Debt securities, 2010

In 2010, bonds were issued for NOK 262 billion in Norway. Compared with 2009, the value of the issues of bonds was reduced by 47 per cent.

Reduced issues by mortgage companies

By groups of issuers, mortgage companies dominated the market with NOK 74.2 billion in 2010. Nevertheless, the amount of their issues was 3.5 times as high in 2009. Their part of the domestic bond debt in total was 53 per cent and 28 per cent at the end of 2009 and 2010 respectively. The reduction of issues is caused by the cessation of arrangements in Norges Bank since 2009 to exchange new covered bonds with government securities according to an authorisation from the Norwegian parliament to the Ministry of Finance in October 2008. The second largest amount of bond issues in 2010, NOK 73.6 billion, referred to banks. Compared with 2009, the value of their issues rose by 15 per cent. The third largest amount of issues, NOK 39.4 billion, referred to rest of the world. Compared with last year, the amount of their issues was reduced by 32 per cent. Nevertheless, the amount was higher than the amount of issues in 2008. The amounts of issues in other borrowing sectors were relatively moderate in 2010 compared with 2009, but in excess of the amounts of redemptions.

Continuous increase in bond debt, but the market share of the debt is unchanged

The nominal value of the outstanding bond debt in Norway at the end of 2010 was NOK 1 290 billion; an increase of 3 per cent compared with the end of 2009. The market share of the debt has been relatively stable since 2009. Thirty-one per cent and 22 per cent of the debt at the end of 2010 referred to mortgage companies and banks respectively. The central government had the strongest increase in debt in 2010, by 16 per cent. Their share of the debt at the end of the year was 18 per cent, while the rest of the world’s share of the debt was 12 per cent.

Variation in market values

The market value of the domestic bond debt was 99 per cent of the nominal value both at the end of 2009 and 2010. The market values were generally higher than the nominal values of bonds issued by the general government, state and municipal enterprises, banks and insurance companies. For other bonds, the market values were generally lower than the nominal values.

Tables:

• Table 1 Domestic bond debts, 31 December 2009 and 2010. Issues, payments and other changes (gross), by issuing sector. Nominal value. NOK million
• Table 2 Domestic bond debts, by issuing sector. Nominal value and weighted nominal interest rate. 31 December 2008, 2009 and 2010. NOK million and per cent
• Table 3 Domestic bond issues, by issuing sector and weighted nominal interest rates. 2008, 2009 and 2010. NOK million and per cent
• Table 4 Domestic bond debts, by issuing sector. 31 December 2001-31 December 2010. Nominal value. NOK million
• Table 5 Domestic bond debts, by issuing sector. 31 December 2001-31 December 2010. Market value. NOK million
• Table 6 Issues of bonds in Norway, by issuing sector. 31 December 2009-31 December 2010. Nominal value. NOK million
• Table 7 Bonds issued in Norway per 31 December 2010. Sorted by ISIN
• Table 8 Bonds issued in Norway per 31 December 2010. Sorted by issuer's name
• Table 9 Bonds with changes in issuer name, sector or organisation number since 2009