National Debt Office Borrowing Report

SEB predicts the Swedish National Debt Office will maintain its current bond issuance plans in the May report, despite a recent budget surplus caused by defense spending delays.

Key Takeaways

• 1.SEB expects the National Debt Office (NDO) to maintain its nominal bond issuance targets of SEK 216bn for 2026 and SEK 220bn for 2027.
• 2.A recent budget surplus of SEK 27bn is viewed as temporary, driven by delays in defense spending and Ukraine support rather than structural improvement.
• 3.Government debt as a share of GDP is expected to rise for the first time in 30 years due to excluded spending on defense and nuclear power.

Table of Contents

• Central government budget
• The outlook for the budget balance:
• High borrowing needs also in coming years

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