Values marked with * were corrected 2019-01-21.

This is the third month in a row that liability in debt securities has decreased. In October and in November respectively, the decrease mainly occurred in debt securities denominated in foreign currency and money market intrstuments. In December, the decrease was mainly caused by securities denominated in foreign currency, where mainly securities denominated in US dollars decreased by SEK 108 billion. This decrease is mainly due to maturity and repurchase valued at a net of SEK 81 billion. It is worth noting that the difference between the net value and the decrease in the debt stock can be explained by the effect of the exchange rate.

Exchange rate effects

As nearly half of the total liability in debt securities is denominated in foreign currency, Swedish enterprises’ existing liability is affected by exchange rate liabilities. It can be seen that the euro was the currency with the greatest exchange rate effect on the outstanding amount in December. The total debt stock for securities denominated in euros amounted to SEK 1 679 billion at the end of December, a decrease of SEK 61 billion compared with November. Liability decreased due to maturity and repurchase valued at a net of SEK 22* billion and exchange rate fluctuations valued at SEK 39* billion. It is worth noting that Swedish enterprises’ borrowing in debt securities denominated in foreign currency is mainly denominated in euros, US dollars and British pounds.

Borrowing in foreign currencies decreased

The total debt stock in short-term liabilities denominated in foreign currency amounted to SEK 423 billion at the end of December, a decrease of SEK 88 billion compared with November. Borrowing in the bank sector decreased in December, mainly due to maturity and repurchase in short-term securities denominated in US dollars valued at a net of SEK 78 billion.

Borrowing in long-term securities denominated in foreign currency amounted to SEK 2 746 billion at the end of December, a decrease of SEK 107 billion. The decrease, valued at SEK 47 billion, occurred mainly in the non-financial and other financial sector. This was followed by the bank sector, with a decrease valued at SEK 24 billion.

Maturity structure

Debt securities valued at SEK 2 013* billion, equally divided between short- and long-term securities, will reach maturity in 2019. This corresponds to 28* percent of total outstanding liability in debt securities in December.

2019-02-18 at 9:30.