Total liabilities in debt securities decreased by SEK 156 billion, of which SEK 30 billion derived from exchange rate changes. The US dollar, in particular, weakened during the month, but the euro has also grown weaker against the Swedish krona. Swedish liabilities in debt securities consist of 57 percent debt securities denominated in Swedish kronor, and 43 percent debt securities denominated in foreign currencies (mainly euros and US dollars).

Borrowing in both money market instruments and bonds decreased

Total debt securities liabilities in money market instruments amounted to SEK 996 billion at the end of December, a decrease of SEK 139 billion on November. The decrease in the debt stock is evenly distributed between debt securities denominated in Swedish kronor and debt securities denominated in foreign currency.

The debt stock for bonds also decreased and amounted to SEK 6 675 billion at the end of December, a decrease of SEK 17 billion on November. Net transactions have been positive overall for bonds during the month, that is, new and subsequent issue have been greater than repurchase and maturity, which means that the decreased debt is due to exchange rate changes.

Borrowing decreased in all sectors except the housing sector

Compared with November, liabilities in debt securities decreased in all sectors except the housing sector. The housing sector, which accounts for the largest share of the total debt stock, increased liabilities by SEK 11 billion in December. The other monetary financial institutions sector accounted for the largest decrease, SEK 104 billion. This is mainly due to a decrease of SEK 91 billion in borrowing in money market instruments. Liabilities in debt securities denominated in Swedish kronor and US dollars, in particular, have decreased.

Maturity structure

Within the next six months, debt securities valued at SEK 1 517 billion will reach maturity. This corresponds to one-fifth of total liability in debt securities. Among these securities, SEK 842 billion are denominated in Swedish kronor and SEK 674 billion are denominated in foreign currency (mainly euros and US dollars). The bank sector and other monetary financial institutions together account for 60 percent of borrowing in debt securities that will reach maturity in the next six months.

2020-02-18 at 9.30