MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

MNI BRIEF: Bank of Korea Keeps Policy Rate At 3.50%

MNI: BANK OF KOREA KEEPS POLICY RATE AT 3.50%: PRESS

Japan May Machine Orders -3.2% M/M

MNI JAPAN MAY CORE MACHINE ORDERS -3.2% M/M; APRIL -2.9%

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Debt Office Reduces 2024 Bill Issuance; Bond Issuance Unchanged

SWEDEN
DataHomepagemarkets-real-timeBulletMarketsFixed Income Bullets

The National Debt office did not make major changes to its borrowing plan in its second “Forecast and analysis” publication of 2024.

  • Nominal bond auction sizes will rise to SEK4bln in August as planned (from SEK3.5bln at present). There are no changes to inflation linked bond auction sizes, and a foreign currency bond is still expected to be issued in 2025.
  • Total borrowing needs are lower across 2024 and 2025, with the projected weakening in finances “somewhat milder than previously expected” due to stronger tax revenues.
  • The 2024 net borrowing requirement is now expected at SEK71bln (vs SEK84bln prior), with 2025 revised a touch higher to SEK56bln (vs SEK50bln prior).
  • The lower 2024 net borrowing requirement is reflected in reduced bill issuance this year, with bonds/linker issuance unchanged.
  • 2024 Government debt (as a % of GDP) is thus expected at 17% (vs 18% prior), while overall public debt to GDP seen steady at 33%.
  • The Debt Office’s macroeconomic forecasts were largely unchanged relative to the February report.
  • The Debt Office also noted that from 2025 it will only publish two borrowing reports per year (rather than three at present).
189 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

The National Debt office did not make major changes to its borrowing plan in its second “Forecast and analysis” publication of 2024.

  • Nominal bond auction sizes will rise to SEK4bln in August as planned (from SEK3.5bln at present). There are no changes to inflation linked bond auction sizes, and a foreign currency bond is still expected to be issued in 2025.
  • Total borrowing needs are lower across 2024 and 2025, with the projected weakening in finances “somewhat milder than previously expected” due to stronger tax revenues.
  • The 2024 net borrowing requirement is now expected at SEK71bln (vs SEK84bln prior), with 2025 revised a touch higher to SEK56bln (vs SEK50bln prior).
  • The lower 2024 net borrowing requirement is reflected in reduced bill issuance this year, with bonds/linker issuance unchanged.
  • 2024 Government debt (as a % of GDP) is thus expected at 17% (vs 18% prior), while overall public debt to GDP seen steady at 33%.
  • The Debt Office’s macroeconomic forecasts were largely unchanged relative to the February report.
  • The Debt Office also noted that from 2025 it will only publish two borrowing reports per year (rather than three at present).