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
