Debt securities, Q4 2011

In Norway, 836 issues of debt securities valued at NOK 390.3 billion were registered during the second half of 2011. A total of 471 of these issues, valued at NOK 221.4 billion, were registered in the 4th quarter of 2011. Compared with the second half of 2010, the number of issues rose by 6 per cent, but the value of the issues was reduced by 13 per cent. The major part of the number of issues (497) as well as the value (NOK 266.5 billion) referred to commercial papers.

Considerable replacements of treasury bills, but moderate values of other issues

From the second half of 2008, considerable values of issues have referred to the central government and ‘other financial corporations’. In the second half of 2011, 49 per cent of the volume of issues, NOK 192.2 billion, referred to the central government. Nevertheless, the values of such issues were reduced by 26 per cent compared with the second half of 2010. The major part of the issues has 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 65.9 billion, referred to ‘other financial corporations’. This is an increase of 29 per cent compared with the second half of 2010.

The 3rd largest amount of the issues in the second half of 2011, NOK 47.4 billion, referred to commercial and savings banks; an increase of 16 per cent compared with the second half of 2010. Issues by ‘non-financial corporations’ and ‘rest of the world’ amounted to NOK 46.9 billion; a reduction of 13 per cent in the same period.

Increase in Norwegian entities’ issues outside Norway

During the second half of 2011, Norwegian entities issued 1 221 bonds and commercial papers valued at NOK 565.5 billion abroad. A total of 588 of these issues, valued at NOK 283.0 billion, were registered in the 4th quarter of 2011.The number and value of the issues rose by 24 per cent and 34 per cent respectively compared with the second half of 2010. The major part of the value (NOK 403.3 billion) referred to issues by banks.

Moderate growth in outstanding debts

Outstanding bond and short-term security debts in Norway were at about the same level at the end of 2011 as at the end of 2010; NOK 1 639 billion. Norwegian entities’ outstanding bond and short-term security debts abroad amounted to NOK 1 277 billion. A total of 35 per cent of Norwegian entities’ debts in Norway and abroad fall due in 2012 or 2013.

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 Decenber 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 December 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