Sweden: Debt Office revises up budget surplus – Nordea Markets
|Andreas Wallström, Research Analyst at Nordea Markets, notes that the Swedish National Debt Office revised up the budget surplus for 2018 and 2019, in contrast to their forecast, but there were no revisions to the planned issuance of bills or bonds.
Key Quotes
“Despite expecting higher surpluses for both 2018 and 2019, the SNDO sees no reason to alter its planned issuances.”
“The upward revised budget surpluses were largely due to a new assessment of the flow of capital investments in tax accounts.”
“While the borrowing in nominal and inflation-linked bonds, and bills, were left unchanged, the borrowing in foreign currency bonds were reduced to SEK 88 bn for 2018 (previously 105) and SEK 44 bn (previously 61).”
“The SNDO expects the public debt to decline to the “debt anchor” of 35% of GDP already in 2019.”
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