By Marta Vilar – MADRID (Econostream) – Sweden will issue a new bond in the first half of next year rather than in Q4 2026 as originally planned, according to Johan Bergström, Head of Funding at the Riksgälden, Sweden's debt management office.

In an interview with Econostream on 5 June 2026 (transcript here), Bergström said that "[w]ith the more frequent auctions, we believe we have sufficient time to build up the size of the recently introduced 11-year bond until it becomes deliverable into the 10-year futures contract."

As a result, the bond originally scheduled for Q4 2026 will now be launched sometime in the first half of next year, he said.

Only one new bond is currently planned for next year, he said, noting that it will mature in 2038.

“[W]e have not yet decided whether it will be introduced via syndication or auction,” he said, adding that despite a general preference for auctions, the March syndication was so successful that syndication had become a viable option.

“More information will come in the November forecast,” he said.

He also noted that annual syndications were not becoming the default approach.

During the remainder of 2026, Sweden planned to tap most of its outstanding bonds, though issuance in the very long end of the curve will be more limited, he said.

Sweden's nominal bond issuance in 2027 will remain focused on the 10-year sector, he said, citing the introduction of the new 2038 bond. “The majority of funding will therefore be concentrated in that area of the curve,” he said.

Regarding foreign-currency issuance in 2026, Bergström said Sweden was considering both euro- and USD-denominated bonds, with the final choice depending on market conditions and investor demand at the time of issuance.

“The maturity will most likely be between three and five years,” he said. “We generally do not issue much further out the curve in foreign currencies.”

Asked about the timing of such a deal, Bergström said he preferred "not to be too specific," adding that only the final weeks of the year were generally avoided. Aside from that, "we remain flexible," he said.

Turning to inflation-linked issuance, Bergström said the Riksgälden's long-term objective was to maintain an outstanding stock of SEK 80 billion.

“Total issuance this year will amount to SEK 6 billion, and we expect to continue at roughly that pace until we reach our target stock,” he said.