Purchases of commercial paper during the coronavirus pandemic

From 2 April 2020 until the end of December 2021, the Riksbank purchased commercial paper for SEK 12.4 billion. These purchases were part of the Riksbank's asset purchases totalling SEK 700 billion to mitigate the effects of the coronavirus pandemic on the Swedish economy.

The Riksbank's intention with these purchases was to help firms address their most urgent financing needs by supporting the supply of credit in the corporate paper market, which had shown signs of high stress and low turnover in March 2020. The Riksbank ended the purchases of commercial paper in December 2021.

The Riksbank purchased commercial paper issued in Swedish kronor by Swedish non-financial corporations with a credit rating equivalent to Baa3/BBB- or higher and with a remaining maturity of up to six months. The commercial paper was purchased on the secondary market through auctions where monetary policy counterparties were allowed to bid.

The Riksbank endeavoured to purchase commercial paper with a wide range of issuers and maturities to ensure that purchases were carried out in an impartial manner and with a broad impact on interest rates. The Riksbank's purchases were limited to a maximum of 70 per cent of an individual issuer's total outstanding volume of commercial paper in Swedish kronor.

More detailed information on the commercial paper purchases can be found in the document under “Related content” below.

Purchases of commercial paper

The Riksbank's total purchases of commercial paper during the period 2020 to 2021 inclusive are presented here.

Purchases of commercial paper

Figure: Purchases of commercial paper

The figure shows the Riksbank's monthly purchases of commercial paper during the period April 2020 to June 2021. The figures are in SEK million. Download the data from the chart by clicking on the arrow to the right, above the chart.

Source: Sveriges Riksbank.

The Riksbank’s total holdings of securities

The page Securities holdings in SEK shows the Riksbank’s total holdings of securities.

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Updated 03/06/2024