other than the euro are to recalculate the maximum compensation amount for the deposit guarantee in order to adjust the amount in their local currency (the Swedish krona in Sweden). The maximum compensation amount now decided on was adjusted using the exchange rate between the euro and the Swedish krona that applied on 3 July of this year. The deposit guarantee is funded by fees charged annually to banks and other credit institutions. Riksgäldskontorets föreskrifter (in Swedish)  Beslutspromemoria – ändrade föreskrifter om insättningsgaranti (in Swedish) https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/maximum-deposit-guarantee-amount-changed-to-sek-1150000/Thu, 30 Oct 2025 15:00:00 GMTPress releaseAbout the Debt OfficeDeposit Insurance https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/terms-for-switches-to-inflation-linked-bond-sgb-il-3116-in-november/In the switch auctions, the Debt Office plans to buy back SGB IL 3114 0.125% 1 Jun 30 and SGB IL 3111 0.125% 1 Jun 32. The switches will be made price risk neutral. Switch auctions Details Thu 13 Nov Risk neutral [1] Fri 14 Nov Risk neutral [1] SNDO buys bond 3114 3111 SNDO buys amount (SEK million) [2] 920 600 SNDO sells bond 3116 3116 SNDO sells amount (SEK million) 500 500 Time for yield on buy-back bond 10.45 10.45 Time for auction cut-off 11.00 11.00 Time for auction result 11.03 11.03 [1] The market value of the purchase and sales volume multiplied by the modified duration of each respective bond shall be equal. [2] The stated nominal volume of the bonds 3114 and 3111 is an approximation based on today's yields. The switch auctions were announced in the publication Central Government Borrowing – Forecast and Analysis 2025:1 in May. The purpose of the switches is to build up the volume in the bond. The bid yield on the buy-back bond will be published at 10:45 on the day of the auction on riksgalden.se/borrowing. Bids must be placed before 11:00 through the Debt Office’s primary dealers. The results will be published at 11:03 or somewhat later. For more information, please contact: Johan Bergström, Head of Funding, +46 (0)8 613 45 68 Anna Olofsson, Head of Analysis, +46 (0)8 613 45 98https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/terms-for-switches-to-inflation-linked-bond-sgb-il-3116-in-november/Thu, 23 Oct 2025 09:30:00 GMTPress releaseCentral Government Borrowinghttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/sweden-raises-usd-2-billion-in-a-two-year-bond-sale-at-3.458-The bid volume was in excess of USD 8 billion with 45 investors participating. Final pricing was fixed at 26 basis points above USD mid swaps, corresponding to 1.725 basis points above the matching US benchmark. The interest rate differential compared to an equivalent US treasury bond is the lowest achieved in the capital market in 2025. “Orders from investors across the globe and an interest rate so close to US treasuries is a confirmation that the Kingdom of Sweden is seen as a safe and stable issuer,” says Johan Bergström, Head of Funding at the Debt Office. Today’s transaction is included in the Debt Office’s current funding plan, which was published in May 2025. The issuance of foreign-currency bonds does not generate any foreign-currency exposure in Sweden’s central government debt, as the Debt Office uses derivatives to manage currency risks.  Terms and conditions Issuer Kingdom of Sweden Size USD 2 billion Coupon 3.375% s.a. Maturity date 2028-01-28  Price 99.825%   Yield 3.458%  Spread versus USD mid swaps 26 basis points  Spread versus US benchmark 1.725 basis points  Lead managers Barclays Bank, Citigroup, Danske Bank, SEB    Distribution by investor type Banks  47%  Central Banks/Official institutions  35%  Fund managers  14%  Others  4%    Distribution by region EMEA  84%  Americas  15%  Asia  1%  Contact Johan Bergström, Head of Funding: +46 8 613 45 68 Sofia Björk, Funding manager: +46 8 613 52 74https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/sweden-raises-usd-2-billion-in-a-two-year-bond-sale-at-3.458-Tue, 21 Oct 2025 19:40:00 GMTPress releaseCentral Government Borrowinghttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/news/20252/updated-base-year-for-cpi-and-effect-on-debt-offices-inflation-linked-bonds/In conjunction with the change of base year, SCB will publish a rescaling factor on its website. To calculate the index factor for outstanding inflation-linked bonds, the rescaling