Debt securities, Q2 2011

In Norway, 876 issues of debt securities valued at NOK 447.5 billion were registered during the first half of 2011. A total of 476 of these issues, valued at NOK 249 billion, were registered in the 2nd quarter of 2011. Compared with the first half of 2010, the number of issues rose by 12 per cent, but the value of the issues was reduced by 1 per cent. The major part of the number of issues (448) as well as the value (NOK 276 billion) referred to commercial papers.

Reduced numbers of Treasury bills and bank issues, but growth in other borrowing sectors

From the second half of 2008, considerable values of issues have referred to the central government and ‘other financial corporations’. In the first half of 2011, the largest part of issues, NOK 216.3 billion, referred to the central government. Nevertheless, the values of such issues were reduced by 24 per cent compared with the first half of 2010. The major part of the issues have been caused by ‘rollovers’/swap arrangements in which new Treasury bills have replaced old Treasury bills at their time of maturity. The 2nd largest part of the issues, NOK 75.7 billion, referred to ‘other financial corporations’. This is an increase of 163 per cent compared with the first half of 2010.

The 3rd largest part of the issues in the first half of 2011, NOK 35.9 billion, referred to commercial and savings banks. Compared with the first half of 2010, the amount of such issues was reduced by 26 per cent. Issues by ‘non-financial corporations’ and ‘rest of the world’ amounted to NOK 85 billion, an increase of 33.1 per cent in the same period.

Sharp increase in Norwegian entities’ issues outside Norway

During the first half of 2011, Norwegian entities issued 1 270 bonds and commercial papers valued at NOK 686.5 billion abroad. A total of 656 of these issues, valued at NOK 355.4 billion, were registered in the 2nd quarter of 2011.The number and value of the issues rose by 7.0 and 47.6 per cent respectively compared with the first half of 2010. The major part of the value (NOK 355.6 billion) referred to issues by banks.

Moderate growth in outstanding debt securities

Outstanding bond and short-term securities in Norway at the end of June 2011 amounted to

NOK 1 587.6 billion; an increase of 2 per cent only compared with the end of June 2010. Norwegian entities’ outstanding bond and short-term securities abroad amounted to NOK 1 202 billion. A total of 30 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 June 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 June 2011 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