| Debt |
Note 18. Debt | | | | | | | | | | | | | December 31, 2025 | | Skr mn | Debt excl. debt securities issued | Debt securities issued | Total | | Exchange-rate related contracts | — | 3,777 | 3,777 | | Interest rate related contracts | 4,410 | 296,349 | 300,759 | | Equity related contracts | — | — | — | | Contracts related to raw materials, credit risk etc. | — | 97 | 97 | | Total debt outstanding | 4,410 | 300,222 | 304,633 |
| | | | | | | | | | | | | | | | | | | | | | of which denominated in: | Skr | USD | EUR | AUD | Other currencies | Total | | 24,599 | 166,687 | 84,653 | 12,119 | 16,574 | 304,633 |
| | | | | | | | | | | | | December 31, 2024 | | Skr mn | Debt excl. debt securities issued | Debt securities issued | Total | | Exchange-rate related contracts | — | 4,802 | 4,802 | | Interest rate related contracts | 8,607 | 311,407 | 320,014 | | Equity related contracts | — | 54 | 54 | | Contracts related to raw materials, credit risk etc. | — | 125 | 125 | | Total debt outstanding | 8,607 | 316,388 | 324,995 |
| | | | | | | | | | | | | | | | | | | | | | of which denominated in: | Skr | USD | EUR | AUD | Other currencies | Total | | 22,509 | 203,141 | 67,070 | 10,281 | 21,994 | 324,995 |
SEK’s Borrowing programs, value outstanding1 | | | | | | | | | | Skr mn | December 31, 2025 | December 31, 2024 | | Medium-term note program: | | | | Unlimited Euro Medium-Term Note Program | 127,105 | 118,657 | | Unlimited SEC-registered U.S. Medium-Term Note Program | 141,742 | 171,247 | | Unlimited Swedish Medium-Term Note Program | 458 | 447 | | Unlimited MTN/STN AUD Debt Issuance Program | 11,621 | 9,663 | | Commercial paper program: | | | USD 3,000,000,000 U.S. Commercial Paper Program | 2,493 | 10,202 | USD 4,000,000,000 Euro-Commercial Paper Program | 16,115 | 4,273 | 1 Amortized cost excluding fair value adjustments. |
Liabilities in financing activities | | | | | | | | | | | | | | | | | | | | | | | | Non-cash items | | | Skr mn | January 1, 2025 | Cash Flow | Exchange rate difference | Unrealized changes in fair value | Accrued interest | December 31, 2025 | | Senior debt | 324,995 | 19,543 | -40,452 | 547 | — | 304,633 | | Lease liability | 98 | -30 | — | 17 | 1 | 86 | | Derivatives, net | -5,416 | -7,249 | 14,389 | 543 | — | 2,267 | | Total liabilities in financing activities | 319,677 | 12,265 | -26,063 | 1,107 | 1 | 306,986 |
| | | | | | | | | | | | | | | | | | | | | | | | Non-cash items | | | Skr mn | January 1, 2024 | Cash Flow | Exchange rate difference | Unrealized changes in fair value | Accrued interest | December 31, 2024 | | Senior debt | 317,736 | -17,757 | 23,139 | 1,877 | — | 324,995 | | Lease liability | 125 | -28 | — | — | 1 | 98 | | Derivatives, net | 6,205 | -660 | -8,742 | -2,219 | — | -5,416 | | Total liabilities in financing activities | 324,066 | -18,445 | 14,397 | -342 | 1 | 319,677 |
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