factor can be applied to re-scale the CPI with base year 2020 to reflect the former series. Accordingly, the base index will not be updated. For more information on SCB’s rescaling factor and instructions on calculating the index factor, see the Debt Office's Terms for government bonds. For more information on the change of base year, see SCB’s website: Updated classification and reference year for the Swedish CPI When the Debt Office introduces new inflation-linked bonds, the base index will be obtained using CPI with base year 2020. Updated 29 october: Use of the term "rescaling factor" from now on.https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/news/20252/updated-base-year-for-cpi-and-effect-on-debt-offices-inflation-linked-bonds/Thu, 16 Oct 2025 15:15:00 GMTNewsCentral Government Borrowinghttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/surplus-for-swedish-central-government-in-september-2025/The primary balance was SEK 11.3 billion lower than the forecast. The difference is mainly due to the fact that a first payment from the EU's recovery facility to Sweden was made earlier than expected. The payment of SEK 18.5 billion was made in July instead of in September, as we had assumed in our latest forecast. The payment is part of the support from the EU's joint effort to strengthen the recovery of member states after the pandemic and contribute to the green and digital transition. At the same time, tax incomes were approximately SEK 4 billion lower than forecast. The Debt Office’s net lending to government agencies etc. was SEK 10.3 billion lower than the forecast. The difference is mainly due to higher deposits from the Swedish Pension Agency. Interest payments on central government debt were SEK 0.1 billion lower than the forecast. For the twelve-month period up to the end of September 2025, central government payments resulted in a deficit of SEK 76.3 billion. Central government debt amounted to SEK 1,103 billion at the end of September. The outcome for October 2025 will be published on 7 November 2025 at 8.00 a.m. The date for publishing a new forecast on the Swedish economy and central government borrowing is 27 November 2025. Budget balance and central government net borrowing requirement [1] (SEK million)   Outcome Forecast Deviation Acc.    Dev. [2] Outcome 12-month Budget balance 2 141 3 070 -929 2 176 -76 266 Net borrowing requirement [1] -2 141 -3 070 929 -2 176 76 266 Primary balance [3] 9 255 -2 040 11 294 -403 40 006 Net lending to agencies etc. [4] -14 445 -4 143 -10 302 -2 337 5 831 Interest payments on central government debt 3 050 3 114 -63 564 30 428   - Interest on loans in SEK 3 541 3 086 455 -157 28 779   - Interest on loans in foreign currency -253 27 -280 -186 825   - Realised currency gains and losses -238 1 -239 907 824 [1] The net borrowing requirement corresponds to the budget balance with the opposite sign. [2] Sum of monthly forecast deviations since last forecast. [3] Net of the state's primary expenditure and income. [4] The net of government agencies etc. deposits and loans in the state’s internal bank. The net lending includes both current government operations and temporary occurrences that can be decided on short notice. The net lending affects the net borrowing requirement and central government debt, but is not covered by the Central government expenditure ceiling. Report: Sweden’s Central Government Debt September 2025 Official statistics on the central government net borrowing requirement and government debt The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden. The Debt Office published its latest forecast on the Swedish economy and central government borrowing on 22 May 2025: Central Government Borrowing - Forecast and Analysis 2025:1.https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/surplus-for-swedish-central-government-in-september-2025/Tue, 07 Oct 2025 08:00:00 GMTPress releaseCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/debt-office-proposes-unchanged-steering-of-debt-maturity-and-composition/In accordance with the Budget Act, the Government is to decide on the guidelines by 15 November. Before this decision is made, the Riksbank is also given the opportunity to provide an opinion on the Debt Office’s proposal. The guidelines govern, among other things, which types of debt the central government debt shall be composed of and what its term to maturity shall be. The guidelines also