SWESTR average rates and index
The Riksbank has provided average rates and an index for SWESTR since 1 October 2021. The average rates can be used in new financial contracts and can also act as an alternative interest rate to be used in the event of STIBOR (Stockholm Interbank Offered Rate) being discontinued or becoming temporarily unavailable. The index allows users to easily calculate average rates for customised time periods.
SWESTR average rates
The average rates based on SWESTR are calculated as cumulative averages of SWESTR values that have already been published. For example, a three-month average rate is calculated as an average of the published values for SWESTR over the last three months. Since the average rates are calculated on the basis of historical values, they are backward-looking and, as they are cumulative, the compound interest effect is also taken into account. The averages are published for periods of 1 week, 1 month, and 2, 3 and 6 months.
The average rates can be used both in new financial contracts and as part of a so-called fall-back solution to the traditional STIBOR reference rate. The latter means that the average rates will form the basis for an alternative interest rate to be used in the event of STIBOR being discontinued or becoming temporarily unavailable during the contract period.
In addition to the average rates, the Riksbank publishes an index for SWESTR. This is so that users can easily calculate average rates for customised time periods, in addition to the averages published by the Riksbank. The starting date for the index is 1 September 2021.
Publication of average interest rates and index
Values for average rates and the index are published on the Riksbank's website at 09:05 on each banking day. These can be searched on the page Search SWESTR data. The average interest rates and the index are also provided via the Riksbank's API, which enables automatic retrieval of values.
The average interest rates are based on the published values for SWESTR, i.e. values dated on or after 1 September 2021. This means that the average interest rates for the time periods 2, 3 and 6 months will be published from 1 November 2021, 1 December 2021 and 1 March 2022 respectively.
For further information on the average interest rates and the index and calculation formulas, see the information document on SWESTR. For concrete calculation examples, see also the consultation document Calculation of average rates and an index for the SWESTR reference rate.