Issuer: The Swedish state through the Swedish National Debt Office.

Type of debt instrument: Running promissory note.

Maturity: Up to one year. Maturities of 720 days have been issued.

Denominations: 1, 5, 10 , 20, 50, and 100 MSEK.

Issuance: Issued through the Swedish National Debt Office issue framework via tender offers. Bids are submitted to dealers authorised by the Swedish National Debt Office, i.e. banks and securities institutions. Bids at the lowest rate of interest are accepted first and thereafter in order of increase until the stated volume of the issue has been filled.

Secondary market: The liquidity of the Swedish treasury bill market is considered to be healthy. The secondary market also includes a market where trading is conducted by telephone. The participants involved in this market - banks and securities institutions - are market-makers. Swedish treasury bills can also be traded on Retail Bonds list, an electronic exchange within OMX Nordic Exchange Stockholm.

Valuations: The pricing of the instruments is stated as a simple annual interest rate. Because these are discount instruments, the buyer does not pay a nominal amount, but pays the nominal amount (future value N) less the simple year's interest – a discounted amount. To calculate the discounted amount (present value P) use the following equation:

P = settlement amount
N = nominal amount
R = simple annual interest rate
D = remaining maturity in days (day count basis: 30E/360)

Delivery and settlement: The delivery and settlement date for treasury bills is two banking days following the transaction date.

Link to the Swedish National Debt Office:
www.rgk.se
(Please refer to Instruments/Treasury bills under the heading "Funding")


All information provided on this page shall be deemed to be general information regarding the instruments that can be traded at the exchange. For accurate rules for trade with the instruments we refer to the rules and regulations. Information on this page shall under no circumstances constitute any recommendation regarding investment decisions. The visitor shall be personally liable for the risks associated with any investment decision based on information provided on this page. Notwithstanding that the accuracy of the information provided herein has been verified, OMX Nordic Exchange Stockholm assumes no liability with respect to the accuracy or use of such information.