Publications

Here you will find all our publications and reports, including our monthly report on Sweden's central government debt.

Are you looking for a particular report or publication within a certain subject area? You can filter your search results under “Areas of operation”.

Focus Report: Framework for analysing cost and risk for central government debt

Publication 29 September 2025 Central Government Borrowing, Government Debt, Focus Report

In the report, we use a model to simulate future interest rates and inflation starting at the end of 2024. On the basis of the simulations, we calculate cost and risk for different debt portfolios.

The findings, based on existing data, confirm the established conclusion that portfolios with longer maturities involve higher expected cost but also lower risk. The analysis also shows that inflation-linked bonds have both higher cost and risk than nominal bonds.

The authors of "Framework for analysing cost and risk for central government debt" are Petter Dahlström and Dong Zhang.

Read Focus Report number 1 2025

Financial and Risk Policy 2025

Publication 2 January 2025 Report – Other

The policy compiles rules, frameworks, and target levels when relevant for managing risks that arise as part of the Debt Office’s operations. The policy also specifies certain principles for the conduct of operations. The annual review, reconsideration and adoption of this policy establish a process that ensures the policy remains up to date and relevant.  

 Financial and Risk Policy 2025

Debt Office Commentary: The choice of auction format is influenced by market dynamics

News 28 November 2024 Publication, Debt Office Commentary

An important matter for the Swedish National Debt Office and other government debt management offices is the choice of auction format for issuing government securities. The two predominant procedures from which to choose are the multiple-price auction and the single-price auction. This Debt Office Commentary describes how both theory and empirical studies indicate that the auction format should be chosen on the basis of how well the pricing works.

For a market exhibiting low liquidity and significant pricing uncertainty, single-price auctions are preferable. This is because they reduce uncertainty for the bidder and can thereby increase the incentive to participate. An example of such a market is the Swedish market for inflation-linked bonds, which suggests that it would be more cost-effective to issue inflation-linked bonds through single-price auctions instead of multiple-price auctions.

The authors of “The choice of auction format is influenced by market dynamics” are Daniel Wayland and Erik von Schedvin.

Read Debt Office Commentary No 4 2024

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