The long-term liability in debt securities increased by SEK 25 billion to a total of SEK 6 530 billion. This change was chiefly caused by an increase in EUR-denominated securities to a value of SEK 17 billion, roughly half of which is attributable to new and on-tap issues and the rest of which is attributable to exchange rate fluctuations.

The debt stock in short-term securities increased by SEK 51 billion in May to a total of SEK 1 144 billion. The increase was chiefly attributable to securities denominated in SEK, which increased by SEK 57 billion. Borrowing in USD declined by SEK 11 billion in the same period due to repurchasing, maturity and exchange rate fluctuations.

The largest part of the increase in short-term borrowing is attributable to Riksbank certificates, which are issued by the Riksbank and mature seven days after the issue date. The issue volume of the Riksbank certificate that was active at the end of May was SEK 46 billion greater than the corresponding certificate in April. Riksbank certificates are issued in SEK and reported in the sector Other MFIs. In the whole of May, Other MFIs increased their borrowing with SEK 62 billion. Of these, SEK 53 billion net were issued in short-term securities, mostly denominated in SEK. Borrowing in long-term debt securities also increased, by SEK 9 billion.

The bank sector increased its borrowing by a total of SEK 9 billion to SEK 2 356 billion. Long-term liabilities increased by a total of SEK 18 billion while the borrowing in short-term securities dropped by SEK 9 billion in the same period. The reduction is chiefly attributable to short-term securities denominated in USD.

In May, the debt stock also increased for non-financial and other financial enterprises, by SEK 11 billion to SEK 1 204 billion. The increase is relatively evenly distributed between short-term and long-term borrowing.

Borrowing by municipalities changed only marginally in May; a SEK 648 million decrease in short-term borrowing was almost completely offset by increased borrowing in long-term securities. At the end of May, the total debt stock was SEK 179 billion, SEK 148 billion of which is in long-term securities.

Structure of maturity

Within six months, debt securities with a value of SEK 1 097 billion will mature. This reduction can mostly be seen in the bank sector, with a maturity value of SEK 490 billion. The maturity value in the bank sector is chiefly attributable to securities denominated in foreign currencies, with a value of SEK 479 billion, or 98 percent. It is worth noting that the bulk of the maturity value is attributable to securities denominated in EUR, USD and GBP and that the greatest share of the maturity value in foreign currencies is attributable to securities denominated in USD.

At SEK 23 billion within six months, the sector Other financial has the lowest maturity value, compared with the other sectors. In this sector, the maturity of securities is reasonably evenly distributed between short-term and long-term securities. Securities denominated in SEK, in total 71 percent, account for the largest part of the maturity value.

2017-07-18 at 9:30.