Tag: fiscal policy
We expect the debt office to forecast a borrowing need for 2013 of 25 bn SEK (+10bn from June). Gross issuance of nominal bonds should be increased by 4-7 bn. ASW spreads are fairly priced given bond supply and are mostly driven from the Stibor side (tighter). 2-10s should have further to go in the steepening trend (bond supply adds to monetary easening and ALM regulation relief).