Minor fall in share value, value of debt securities up

After a strong increase in the 4th quarter of 2016, share values decreased marginally in the 1st quarter of this year. As of 31March 2017, the market value of the listed shares amounted to NOK 2 079 billion compared to NOK 2 091 billion as of 31 December 2016. This was due to a minor decrease in stock prices. The All-Share Index, OSEAX, which shows price movements in shares listed on the Oslo Stock Exchange, fell in the 1st quarter by 1 per cent to 757.43 points at the end of the quarter.

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Increase in the value of debt securities

The total face value of short-term debt securities and long-term debt securities issued in Norway was NOK 2 067 billion at the end of the 1st quarter of 2017. This corresponds to an increase of 6.3 per cent in the debt compared to the same quarter last year. Eighty-seven per cent of the debt was registered as issued by Norwegian borrowers.

In addition, the value of debt securities issued by Norwegian borrowers abroad amounted to NOK 1 841 billion. Compared to the 1st quarter of 2016 this constituted a minor increase of less than 1 per cent.

In the 1st quarter of 2017, the gross issues of short-term and long-term debt securities in Norway amounted to NOK 206 billion. This is 13 per cent more than in the same quarter last year. By way of comparison, the gross issue of debt securities by Norwegian borrowers abroad was NOK 343 billion, which is 32 per cent higher than one year ago.

Other financial corporations issue and hold most debt securities

Other financial corporations than banks and central government were the largest issuers of debt securities, with 27 per cent and 24 per cent respectively of the total outstanding amount of debt securities issued in Norway in the 1st quarter of 2017. Other financial corporations than banks also hold the largest share of this debt, with 44 per cent.

Long-term debt securities distributed by type of security

About 41 per cent of the outstanding amount of long-term debt securities issued in Norway was unsecured debt at the end of the 1st quarter of 2017. By comparison, covered bonds made up 27 per cent of the total debt, while long-term debt securities guaranteed by the public made up 22 per cent.

Financial corporations were by far the largest holder within each type of security. The two exceptions are long-term debt securities guaranteed by the public and long-term debt securities with other types of guarantees. When it comes to long-term debt securities guaranteed by the public, foreigners hold the largest owner share. For long-term debt securities with other types of guarantees, financial corporations and foreigners have roughly the same owner share.