Terms for switches in March to inflation-linked bond SGB IL 3116

Press release 28 February 2025

The Swedish National Debt Office offers switch auctions in the 3116 inflation-linked bond maturing on 1 June 2036, aiming to build up volume in the new bond. The switch auctions will be held on March 21 and 24 and the total volume offered is SEK 1 billion.

In the switch auctions, the Debt Office plans to buy back SGB IL 3114 0.125% 1 Jun 30 and SGB IL 3111 0.125% 1 Jun 32. The switch against SGB IL 3114 will be made cash neutral [1] whereas the switch against SGB IL 3111 will be made price risk neutral [2].

Switch auctions
 Fri 21 Mar Cash neutralMon 24 Mar Risk neutral

SNDO buys bond

3114

3111

SNDO buys amount (SEK million) [3] 

420

580

SNDO sells bond

3116

3116

SNDO sells amount (SEK million)

500

500

Time for yield on buy-back bond

10.45

10.45

Time for auction cut-off

11.00

11.00

Time for auction result

11.03

11.03

The switch auctions were announced in the publication Central Government Borrowing – Forecast and Analysis 2024:3 in November. The purpose of the switches is to build up volume in the new bond.

The bid yield on the buy-back bond will be published at 10:45 on the day of the auction on riksgalden.se/borrowing. Bids must be placed before 11:00 through the Debt Office’s primary dealers. The results will be published at 11:03 or somewhat later.

For more information, please contact:
Johan Bergström, Head of Funding, +46 (0)8 613 45 68
Anna Olofsson, Head of Analysis, +46 (0)8 613 45 98


[1] The market value of the purchase and sales volume of each bond shall be equal. 
[2] The market value of the purchase and sales volume multiplied by the modified duration of each respective bond shall be equal. 
[3] The stated nominal volume of the bonds 3114 and 3111 is an approximation based on today's yields.