This week's Scandi main events are the monetary policy meetings at Norges Bank and the Riksbank. We do not expect any major changes at either meeting and look for the first rate hikes in both Norway and Sweden next summer and autumn respectively.
We take a close look at the Swedish household lending statistics released on Friday and look for signs of hard data confirming the positive indications from recent strong survey data.The release of the Norwegian budget for 2014 contained information that might indicate a somewhat lower issuance of Norwegian government bonds in the year to come.
Although the EUR/DKK has moved close to the central rate since the beginning of October, we do not expect DKK to come under pressure in the near term. Hence, we maintain our current forecast that Danmarks Nationalbank will increase the interest rate by 10bp on a 6M horizon and a further 10bp on a 12M horizon.
Denmark saw good interest in the 10Y bond printing DKK4bn last week, taking the DMO close to DKK68.5bn (market value) for the year compared with a target of DKK75bn. We expect continued performance versus bunds as markets are flooded with cash going forward.
To Read the Entire Report Please Click on the pdf File Below.
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Norges Bank And Riksbank In Focus
Published 10/21/2013, 07:07 AM
Updated 05/14/2017, 06:45 AM
Norges Bank And Riksbank In Focus
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