Debt securities, Q4 2009

In Norway, 714 issues of debt securities valued at NOK 543.3 billion were registered during the second half of 2009. A total of 132 of these issues, valued at NOK 140.2 billion, were registered in December 2009. Compared with the second half of 2008, the number of issues was reduced by 17 per cent, while the amount of issues rose by 70 per cent. The major part of the number of issues (360) referred to bonds, while the largest amount (NOK 333.2 billion) referred to commercial papers.

Still issues of covered bonds and government securities, but values of other issues have increased

By groups of issuers, a major part of issues in Norway up to and during the first half of 2008 referred to commercial and savings banks. Subsequently, the largest amounts have referred to the central government and ‘other financial corporations’. In the second half of 2009, the issues of these groups of borrowers amounted to NOK 298.7 and NOK 140.0 billion respectively; an increase of 218 per cent and 5 per cent respectively compared with the second half of 2008. A considerable part of the issues referred to government securities and covered bonds issued by mortgage companies, which have been exchanged. At the end of 2009, the values of issues of covered bonds have been reduced. The large values of issues of government securities, especially in September and December 2009 (NOK 112.8 billion and NOK 106.7 billion respectively), have mainly been caused by ‘rollovers’/swap arrangements in which new treasury bills have replaced old treasury bills at their time of maturity. At the same time, other borrowing sectors have become more active. In the second half of 2009, issues by ‘non-financial corporations’ and ‘rest of the world’ amounted to NOK 89.3 million in total; an increase of 83 per cent compared with the second half of 2008.

Moderate increase in Norwegian entities’ issues outside Norway

During the second half of 2009, Norwegian entities issued 1 330 bonds and commercial papers valued at NOK 466.2 billion abroad. A total of 155 of these issues, valued at NOK 73.9 billion, were registered in December 2009.The number and value of the issues rose by 20 per cent and 11 per cent respectively compared with the second half of 2008. The major part of the value (NOK 232.1) referred to issues by banks. ‘Other financial corporations’ issued the second largest amount (NOK 190.6 billion).

Continued high value of outstanding debt securities

Outstanding bond and short-term securities in Norway at the end of December 2009 amounted to

NOK 1 568 billion; an increase of almost 40 per cent compared with the end of December last year. Norwegian entities’ outstanding bond and short-term securities abroad amounted to NOK 1 053 billion. A total of more than 40 per cent of Norwegian entities’ debts in Norway and abroad fall due in 2010 or 2011.

Tables:

• Table 1 Gross issues of bonds and short-term securities per month. Number of issues and nominal value of issues in NOK million
• Table 2 Bonds issued in Norway. Nominal value. NOK million
• Table 3 Domestic bond debts. Nominal value. NOK million
• Table 4 Commercial papers issued in Norway. Nominal value. NOK million
• Table 5 Domestic commercial papers debt. Nominal value. NOK million
• Table 6 Domestic bond and commercial papers debts at the end of December 2009. Nominal value. NOK million
• Table 7 Bonds and short-term securities issued by Norwegians abroad . Nominal value. NOK million
• Table 8 Norwegian entities' bonds and short-term securities debts abroad at the end of December 2009 at maturity. Nominal value. NOK million
• Table 9 Issues of bonds in Norway. Number and nominal value. NOK million
• Table 10 Issues of commercial papers in Norway. Number and nominal value. NOK million
• Table 11 Bonds and short-term securities issued abroad by issuing sector. Number of issues and nominal value of issued. NOK million