| Financial assets and liabilities at fair value |
Note 13. Financial assets and liabilities at fair value | | | | | | | | | | | | | December 31, 2025 | | Skr mn | Carrying amount | Fair value | Surplus value (+) /Deficit value (–) | | Cash and cash equivalents | 7,259 | 7,259 | — | | Treasuries/governments bonds | 13,419 | 13,419 | — | | Other interest-bearing securities except loans | 43,237 | 43,237 | — | | Loans in the form of interest-bearing securities | 47,485 | 48,748 | 1,263 | | Loans to credit institutions | 22,939 | 23,304 | 365 | | Loans to the public | 200,216 | 200,566 | 350 | | Derivatives | 6,721 | 6,721 | — | | Shares | — | — | — | | Total financial assets | 341,277 | 343,254 | 1,977 | | | | | | Borrowing from credit institutions | 4,410 | 4,410 | — | | Debt securities issued | 300,222 | 300,906 | 684 | | Derivatives | 8,988 | 8,988 | — | | Total financial liabilities | 313,620 | 314,304 | 684 |
| | | | | | | | | | | | | December 31, 2024 | | Skr mn | Carrying amount | Fair value | Surplus value (+) /Deficit value (–) | | Cash and cash equivalents | 5,219 | 5,219 | — | | Treasuries/governments bonds | 4,150 | 4,150 | — | | Other interest-bearing securities except loans | 52,843 | 52,843 | — | | Loans in the form of interest-bearing securities | 48,726 | 49,951 | 1,225 | | Loans to credit institutions | 13,529 | 13,863 | 334 | | Loans to the public | 224,354 | 223,945 | -409 | | Derivatives | 10,643 | 10,643 | — | | Shares | 20 | 20 | — | | Total financial assets | 359,484 | 360,634 | 1,150 | | | | | | Borrowing from credit institutions | 8,607 | 8,607 | — | | Debt securities issued | 316,388 | 316,375 | -13 | | Derivatives | 5,227 | 5,227 | — | | Total financial liabilities | 330,222 | 330,209 | -13 |
The majority of financial liabilities and some of the financial assets in the Statement of Financial Position are accounted for at full fair value or at a value that represents fair value for the components hedged in a hedging relationship. Lending and borrowing not classified as hedge accounting or FVO are accounted for at amortized cost. Determining fair value of financial instruments The best evidence of fair value is quoted prices in an active market. The majority of SEK’s financial instruments are not publicly traded, and quoted market values are not readily available. Fair value measurements are categorized using a fair value hierarchy. The financial instruments have been categorized under the three levels of the IFRS fair value hierarchy that reflects the significance of inputs. The categorization of these instruments is based on the lowest level of input that is significant to the fair value measurement in its entirety. SEK uses the following hierarchy for determining and disclosing the fair value of financial instruments based on valuation techniques: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. For more information on determining the fair value of financial transactions, see Note 1 (f). In the process of estimating or deriving fair values for items accounted for at amortized cost, certain assumptions have been made. In those cases where quoted market values for the relevant items are available, such market values have been used. The following tables show the fair values of the items carried at amortized cost or fair value. They are distributed according to the fair value hierarchy. Financial assets reported at amortized cost in fair value hierarchy | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Loans and accounts receivable | Fair value | Carrying amount | | Skr mn | Level 1 | Level 2 | Level 3 | Total | Total | | Cash and cash equivalents | 7,259 | — | — | 7,259 | 7,259 | | Loans in the form of interest-bearing securities | — | 48,748 | — | 48,748 | 47,485 | | Loans to credit institutions | — | 23,304 | — | 23,304 | 22,939 | | Loans to the public | — | 200,566 | — | 200,566 | 200,216 | | Total financial assets in fair value hierarchy | 7,259 | 272,618 | — | 279,877 | 277,900 |
| | | | | | | | | | | | | | | | | | | December 31, 2024 | | Loans and accounts receivable | Fair value | Carrying amount | | Skr mn | Level 1 | Level 2 | Level 3 | Total | Total | | Cash and cash equivalents | 5,219 | — | — | 5,219 | 5,219 | | Loans in the form of interest-bearing securities | 648 | 49,303 | — | 49,951 | 48,726 | | Loans to credit institutions | — | 13,863 | — | 13,863 | 13,529 | | Loans to the public | — | 223,945 | — | 223,945 | 224,354 | | Total financial assets in fair value hierarchy | 5,867 | 287,111 | — | 292,978 | 291,828 |
Financial liabilities reported at amortized cost in fair value hierarchy | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Other financial liabilities | Fair value | Carrying amount | | Skr mn | Level 1 | Level 2 | Level 3 | Total | Total | | Borrowing from credit institutions | — | 4,410 | — | 4,410 | 4,410 | | Debt securities issued | — | 284,046 | — | 284,046 | 283,362 | | Total financial liabilities in fair value hierarchy | — | 288,456 | — | 288,456 | 287,772 |
