Guidelines for central government debt management 2017

The guideline decision for 2017 means a slight extension of the maturity of the nominal krona government debt. The meaning of the term position is clarified and the mandate to take positions in the SEK exchange rate is left unchanged. The steering of the composition of the central government debt is also left unchanged. The objective for retail market borrowing is set in a longer-term perspective than before at the same time as the sale of lottery bonds is limited as long as this borrowing is more expensive than other borrowing

The maturity of the three types of debt is to be steered towards:

• Foreign currency debt: duration 0‒1 years
• Inflation-linked krona debt: duration 6-9 years
• Nominal krona debt:
  – Instruments with a maturity of up to 12 years: duration 2.9‒3.9 years
  – Instruments with a maturity of more than 12 years: long-term benchmark for the outstanding volume of SEK 70 billion.

The composition of the central government debt is to be steered towards:

• Foreign currency debt: A reduction of up to SEK 30 billion per year
• Inflation-linked krona debt: 20 per cent
• The nominal krona debt is to make up the remaining share.