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After consultation with the Riksbank, the Swedish National Debt Office has decided to take a number of certain measures in order to counteract the shortage in the T-bill market that has occurred as consequence of the market turbulence.
In addition to the already announced T-bill auctions, SNDO will issue large volumes in short T-bills in several additional auctions.
The first auction of SEK 25 billion takes place on Friday September 19 at 11.00. The next auction will be held on Tuesday September 23 at the same time. Even that auction will be of SEK 25 billion. The auction details will be published on Reuters PMRC at 16.20 one day in advance.
Further auctions are planned. The timing of these will be announced later. According to our assessment, the total issued volume will amount to a maximum of SEK 150 billion.
All market support in T-bill repos, with the exception of Primary Dealers' need of repofinancing to fulfil already concluded transactions, will cease.
The cash from the auctions will primarily be placed in reverse covered mortgage bond repos. The tenor of these deals may be longer than the short maturities we normally trade in. Consequently, the measures will also support the mortgage bond market.
Further information:
Bo Lundgren, +46 8 613 46 51 Thomas Olofsson, +46 8 613 47 82
SNDO will have press conference today at 16.00 at our premises.
