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SWESTR

SWESTR (Swedish krona Short Term Rate) is a reference rate calculated and published by the Riksbank. Reference rates fulfil an important function in the financial system in Sweden and in other countries and are used as a common benchmark when pricing financial contracts. SWESTR is a transaction-based reference rate calculated by the Riksbank on the basis of transactions executed on the money market from one banking day to the next in Swedish kronor. From 1 October 2021, the Riksbank will also publish compounded average rates and an index based on SWESTR.

SWESTR test period:
During a test period from 27 January 2021 (inclusive) to 1 September 2021 (inclusive), a preliminary value for SWESTR will be published every Swedish banking day. SWESTR shall not be used in financial contracts during the test period. The reference rate may be used in financial contracts beginning with Swestr for value date 1 September 2021, which is published on 2 September 2021.

SWESTR 03/08/2021

-0.096%
  • Volume37,670 MSEK
  • Number of transactions45
  • Number of agents6
  • Calculation methodNormal
Calculation method

Published: 04/08/2021 11:00

What do the values ​​mean?

Interest rate 

SWESTR (Swedish krona Short Term Rate) is always expressed to three decimal places. Read more on the page Calculation method and transaction dataset for SWESTR.

Date of the interest rate

SWESTR is calculated on the basis of the previous banking day’s transactions and is therefore presented with a time lag of one day. The date shown is the date to which the interest rate refers.

Date for updating of values

SWESTR is published at 11.00 every banking day. If transaction data is received or validated late, the Riksbank has the possibility of updating the value at 14.00 on the same day, at which point it will become the new official value. However, an update of SWESTR will only be made if the deviation between the interest rate published at 11.00 and the new calculated interest rate exceeds two basis points.

Volume

The total transaction volume on which the calculations for SWESTR are based.

Number of reporting agencies

Number of reporting agencies that have contributed transaction data for the calculation of SWESTR.

Number of transactions

Number of underlying transactions used for the calculation of SWESTR.

Calculation method

When the transaction dataset does not fulfil one or more robustness requirements, SWESTR will be calculated in an alternative manner. If this is the case, the reason for the alternative calculation method will be presented.

1. Insufficient number of reporting agencies
2. Insufficient volume
3. Excessive volume share
4. Technical error

To maintain confidence in Swedish reference rates, the Riksbank would like to see transaction-based reference rates used instead of traditional interbank rates. The Riksbank believes market participants should as soon as possible stop using STIBOR at its shortest maturity and instead use SWESTR. In the longer run, the Riksbank considers that STIBOR should cease for all maturities. Such a change must be done in an orderly manner and is a multi-year development project. The Riksbank will be active in supporting such a change.

The aim of the test period is to enable market participants to become familiar with SWESTR and to give both reporting agencies and the Riksbank the opportunity to test their routines for reporting, data control and calculation over this period. A quality-assured reference rate will start to be published after the test period and is intended for use in financial contracts.

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Updated 22/06/2021