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RIKSBANK: A Quick Primer On Asset Holdings (1/2)

RIKSBANK
Central Bank NewsCEEMEABullet RiksbankSwedenGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

The Riksbank did not provide any updates on QT or its assessment of the long-run level of its asset holdings at Wednesday’s meeting. It will return to this topic “later this year”, which may suggest an announcement as late as December (in the March MPR, they had guided for an update in “Autumn” of 2024). This post provides a quick primer on the current state of the Riksbank’s asset holdings.

  • As of August 2024, the Riksbank’s asset holdings totalled SEK564bln. This includes SEK216bln of government bonds, SEK255bln of covered bonds, SEK89bln of municipal bonds and SEK5bln of corporate bonds.
  • Asset purchases of government bonds began in February 2015 as part of the Riksbank’s QE programme. Purchases were then expanded to other asset classes in response to the pandemic.
  • Asset purchases ended in December 2022, before active sales (QT) began in April 2023. The pace of monthly asset sales was increased to SEK5.7bln for nominal bonds and SEK0.8bln for linkers in February 2024.
  • The current pace of asset sales implies the stock of nominal bonds will reach zero by November 2026, and linkers by June 2027.

 

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The Riksbank did not provide any updates on QT or its assessment of the long-run level of its asset holdings at Wednesday’s meeting. It will return to this topic “later this year”, which may suggest an announcement as late as December (in the March MPR, they had guided for an update in “Autumn” of 2024). This post provides a quick primer on the current state of the Riksbank’s asset holdings.

  • As of August 2024, the Riksbank’s asset holdings totalled SEK564bln. This includes SEK216bln of government bonds, SEK255bln of covered bonds, SEK89bln of municipal bonds and SEK5bln of corporate bonds.
  • Asset purchases of government bonds began in February 2015 as part of the Riksbank’s QE programme. Purchases were then expanded to other asset classes in response to the pandemic.
  • Asset purchases ended in December 2022, before active sales (QT) began in April 2023. The pace of monthly asset sales was increased to SEK5.7bln for nominal bonds and SEK0.8bln for linkers in February 2024.
  • The current pace of asset sales implies the stock of nominal bonds will reach zero by November 2026, and linkers by June 2027.