v3.25.4
Derivatives and hedge accounting
 12 Months Ended
Dec. 31, 2025
Disclosure of detailed information about hedging instruments [abstract]  
Derivatives and hedge accounting
Note 14. Derivatives and hedge accounting
Derivatives by categories
December 31, 2025December 31, 2024

Skr mn
Assets Fair valueLiabilities Fair value
Nominal amounts1
Assets Fair valueLiabilities Fair value
Nominal amounts1
Interest rate-related contracts4,6241,332510,8655,066919531,122
of which in fair value hedges1,067302227,635525358261,126
of which in cash flow hedges———-4—5,000
Currency-related contracts2,0977,550137,0525,5774,120154,836
of which in fair value hedges1,8771,10732,1671,4482,56635,260
Equity-related contracts————7090
Contracts related to commodities, credit risk, etc.—1052,890—1184,648
Total derivatives2
6,7218,988650,80710,6435,227690,696
1    Nominal amounts before set-off.
2    All derivatives are used for economic hedging purposes.
Maturity analysis of the nominal amounts of hedging instruments
December 31, 2025
Skr mn< 1 year1 year < 5 years> 5 yearsNominal amounts
Interest rate-related contracts
Hedge of fixed rate assets58,290137,04329,045224,378
Hedge of fixed rate liabilities—1,2402,0173,257
Hedge of floating rate assets————
Currency-related contracts
Hedge of fixed rate assets4,26213,73040818,400
Hedge of fixed rate liabilities1,9488,1903,62913,767
December 31, 2024
Skr mn< 1 year1 year < 5 years> 5 yearsNominal amounts
Interest rate-related contracts
Hedge of fixed rate assets70,503148,11237,929256,544
Hedge of fixed rate liabilities5,000——5,000
Hedge of floating rate assets1,1551,1942,2334,582
Currency-related contracts
Hedge of fixed rate assets45211,9366,06218,450
Hedge of fixed rate liabilities8,1997,96664616,811
The carrying amount of hedged items in fair value hedge relationships, and the accumulated amount of fair value hedge adjustments included in these carrying amounts
AssetsDecember 31, 2025December 31, 2024
Skr mnCarrying amountFair value hedge adjustmentsCarrying amountFair value hedge adjustments
Loans in the form of interest-bearing securities13,333-15515,979-598
Loans to credit institutions874-21,058—
Loans to the public13,707-2612,315-44
Total27,914-18329,352-642
LiabilitiesDecember 31, 2025December 31, 2024
Skr mnCarrying amountFair value hedge adjustmentsCarrying amountFair value hedge adjustments
Debt securities issued223,9521,556256,459378
Total223,9521,556256,459378
For disclosure on hedge ineffectiveness of fair value hedges, see Note 4.
Cash flow hedge effectiveness
Skr mn20252024
Changes in fair value of hedging instruments456
Changes in value of hedged items used as a basis for recognizing hedge ineffectiveness-3-58
Hedge ineffectiveness recognized in profit or loss1
——
Hedging gain or losses recognized in other comprehensive income456
1    Recognized in the line item “Net result of financial transactions”.
Cash flow hedge reserve
Skr mn20252024
Opening balance January 1-3-47
Valuation gains and losses6126
Tax on valuation gains and losses-1-26
Transferred to the income statement-2-71
Tax on transfers to the income statement015
Other comprehensive income, net of tax344
Total comprehensive income344
Closing balance December 31—-3
of which relates to continuing hedges for which hedge accounting is applied—-3
of which relates to hedging relationships for which hedge accounting is no longer applied0—
It is SEK’s risk management strategy and objective to identify its material foreign currency and interest rate exposures and to manage those exposures with appropriate derivative instruments or non-derivative alternatives. SEK has the intention to, as much as possible, achieve fair value hedge accounting for transactions entered into for economic hedging purposes.
SEK primarily sets interest rate terms based on the various needs and preferences of customers and counterparties. Consequently, assets and liabilities can to some extent have different fixed interest periods, which leads to interest rate risk. Using different derivatives, the original interest rate risk in assets and liabilities are normally transformed from fixed to floating interest terms in currencies with well-functioning markets. EUR, USD and Skr are preferably used.
