--- title: "Denmark liquidates, Sweden follows suit! Nordic pension funds successively sell off U.S. Treasuries" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/273337198.md" description: "The two major Nordic pension funds are accelerating the liquidation of U.S. Treasuries: Sweden's Alecta has sold off most of its holdings worth approximately $11 billion, and Denmark's AkademikerPension also plans to liquidate by the end of January. This move directly points to concerns over the U.S. fiscal deficit and policy uncertainty, marking a re-evaluation of the safety of U.S. Treasuries by international long-term capital" datetime: "2026-01-22T12:26:13.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/273337198.md) - [en](https://longbridge.com/en/news/273337198.md) - [zh-HK](https://longbridge.com/zh-HK/news/273337198.md) --- > 支持的语言: [English](https://longbridge.com/en/news/273337198.md) | [繁體中文](https://longbridge.com/zh-HK/news/273337198.md) # Denmark liquidates, Sweden follows suit! Nordic pension funds successively sell off U.S. Treasuries Major pension institutions in Northern Europe are accelerating their withdrawal from the U.S. Treasury market to avoid the rising macroeconomic risks and policy uncertainties in the United States. Sweden's largest private pension fund Alecta and Denmark's pension fund AkademikerPension have successively disclosed plans for large-scale reductions or even complete liquidation of their U.S. Treasury holdings, highlighting a waning confidence among European long-term capital in U.S. fiscal discipline and the safety of dollar assets. On January 21, Pablo Bernengo, Chief Investment Officer of Alecta, confirmed to Bloomberg that **the institution has adopted a phased strategy since early 2025, selling off the vast majority of its U.S. Treasury holdings.** According to a previous report by Swedish newspaper Dagens Industri, Alecta held approximately 100 billion Swedish Krona (about 11 billion USD) in U.S. Treasuries at the beginning of 2025. Meanwhile, Denmark's AkademikerPension also clearly stated on Tuesday, January 20, that **it plans to completely liquidate its U.S. Treasury holdings by the end of this month.** Both institutions pointed out that **the widening U.S. budget deficit, soaring national debt, and declining policy predictability** are the core factors driving this decision. This wave of sell-offs is not an isolated event but reflects a re-evaluation by Nordic institutional investors of what constitutes a "safe haven" asset in the current U.S. political and fiscal climate. **In addition to concerns about fiscal sustainability, the geopolitical tensions triggered by the Trump administration's recent territorial claims over Greenland have also become an important catalyst for this asset allocation adjustment.** Anders Schelde, Chief Investment Officer of AkademikerPension, bluntly stated that **the quality of the U.S. as a credit entity has declined, and its long-term fiscal situation is "unsustainable."** Although some institutions have indicated they will continue to closely monitor developments and have not completely changed their views on U.S. risks, the divestment actions of Nordic pension giants send a clear signal to the market: **Under the dual pressure of a weakening dollar and rising credit risks, U.S. Treasuries, once regarded as the safest asset globally, are facing severe challenges to their attractiveness.** This series of reductions occurs against the backdrop of institutional investors rethinking what constitutes a safe harbor. With changes in the U.S. political climate and the visibility of debt issues, traditional risk-free assets—U.S. Treasuries—are facing re-pricing from European long-term investors. The actions of Alecta and AkademikerPension may just be the beginning, signaling that under the changing global macro environment, the pattern of international capital flows may face a new round of adjustments ### 相关股票 - [iShares Barclays 1-3 Yr Treasury (SHY.US)](https://longbridge.com/zh-CN/quote/SHY.US.md) - [iShares 7-10 Year Treasury Bond ETF (IEF.US)](https://longbridge.com/zh-CN/quote/IEF.US.md) - [iShares Barclays Short Treasury (SHV.US)](https://longbridge.com/zh-CN/quote/SHV.US.md) - [Pengyang Chinabond 30-year Treasury Bond ETF (511090.CN)](https://longbridge.com/zh-CN/quote/511090.CN.md) - [Texas Capital Government Mny Mkt ETF (MMKT.US)](https://longbridge.com/zh-CN/quote/MMKT.US.md) - [ISHRS Us Trsry Bd (GOVT.US)](https://longbridge.com/zh-CN/quote/GOVT.US.md) - [Fullgoal Chinabond 7-10 Year Policy Bank Bond ETF (511520.CN)](https://longbridge.com/zh-CN/quote/511520.CN.md) - [iShares barclays 20+ Yr Treasury Bd (TLT.US)](https://longbridge.com/zh-CN/quote/TLT.US.md) - [iShares Core US Aggregate Bd (AGG.US)](https://longbridge.com/zh-CN/quote/AGG.US.md) - [Vanguard Total Bond Market ETF (BND.US)](https://longbridge.com/zh-CN/quote/BND.US.md) - [SPDR Bloomberg 1-3 Month T-Bill ETF (BIL.US)](https://longbridge.com/zh-CN/quote/BIL.US.md) ## 相关资讯与研究 - [ANALYSIS-Iran war volatility strains trading in world's biggest markets](https://longbridge.com/zh-CN/news/280951645.md) - [Global bonds set for steep monthly losses as Iran war stokes stagflation fears](https://longbridge.com/zh-CN/news/280964987.md) - [Treasury outlines state v. federal stablecoin oversight balance](https://longbridge.com/zh-CN/news/281552359.md) - [U.S. 4-week bills high rate 3.620%](https://longbridge.com/zh-CN/news/281549414.md) - [U.S. 7-year notes high yield 4.255%](https://longbridge.com/zh-CN/news/280667567.md)