| | | | | | | | | | | | | | | | | | | December 31, 2024 | | Other financial liabilities | Fair value | Carrying amount | | Skr mn | Level 1 | Level 2 | Level 3 | Total | Total | | Borrowing from credit institutions | — | 8,607 | — | 8,607 | 8,607 | | Debt securities issued | — | 298,467 | — | 298,467 | 298,480 | | Total financial liabilities in fair value hierarchy | — | 307,074 | — | 307,074 | 307,087 |
Financial assets reported at fair value in fair value hierarchy | | | | | | | | | | | | | | | | December 31, 2025 | | Skr mn | Level 1 | Level 2 | Level 3 | Total | | Treasuries/governments bonds | 1,031 | 12,388 | — | 13,419 | | Other interest-bearing securities except loans | 21,184 | 22,053 | — | 43,237 | | Derivatives | — | 6,720 | 1 | 6,721 | | Shares | — | — | — | — | | Total financial assets in fair value hierarchy | 22,215 | 41,161 | 1 | 63,377 |
| | | | | | | | | | | | | | | | December 31, 2024 | | Skr mn | Level 1 | Level 2 | Level 3 | Total | | Treasuries/governments bonds | — | 4,150 | — | 4,150 | | Other interest-bearing securities except loans | 22,628 | 30,215 | — | 52,843 | | Derivatives | — | 10,604 | 39 | 10,643 | | Shares | 20 | — | — | 20 | | Total financial assets in fair value hierarchy | 22,648 | 44,969 | 39 | 67,656 |
Financial liabilities reported at fair value in fair value hierarchy | | | | | | | | | | | | | | | | December 31, 2025 | | Skr mn | Level 1 | Level 2 | Level 3 | Total | | Debt securities issued | — | 14,262 | 2,598 | 16,860 | | Derivatives | — | 7,924 | 1,064 | 8,988 | | Total financial liabilities in fair value hierarchy | — | 22,186 | 3,662 | 25,848 |
| | | | | | | | | | | | | | | | December 31, 2024 | | Skr mn | Level 1 | Level 2 | Level 3 | Total | | Debt securities issued | — | 14,456 | 3,452 | 17,908 | | Derivatives | — | 3,737 | 1,490 | 5,227 | | Total financial liabilities in fair value hierarchy | — | 18,193 | 4,942 | 23,135 |
There were no transfers between levels during the period (year-end 2024: no transfers between levels during the period). Financial assets and liabilities at fair value in Level 3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Skr mn | Jan 1,
2025 | Purchases/Issues | Settlements & sales | Transfers to Level 3 | Transfers from Level 3 | Gains (+) and losses (–) through profit or loss1 | Gains (+) and losses (-) through other comprehen-sive income | Currency exchange-rate effects | Dec 31,
2025 | | Debt securities issued | -3,452 | — | 414 | — | — | -32 | -22 | 494 | -2,598 | | Derivatives, net | -1,451 | — | 174 | — | — | 22 | — | 192 | -1,063 | | Net assets and liabilities | -4,903 | — | 588 | — | — | -10 | -22 | 686 | -3,661 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Skr mn | Jan 1,
2024 | Purchases/issues | Settlements & sales | Transfers to Level 3 | Transfers from Level 3 | Gains (+) and losses (–) through profit or loss1 | Gains (+) and losses (-) through other comprehen-sive income | Currency exchange-rate effects | Dec 31,
2024 | | Debt securities issued | -8,271 | — | 4,870 | — | — | -81 | 3 | 27 | -3,452 | | Derivatives, net | -2,279 | — | 1,176 | — | — | 92 | — | -440 | -1,451 | | Net assets and liabilities | -10,550 | — | 6,046 | — | — | 11 | 3 | -413 | -4,903 | 1 Gains and losses through profit or loss, including the impact of exchange rates, are reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2025, amounted to a Skr 10 million loss (year-end 2024: Skr 1 million gain) and are reported as net results of financial transactions. |
Uncertainty of valuation of Level 3-instruments As the estimation of parameters included in the models used to calculate the market value of Level 3 instruments is associated with subjectivity and uncertainty, SEK has conducted an analysis of the difference in fair value of Level 3 instruments using other established parameter values. Option models and discounted cash flows are used to value the Level 3 instruments. For the Level 3 instruments that are significantly affected by different types of correlations, which are not based on observable market data, a revaluation has been made by shifting the correlations. The correlation is expressed as a value between 1 and -1, where 0 indicates no relationship, 1 indicates a maximum positive relationship and -1 indicates a maximum negative relationship. The maximum correlation in the range of unobservable inputs can thus be from 1 to -1. In the analysis, the correlations have been adjusted by +/- 0.12, which represents the level SEK uses within its prudent valuation framework. For level 3 instruments that are