Publications

Since the beginning of 2025, the Debt Office has used single-price auctions instead of multiple-price auctions for issuing inflation-linked bonds. The reason for the change is described in Debt Office Commentary No. 4 2024, “The choice of auction format is influenced by market dynamics”.

The Riksbank has continued to sell off its holdings of inflation-linked bonds through multiple-price auctions during this same period, which has provided a unique opportunity to evaluate the Debt Office’s change in auction format. The results presented in this Debt Office Commentary indicate that the change in auction format has contributed to a lower issue yield for inflation-linked bonds.

The authors of “Assessing the switch to single-price auctions for inflation-linked bonds” are Erik von Schedvin and Daniel Wayland. 

Read Debt Office Commentary No. 2 2025

Report: Sweden's Central Government Debt September 2025 

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

Report: Central government debt management – Proposed guidelines 2026

Report: Minimum requirement for own funds and eligible liabilities (MREL) – Compliance Q2 2025

Report: Sweden's Central Government Debt August 2025 

Report: Sweden's Central Government Debt July 2025 

Report: Minimum requirement for own funds and eligible liabilities (MREL) - Compliance Q1 2025

Report: Swedens Central Government Debt June 2025

Report: Swedens Central Government Debt May 2025

Report: Central Government Borrowing – Forecast and Analysis 2025:1

Data for Central Government Borrowing – Forecast and Analysis 2025:1

Report: Swedens Central Government Debt April 2025

Report Sweden's Central Government Debt March 2025

Report Sweden's Central Government Debt February 2025

Report: Minimum requirement for own funds and eligible liabilities (MREL) – Compliance Q4 2024

Report Sweden's Central Government Debt January 2025

Report: Sweden's Central Government Debt December 2024

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

Report: Sweden's Central Government Debt November 2024

Report: Minimum requirement for own funds and eligible liabilities (MREL) – Compliance Q3 2024