Sveriges Riksbank announced on 26 October 2026 that it had bought back its own certificates worth 25.0 billion SEK. The buyback was carried out at a fixed rate of 1.85%, and the certificates mature on 28 October 2026.
The transaction was larger than the buyback announced on 23 October, when the Riksbank bought 10.00 billion SEK of certificates that also mature on 28 October.
TERMS AND SETTLEMENT OF THE BUYBACK
The fixed rate is calculated as the steering rate plus 10 b.p. The trade day was 26 October 2026 and settlement followed on 27 October 2026, so the certificates bought back reach maturity one day after settlement.
The 1.85% rate corresponds to the Riksbank's lending rate, which is set above the policy rate of 1.75 per cent. The 23 October buyback settled on 26 October, the same day the latest one was traded.
RECENT BUYBACKS AT THE SAME RATE
The Riksbank also bought back certificates maturing on 28 October on 21 October, with a volume of 5.00 billion SEK, settled on 22 October. Together with the 23 October and 26 October operations, that makes 40.00 billion SEK of certificates maturing on 28 October bought back in the three buybacks.
Earlier operations were at the same 1.85% rate. On 23 September the Riksbank bought 40.00 billion SEK of certificates maturing on 30 September, and on 28 September it bought a further 20.00 billion SEK of the same maturity. On 28 August it bought 2.00 billion SEK maturing on 2 September, and on 3 August 1.50 billion SEK maturing on 5 August.
The largest buyback among those cited here was on 29 June, when the Riksbank bought 50.00 billion SEK of certificates maturing on 1 July. On 12 February it conducted a buyback of certificates maturing on 18 February, traded that day and settled on 13 February, again at a fixed rate of 1.85%. The Riksbank presents information on its buybacks of Riksbank Certificates from 25 February 2026 onwards.
POLICY RATE AND LIQUIDITY BACKDROP
The Riksbank kept its policy rate unchanged at 1.75 per cent at its September 2026 meeting. The rate has stood at that level since 1 October 2025, after step-by-step reductions that began in May 2024.
The Riksbank says the liquidity surplus in the Swedish banking system vis-à-vis the central bank is declining as it reduces its holdings of Swedish securities. The policy rate was known as the repo rate until it was renamed in 2022.
NEXT MONETARY POLICY MEETING
The Riksbank's next monetary policy meeting takes place on 3 November 2026. Information on the decision, including the policy rate, will be communicated on 4 November 2026.
Related: Sveriges Riksbank holds policy rate at 1.75% in August, keeps possibility of hike this year