Annual report on SWESTR (Sveriges Riksbank)

Summary

• Sveriges Riksbank started publishing values for SWESTR on 2 September 2021 based on transaction data from 9 banks.p.3
• In 2025, the Riksbank cut its policy rate by 25 basis points on four occasions.p.5
• Excluding the last day of the year, SWESTR averaged 11 basis points below the policy rate in 2025.p.5
• Average daily transaction volumes grew from SEK 62 billion to almost SEK 69 billion between 2024 and 2025.p.8
• Banks and financial institutions, including the Swedish National Debt Office, accounted for 76 per cent of the total transaction dataset volume.p.13
• The calculation methodology excludes 12.5 per cent of transactions with the highest rates and 12.5 per cent with the lowest rates.p.15
• The robustness criteria were not breached on any day in 2025, with typically five to six banks reporting transactions.p.17

Key insights

1. The pass-through to SWESTR from Riksbank policy rate cuts in 2025 was significant and almost fully realized.p.6
2. On 30 December 2025, SWESTR reached -6.030 per cent due to year-end pricing adjustments by banks.p.6
3. Transactions of SEK 100 million or less represented 6 per cent of the total transaction volume on an average day in 2025.p.8
4. Transactions missing an LEI code represented no more than around 5 per cent of SWESTR transaction volume in 2025.p.10
5. The difference between the upper and lower trimming limits increased from 8 to 11 basis points between 2024 and 2025.p.16
6. The highest daily reporter concentration fluctuated just above 35 per cent in 2025, well below the 75 per cent limit.p.18
7. The minimum daily transaction volume in 2025 was recorded on the last day of the year at just over SEK 28 billion.p.18