Debt securities, Q3 2011

In Norway, 365 issues of debt securities valued at NOK 168.9 billion were registered in the 3rd quarter of 2011. A total of 155 of these issues valued at NOK 119.2 billion were registered in September 2011. Compared with the previous quarter, the number and amount of issues were reduced by 23 per cent and 32 per cent respectively. Compared with the 3rd quarter of 2010, the number of issues rose by 3 per cent, while the value of the issues was reduced by 19 per cent.

Considerable issues by Norwegian banks abroad

In the 3rd quarter of 2011, Norwegian entities issued 633 bonds and commercial papers valued at NOK 282.6 billion abroad. Compared with the previous quarter, the number and amount of such issues were reduced by 4 and 20 per cent respectively, but compared with the 3rd quarter of 2010, the number and amount of issues rose by 24 and 19 per cent respectively. Eighty-seven per cent of the amount referred to commercial papers. By groups of issuers, the largest amount, NOK 215.2 billion, referred to banks.

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

The market for debt securities in Norway is still dominated by quarterly issues of large amounts by the central government. By groups of issuers, NOK 85.5 billion referred to issues by the central government also in the 3rd quarter of 2011. However, compared with the 3rd quarter of last year, the amount of such issues was reduced by 26 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 28.9 billion. This is a reduction of two per cent compared with the 3rd quarter of 2010. The volumes of bond and commercial paper issues by private companies and ‘rest of the world’ were reduced by 42 per cent and 33 per cent to NOK 8.2 billion and NOK 4.8 billion respectively compared with the 3rd quarter of 2010. A reduction has also been registered in the amounts of issues by other borrowing sectors.

Stagnation in the growth of outstanding domestic debts, but increase in debts outside Norway

Outstanding bond and short-term securities in Norway were approximately at the same level at the end of the 3rd quarter of 2011 as at the end of the preceding quarter and the end of the 3rd quarter of 2010,

NOK 1 602 billion. Norwegian entities’ outstanding bond and short-term securities abroad amounted to NOK 1 275 billion; an increase of 9 per cent compared with the outstanding debt at the end of the 3rd quarter of 2010. Thirty 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 September 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 September 2011 at maturity. Nominal value. NOK million