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SWEDEN: Slightly Smaller Deficit Than Debt Office Projections In January

SWEDEN
CEEMEABulletSwedenMarketsFixed Income Bullets

The Swedish January budget balance was -SEK23.5bln (vs -SEK127.2bln prior). This was a little higher than the NDO’s -SEK31.3bln projection. However, forecast errors in November and December mean the budget deficit is SEK18bln larger than forecast in the November borrowing report.

  • The January forecast error was largely due to higher net lending to government agencies than expected. The primary balance of -SEK30.7bln was broadly in line with forecasts.
  • The next Swedish nominal bond auction is on Feb 12, where SEK1.5bln of the 0.75% May-28 SGB 1060 and SEK3.5bln of the 2.25% May-35 SGB 1066 will be on offer. Auctions have generally been digested smoothly so far this year.
  • The next borrowing report will be released on May 22.

 

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The Swedish January budget balance was -SEK23.5bln (vs -SEK127.2bln prior). This was a little higher than the NDO’s -SEK31.3bln projection. However, forecast errors in November and December mean the budget deficit is SEK18bln larger than forecast in the November borrowing report.

  • The January forecast error was largely due to higher net lending to government agencies than expected. The primary balance of -SEK30.7bln was broadly in line with forecasts.
  • The next Swedish nominal bond auction is on Feb 12, where SEK1.5bln of the 0.75% May-28 SGB 1060 and SEK3.5bln of the 2.25% May-35 SGB 1066 will be on offer. Auctions have generally been digested smoothly so far this year.
  • The next borrowing report will be released on May 22.

 

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