Debt securities, Q4 2010

In Norway, 786 issues of debt securities valued at NOK 449.4 billion were registered during the second half of 2010. A total of 433 of these issues, valued at NOK 241.3 billion, were registered in the 4th quarter of 2010. Compared with the second half of 2009, the number of issues rose by 10 per cent, but the value of issues was reduced by 17 per cent. The major part of the number of issues (412) as well as the value (NOK 316.2 billion) referred to commercial papers.

Large issues caused by treasury bill replacements, but a reduction in new debt securities

By groups of issuers, a major part of issues in Norway referred to commercial and savings banks up to the second half of 2008. Subsequently, the largest values have referred to the central government and ‘other financial corporations’. The value of issues by these groups has, however, reduced. In the second half of 2010, the issues of these groups of borrowers amounted to NOK 258.2 and NOK 51.1 billion respectively; a reduction of 14 per cent and 42 per cent compared with the second half of 2009. A considerable part of the issues referred to government securities and covered bonds issued by mortgage companies, which have been exchanged. Nevertheless, the values of such issues in the second half of 2010 have been moderate compared with the values of such issues in the second half of 2009. The major part of issues by the central government have been caused by ‘rollovers’/swap arrangements in which new treasury bills have replaced old treasury bills at their time of maturity.

The 3rd largest part of the issues in the second half of 2010, NOK 40.7 billion, referred to commercial and savings banks. Issues by ‘non-financial corporations’ and ‘rest of the world’ amounted to NOK 63.4 billion. This is a reduction of 17 per cent compared with the second half of 2009.

Reduced volumes of Norwegian entities’ issues outside Norway

During the second half of 2010, Norwegian entities issued 962 bonds and commercial papers valued at NOK 409.3 billion abroad. A total of 450 of these issues, valued at NOK 171.1 billion, were registered in the 4th quarter of 2010.The number and value of the issues were reduced by 28 per cent and 12 per cent respectively compared with the second half of 2009. The major part of the value (NOK 195.4 billion) referred to issues by ‘Other financial corporations’. The second largest amount (NOK 158.7 billion) referred to banks.

Continued high value of outstanding debt securities

Outstanding bond and short-term securities in Norway at the end of 2010 amounted to

NOK 1 630 billion; an increase of 4 per cent compared with the end of 2009. Norwegian entities’ outstanding bond and short-term securities abroad amounted to NOK 1 197 billion. A total of more than 40 per cent of Norwegian entities’ debts in Norway and abroad fall due in 2011 or 2012.

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 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 December 2010 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