Sweden Riksbank QE distortions to decrease

Sweden Riksbank's QE program has so far been almost twice as large as the net issuance of the Debt Office.

Also, even though issuance has been more concentrated in the long end, QE has been substantially larger in terms of interest rate risk (SEK/bps). So government bonds are trading with a premium, which can be seen in wide swap spreads etc. 

Moreover, 1 week government bond repo rates have started to decrease which can be an indication of a growing shortage, even though government bonds have traded even richer at many occasions. 

QE has probably also been an important reason why the 10 year spread vs Germany has been unchanged despite rising global yields. Normally Swedish bonds underperform in bear markets.

But the Riksbank has signaled that QE will pause over the summer holiday period.