state how the debt management is to be evaluated. “Although we are in a transition from a long period of budget surpluses and shrinking central government debt, to deficits and a growing debt, our analysis currently provides no clear grounds for altering the steering of the debt’s composition or term to maturity,” says Klas Granlund, head of debt management at the Debt Office. No compelling reason to change steering The Debt Office proposes leaving the steering of the composition of the central government debt unchanged. In recent years, the Government has decided that the foreign currency exposure of the debt is to be gradually phased out and that the outstanding inflation-linked debt is to decrease. These changes are currently being implemented. The Debt Office does not propose any change to the steering interval for the term to maturity of the central government debt either. Neither developments regarding term premia nor a new analysis of how the term to maturity affects expected cost and risk have provided grounds for altering the maturity steering. The central government debt’s term to maturity, measured as average time to refixing (ATR), shall thereby be within the range of 3.5 to 6 years. The Debt Office targets the middle of that range in its borrowing plans. More accurate point on refinancing risk The Debt Office proposes a change to the guideline point on refinancing risk because the current wording could be misinterpreted. The change is the removal of a subordinate clause about the refinancing risk being managed by, among other things, issuing instruments with more than twelve years to maturity. Developed analysis in proposal and evaluation In this year’s proposed guidelines, the Debt Office also reports on the assignment from the Government regarding how the evaluation of central government debt management can be developed. Sweden has a clear evaluation process and transparent reporting of costs and risks. The balance between cost and risk could nevertheless be evaluated in even further detail. The Debt Office therefore presents methods for providing clearer and more in-depth analysis on the overall trade-off between cost and risk. The analysis method used in the guidelines proposal is also described in a new Focus Report on a framework for analysing cost and risk for central government debt management. Central government debt management – Proposed guidelines 2026 Focus Report: Framework for analysing cost and risk for central government debt Updated 29 september: Link to Focus Report in English added.https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/debt-office-proposes-unchanged-steering-of-debt-maturity-and-composition/Mon, 22 Sep 2025 09:30:00 GMTPress releaseCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/terms-for-switches-in-october-to-inflation-linked-bond-sgb-il-3116/In the switch auctions, the Debt Office plans to buy back SGB IL 3114 0.125% 1 Jun 30 and SGB IL 3111 0.125% 1 Jun 32. The switches will be made cash neutral and price risk neutral.  Switch auctions Details Thu 2 Oct Cash neutral [1] Fri 3 Oct Risk neutral [2] SNDO buys bond 3114 3111 SNDO buys amount (SEK million) [3] 410 590 SNDO sells bond 3116 3116 SNDO sells amount (SEK million) 500 500 Time for yield on buy-back bond 10.45 10.45 Time for auction cut-off 11.00 11.00 Time for auction result 11.03 11.03 [1] The market value of the purchase and sales volume of each bond shall be equal. [2] The market value of the purchase and sales volume multiplied by the modified duration of each respective bond shall be equal. [3] The stated nominal volume of the bonds 3114 and 3111 is an approximation based on today's yields. The switch auctions were announced in the publication Central Government Borrowing – Forecast and Analysis 2025:1 in May. The purpose of the switches is to build up the volume in the bond. The bid yield on the buy-back bond will be published at 10:45 on the day of the auction on riksgalden.se/borrowing. Bids must be placed before 11:00 through the Debt Office’s primary dealers. The results will be published at 11:03 or somewhat later. For more information, please contact: Johan Bergström, Head of Funding, +46 (0)8 613 45 68 Anna Olofsson, Head of Analysis, +46 (0)8 613 45 98https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/terms-for-switches-in-october-to-inflation-linked-bond-sgb-il-3116/Thu, 11 Sep 2025 09:30:00 GMTPress releaseCentral Government Borrowing