Riksbank Certificates

Riksbank certificates are securities issued by the Riksbank. The certificates have a short maturity, usually seven days, and are issued once a week, normally on Tuesdays.

When the monetary policy counterparties invest in Riksbank Certificates, the Riksbank borrows liquidity from the banking system at an interest rate corresponding to the policy rate. At each time of issue, the Riksbank normally offers a volume of certificates that corresponds to the banking system’s lowest projected liquidity surplus during the maturity of the certificate. To facilitate the banks’ liquidity management, Riksbank Certificates can be resold.

If the counterparties' aggregate demand for Riksbank Certificates is greater than the volume offered, each counterparty will receive a percentage of its bid. This percentage is determined on the basis of the ratio between the volume offered and the volume requested.