Debt securities, Q1 2012

In Norway, 267 issues of bonds and 287 issues of commercial papers valued at NOK 266.7 billion were registered during the first quarter of 2012. The share of values between bonds and commercial papers issued were about equal. Compared with the first quarter of 2011, the number and value of the issues rose by 39 per cent and 34 per cent respectively. Ninety-nine per cent of the issues in the first quarter of 2012 referred to issues by Norwegian entities. In the same period, Norwegian entities also issued 582 bonds and commercial papers valued at NOK 383.2 billion abroad. Compared with the first quarter last year, the number of such issues was reduced by 5 per cent, but the value of the issues rose by 13 per cent.

Still large amounts of issues in Norway caused by rollover arrangements

In the first quarter of 2012, 43 per cent of the volume of issues in Norway; NOK 116.2 billion, referred to the central government. The second largest part of the issues; NOK 34.1 billion, referred to ‘other financial corporations’. A considerable part of these issues has been caused by ‘rollovers’/swap arrangements in which new treasury bills have replaced old treasury bills at their time of maturity.

Considerable issues by Norwegian banks abroad

The major part of the volume of issues by Norwegian entities abroad; 71 per cent (NOK 272.5 billion), referred to banks. The second largest part of the volume of such issues; NOK 75.8 billion, referred to ‘other financial corporations’.

Growth in outstanding debts abroad in foreign currency

The nominal value of outstanding bond and short-term security debts referring to issues in Norway amounted to NOK 1 692.1 billion at the end of March 2012. This is an increase of 5 per cent compared with the end of March 2011. The largest part of the debts, 30 per cent, referred to ‘other financial corporations’. The second largest part of the debts, 27 per cent, referred to the central government. The market value of the domestic bond debt was in general one per cent higher than the nominal value, while the market value of the domestic commercial paper debt was 0.3 per cent lower than the nominal value.

Ninety per cent of the debts in Norway at the end of March 2012; NOK 1 517.3 billion, referred to Norwegian borrowers. At the same time, Norwegian entities’ outstanding bond and short-term securities abroad amounted to NOK 1 323 billion; an increase of 13 per cent compared with the outstanding debt at the end of the first quarter of 2011. A major part of the debt in Norway is raised in NOK, while the major part of Norwegian entities’ debts abroad is raised in EUR, USD, GBP, JPY or, to some extent, in other currencies. A total of 38 per cent of Norwegian entities’ debts in Norway and abroad fall due within a period of two years.

Tables:

• Table 1 Gross issues of bonds and short-term securities. Number of issues and nominal value of issues in NOK million
• Table 2 Bonds issued in nominal value by borrowing sectors. NOK million
• Table 3 Bond debt in nominal value and market value, by borrowing sectors. NOK million
• Table 4 Commercial papers issued in nominal value, by borrowing sectors. NOK million
• Table 5 Commercial paper debt in nominal value and market value by borrowing sector. NOK million
• Table 6 Domestic bond and commercial papers debts by issuing sector and remaining maturity at the end of March 2012. Nominal value. NOK million
• Table 7 Norwegian entities' bonds and short-term securities debts abroad at the end of March 2012, by issuing sector and remaining maturity. Nominal value. NOK million