CIRR’s allow exporters’ customers to receive financing at a fixed interest rate for the entire credit period. The CIRR’s are updated on the 15th of every month.

The interest rates are published by the OECD. It is free to apply for a CIRR. The Borrower has the option to choose CIRR or floating rate when the loan agreement is to be signed, hence it could be considered as a cost-free interest-rate cap.

Since July 15, 2023, a reformed CIRR system has been introduced by OECD. Previously, the rate was determined based on the repayment period. Going forward also the disbursement period is a factor to determine the rate. Hence the relevant maturity is derived from the disbursement period + the average repayment period. For further information, please contact exportfinance@sek.se.

Export credits and CIRR’s comply with Consensus, the OECD’s guidelines to ensure that individual countries do not unfairly favor their own export industry. The CIRR system is governed by EU regulations and national Swedish regulations.

If market interest rates rise during the negotiating period, the CIRR offer may become very attractive and provide exporters with additional support in winning an export order.

In Sweden, SEK administers the state supported CIRR system. In simple terms, this means that the exporter can offer its customer a fixed interest offer (CIRR), which can be valid up to 12 months subject to SEK’s approval. During this period, the financial contract between the borrower and the arranging bank must be signed. The applicant has the choice to lock in the rate in connection with the signing of the financial contract.

It’s an advantage for the exporter and the exporter’s customer to know what the interest expense may be. If market interest rates rise during the negotiating period, the CIRR offer may become very attractive and provide exporters with additional support in winning an export order. If interest rates fall, the exporter’s customer can choose to finance at market interest rates instead.

In addition to the CIRR, EKN’s premium will be added as well as the banks’ margin and fees (as applicable) to the cost of financing. A case specific surcharge above published CIRR levels may apply.

Apply for export credit financing

An application for a CIRR must be filed before the rate can be held and, in any case, well before the financial contract is signed between the borrower and the arranging bank. You can apply as both an exporter or a bank. The application does not cost anything, and no further charges arise if you ultimately decide to not accept a CIRR offer from SEK.

Unless otherwise agreed, SEK offering for floating interest or CIRR is regulated by AB Svensk Exportkredit’s general conditions for assignments of ECA guaranteed export credit. Find out more in the General Terms.

Download the application form here.

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