Debt securities, Q1 2011

In Norway, 406 issues of debt securities valued at NOK 198.5 billion were registered in the 1st quarter of 2011. A total of 164 of these issues valued at NOK 131.4 billion were registered in March 2011. Compared with the previous quarter, the number and amount of issues were reduced by 7 per cent and 18 per cent respectively. Compared with the 1st quarter of 2010, the number of issues rose by 5 per cent while the value of the issues was reduced by 4 per cent.

A considerable part of the issues in Norway still 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 97.1 billion, refers to issues by the central government also in the 1st quarter of 2011. However, compared with the 1st quarter of last year, the amount of such issues was reduced by 23 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 35.2 billion, which is five times the amount issued by the same group of borrowers in the 1st quarter of 2010. The volumes of bond and commercial paper issues by municipalities and private companies have increased compared with the 1st quarter last year, while the volumes issued by banks, publicly owned enterprises and ‘rest of the world’ have been reduced within the same period.

Considerable issues by Norwegian entities abroad

In the 1st quarter of 2011, Norwegian entities issued 614 bonds and commercial papers valued at NOK 331.2 billion abroad. Compared with the previous quarter, the number and amount of such issues rose by 31 and 81 per cent respectively. Compared with the 1st quarter of 2010, the number and amount of issues rose by 11 and 27 per cent respectively.

Stagnation in the growth of outstanding debt securities

Outstanding bond and short-term securities in Norway at the end of the 1st quarter of 2011 amounted to NOK 1 616 billion; an increase of 2 per cent compared with the end of the 1st quarter last year, but approximately at the same level as the outstanding debt securities at the end of the 2nd quarter of 2010. Norwegian entities’ outstanding bond and short-term securities abroad amounted to NOK 1 166 billion. Thirty-five per cent of these debts 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 March 2011. 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 March 2011 at maturity. Nominal value. NOK million