Active Currency Management at the Swedish National Debt Office - A Case Study
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- Master of Science 
Swedish National Debt Office (SNDO) is responsible for managing Sweden’s central government debt. Since the mid-1970s, SNDO has issued bonds in foreign currency in addition to Swedish Krona (SEK) debt, thereby incurring exposure to currency risk. Annually, the Swedish Parliament specifies the proportion of foreign currency and SEK debt, and allows SNDO to tactically trade a portion of the foreign currency liquidity to lower the costs of debt. This paper examines the active currency management at SNDO from 2002 to 2017, conducted by internal and external managers. It provides a detailed description of the approach, evaluates its strengths, and concludes that the practice has generated a return of SEK 1,360 million, or 0.29% of total debt servicing costs.
Masteroppgave(MSc) in Master of Business - Handelshøyskolen BI, 2019