Portfolio Investments April 2007

Large foreign purchases of TeliaSonera share

Cross-border portfolio investment generated a net outflow of SEK 35.2 billion in April. Equity trading resulted in a net outflow of SEK 7.7 billion and debt securities gave an outflow of SEK 27.5 billion.

In all, foreign investors sold Swedish debt securities to a net total of SEK 13.3 billion. Behind this flow were net sales of long-term SEK-denominated securities, primarily those issued by the Government. Swedish investors also made net purchases of foreign debt securities, primarily bonds, which gave rise to a net outflow of SEK 14.2 billion.

The equity security outflow this month was very much affected by the Swedish state reducing its holding in TeliaSonera, when large net purchases of the share were made by foreign investors. The foreign purchases of TeliaSonera amounted to SEK 11.6 billion. After TeliaSonera the largest net purchases were in Sandvik and Skanska, amounting to SEK 0.59 billion and SEK 0.51 billion respectively. At the same time, Swedish investors’ purchases of foreign shares totalled SEK 21.1 billion, net.