The SNDO has increased its borrowing requirement for 2026-2027 due to a weaker economic outlook, leading to higher nominal bond supply and a shift to weekly auctions.
Key Takeaways
- 1.The Swedish National Debt Office (SNDO) revised up the budget deficit forecast for 2026 to SEK -196bn and 2027 to SEK -208bn.
- 2.Nominal bond issuance is set to increase significantly, reaching SEK 220bn in 2026 and SEK 240bn in 2027.
- 3.The SNDO will transition nominal bond auctions from a biweekly to a weekly format starting June 17, 2026, with reduced volumes of SEK 5bn per auction.
Table of Contents
- SNDO report May 2026 review: More borrowing, more supply
- DISCLAIMER
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Authors
Joel Lundh
Securities
Swedish T-billsSwedish Nominal BondsSwedish Inflation-linked Bonds
Themes
Government Debt ManagementFiscal Deficit ExpansionEconomic Growth Deceleration
Regions
EuropeSweden