Debt securities, Q3 2010

In Norway, 354 issues of debt securities valued at NOK 208.1 billion were registered in the 3^{r d} quarter of 2010. A total of 196 of these issues valued at NOK 158.8 billion were registered in September 2010. Compared with the previous quarter, the number and amount of issues were reduced by 11 per cent and 15 per cent respectively. Compared with the 3^{r d} quarter of 2009, the number of issues rose by 11 per cent while the value of the issues was reduced by 66 per cent.

A considerable part of the issues in Norway refer to rollover arrangements

Since 2008, the market for debt securities in Norway has been dominated by quarterly issues of large amounts by the central government. By groups of issuers, the largest amount, NOK 115 billion, refers to issues by the central government also in the 3^{r d} quarter of 2010. However, compared with the 3^{r d} quarter of last year, the amount of such issues was reduced by 33 per cent. A considerable part of the issues referred to rollover arrangements in which new treasury bills have replaced old treasury bills at their time of maturity. The second largest amount of issues referred to ‘Other financial corporations’, NOK 28.7 billion, a reduction of 62 per cent compared with the amount issued by the same group of borrowers in the 3^{r d} quarter of 2009. The volumes of bond and commercial paper issues by banks and municipalities in the 3^{r d} quarter of 2010 amounted to NOK 19.6 and NOK 16.7 billion respectively. This is an increase of 60 and 15 per cent respectively compared with their issues in the 3^{r d} quarter of last year. In other borrower sectors, the volumes of issues have been reduced within the same period.

More issues by domestic banks and financial corporations outside than inside Norway

In the 3^{r d} quarter of 2010, Norwegian entities issued 512 bonds and commercial papers valued at NOK 238.2 billion abroad. Compared with the previous quarter, the number and amount of such issues were reduced by 16 and 1 per cent respectively. Compared with the 3^{r d} quarter of 2009, the number of issues was reduced by 57 per cent while the amount of the issues rose by 31 per cent. Domestic banks and financial corporations issue larger volumes of bonds and commercial papers abroad than in Norway. The largest amount of issues abroad in the 3^{r d} quarter of 2010 referred to commercial and savings banks (NOK 111.7 billion), while the second largest amount referred to ‘Other financial corporations’ (NOK 91.7 billion).

Stagnation in the growth of outstanding debt securities

Outstanding bond and short-term securities in Norway at the end of the 3^{r d} quarter of 2010 amounted to NOK 1 616 billion; an increase of 11 per cent compared with the end of the 3^{r d} quarter last year, but approximately at the same level as the outstanding debt securities at the end of the 2^{n d} quarter of 2010. Norwegian entities’ outstanding bond and short-term securities abroad amounted to NOK 1 162 billion. Thirty-five per cent of these debts 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 September 2010. 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 September 2010 at maturity. Nominal value. NOK million