significantly affected by non-observable market data in the form of SEK’s own creditworthiness, a revaluation has been made by shifting the credit curve. The revaluation is made by shifting the credit spreads by +/- 10 basis points, which has been assessed as a reasonable change in SEK’s credit spread. The analysis shows the impact of the non-observable market data on the market value. In addition, the market value will be affected by observable market data. The result of the analysis corresponds with SEK’s business model where issued securities are linked with a matched hedging derivative. The underlying market data is used to evaluate the issued security as well as to evaluate the fair value in the derivative. This means that a change in fair value of the issued security, excluding SEK’s own credit spread, is offset by an equally large change in fair value in the derivative. Sensitivity analysis – Level 3 | | | | | | | | | | | | | | | | | | | | | | Assets and liabilities | December 31, 2025 | | Skr mn | Fair value | Unobservable input | Range of estimates for unobservable input | Valuation method | Sensitivity Max | Sensitivity Min | | Equity | 0 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 | | Interest rate | 0 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 | | FX | -957 | Correlation | 0.12 - (0.12) | Option Model | -17 | 17 | | Other | -106 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 | | Sum derivatives, net | -1,063 | | | | -17 | 17 | | | | | | | | | Equity | 0 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 | | | Credit spreads | 10BP - (10BP) | Discounted cash flow | 0 | 0 | | Interest rate | 0 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 | | | Credit spreads | 10BP - (10BP) | Discounted cash flow | 0 | 0 | | FX | -2,501 | Correlation | 0.12 - (0.12) | Option Model | 17 | -17 | | | Credit spreads | 10BP - (10BP) | Discounted cash flow | 10 | -10 | | Other | -97 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 | | | Credit spreads | 10BP - (10BP) | Discounted cash flow | 0 | 0 | | Sum debt securities issued | -2,598 | | | | 27 | -27 | | | | | | | | | Total effect on total comprehensive income | | | | | 10 | -10 |
| | | | | | | | | | | | | | | | | | | | | | Assets and liabilities | December 31, 2024 | | Skr mn | Fair value | Unobservable input | Range of estimates for unobservable input | Valuation method | Sensitivity Max | Sensitivity Min | | Equity | -70 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 | | Interest rate | 0 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 | | FX | -1,263 | Correlation | 0.12 - (0.12) | Option Model | -18 | 18 | | Other | -118 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 | | Sum derivatives, net | -1,451 | | | | -18 | 18 | | | | | | | | | Equity | -55 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 | | | Credit spreads | 10BP - (10BP) | Discounted cash flow | 0 | 0 | | Interest rate | 0 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 | | | Credit spreads | 10BP - (10BP) | Discounted cash flow | 0 | 0 | | FX | -3,272 | Correlation | 0.12 - (0.12) | Option Model | 18 | -18 | | | Credit spreads | 10BP - (10BP) | Discounted cash flow | 16 | -16 | | Other | -125 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 | | | Credit spreads | 10BP - (10BP) | Discounted cash flow | 0 | 0 | | Sum debt securities issued | -3,452 | | | | 34 | -34 | | | | | | | | | Total effect on total comprehensive income | | | | | 16 | -16 |
The sensitivity analysis shows the effect that a shift in correlations or SEK's own credit spread has on Level 3 instruments. The table presents maximum positive and negative change in fair value when correlations or SEK’s own credit spread is shifted by +/– 0.12 and +/- 10 basis points, respectively. When determining the total maximum/minimum effect on total comprehensive income the most adverse/favorable shift is chosen, considering the net exposure arising from the issued securities and the derivatives, for each correlation. Fair value related to credit risk | | | | | | | | | | | | | | | | Fair value originating from credit risk (- liabilities increase/ + liabilities decrease) | The period’s change in fair value origination from credit risk (+ income/ - loss) | | Skr mn | December 31, 2025 | December 31, 2024 | 2025 | 2024 | CVA/DVA, net1 | -11 | -17 | 6 | 22 | OCA2 | 282 | 265 | 17 | 320 | 1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflect how the counterparties’ credit risk as well as SEK’s own credit rating affect the fair value of derivatives. 2 Own credit adjustment (OCA) reflects how the changes in SEK’s credit rating affect the fair value of financial liabilities measured at fair value through profit and loss. |
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