It is SEK’s objective to mitigate the risk of changes in fair value of the underlying hedged item due to changes in benchmark interest rates, i.e., to convert a fixed interest rate in a financial asset or liability into a floating rate. For that SEK uses interest rate swaps, or a proportion of interest rate swaps, swapping fixed to floating interest rates.
SEK’s granting of credits and a large portion of its borrowing can take place in the currency of the borrower’s and investor’s choice. It is therefore seldom that borrowing and lending are made in the same currency and therefore directly balance each other. Differences in exposures to individual currencies that exist between different transactions are fully matched with the aid of various derivatives, primarily currency swaps. It is SEK’s objective to mitigate the risk of changes in fair value due to changes in FX and interest rates. For example, converting a fixed interest rate in a financial asset or liability into a variable rate financial asset or liability denominated in SEK’s functional currency Skr. For that, SEK uses cross currency interest rate swaps or a proportion of these swaps, swapping fixed to floating interest rates in Skr.
For more disclosures regarding SEK’s hedge accounting, see Note 29, the Consolidated Statement of Changes in Equity, Note 1 and Note 4.
In accordance with SEK’s policies with regard to counterparty, interest rate, currency exchange rate, and other exposures, SEK uses, and is a party to, different kinds of derivative instruments, mostly various interest rate-related and currency exchange-rate-related contracts. These contracts are carried at fair value in the statements of financial position on a contract-by-contract basis.
SEK uses derivatives to hedge risk exposure inherent in financial assets and liabilities. Derivatives are measured at fair value by using market quoted rates where available. If market quotes are not available, valuation models are used. SEK uses models to adjust the net exposure fair value for changes in counterparties’ credit quality. The models used include both directly observable and non-observable market parameters.
The majority of SEK’s derivative contracts are what are known as OTC derivatives, i.e., derivative contracts that are not transacted on an exchange. SEK’s derivative transactions that are not transacted on an exchange are entered into under ISDA Master Netting Agreements. In general, under such agreements the amounts owed by each counterparty in respect of all transactions outstanding in the same currency under the agreement are aggregated into a single net amount payable by one party to the other. In certain circumstances, for example when a credit event such as a default occurs and all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is due or payable in settlement of all transactions. SEK endeavors to only enter into derivatives transactions with counterparties in jurisdictions where such netting is enforceable when such events occur.
The above ISDA arrangements do not meet the criteria for offsetting in the Statement of Financial Position. This is because such agreements create a right of set-off of recognized amounts that is enforceable only following an event of default, insolvency or bankruptcy of SEK or the counterparties. In addition, SEK and its counterparties do not intend to settle on a net basis or to realize the assets and settle the liabilities simultaneously.
The ISDA Master Netting Agreements are complemented by supplementary agreements providing for the collateralization of counterparty exposure. SEK receives and accepts collateral in the form of cash. Such collateral is subject to the standard industry terms of an ISDA Credit Support Annex (CSA).
The disclosures set out in the tables below include financial assets and financial liabilities that are subject to an enforceable master netting arrangement or similar agreement that cover similar financial instruments. SEK’s derivative transactions are subject to enforceable master netting agreements or similar agreements. Derivative assets and derivative liabilities in relation to central clearing counterparties are offset in the Statement of Financial Position.
Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements
Skr mnDec 31, 2025Dec 31, 2024
Gross amounts of recognized financial assets8,18513,328
Amounts offset in the Statement of Financial Position-1,465-2,685
Net amounts of financial assets presented in the Statement of Financial Position6,72110,643
Amounts subject to an enforceable master netting arrangement or similar agreement not offset in the Statement of Financial Position related to:
Financial instruments-2,124-1,881
Cash collateral received-4,339-7,997
Net amount258765
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements
Skr mnDec 31, 2025Dec 31, 2024
Gross amounts of recognized financial liabilities10,4527,912
Amounts offset in the Statement of Financial Position-1,465-2,685
Net amounts of financial liabilities presented in the Statement of Financial Position8,9885,227
Amounts subject to an enforceable master netting arrangement or similar agreement not offset in the Statement of Financial Position related to:
Financial instruments-2,124-1,881
Cash collateral paid-6,560-3,170
Net amount303176