Content
About the statistics
Definitions
-
Name and topic
-
Name: Debt securities
Topic: Banking and financial markets
-
Responsible division
-
Division for Financial Accounts
-
Definitions of the main concepts and variables
-
Long-term debt securities are debt securities with a duration longer than one year that can be divided between several lenders as standardised partial long-term debt securities without the borrower's approval. A long-term debt security is a negotiable financial instrument. Under the Securities Trading Act (Act no. 79 of 19 June 1997) it is required that all long-term debt securities issued in Norway by Norwegian residents are registered in the Norwegian Central Securities Depository. Partial long-term debt securities issued in Norway include, inter alia, government bonds, premium bonds, municipal bonds and county municipal bonds and other long-term debt securities issued to the holder, including long-term debt securities issued in Norway by non-residents.
Short-term debt securities are debt securities with a duration less than one year.
An issue is the opening of a new loan.
The issuer is the institutional owner who raised the loan and registers it in his balance sheet (the original borrower). The institutional owner is not always an individual legal entity.
A long-term debt security payment represents the redemption of the long-term debt security. The purchase of own long-term debt securities for subsequent sale or amortisation is not classified as an instalment.
Sector is defined as the institutional sector. The institutional units are classified into sectors according to fixed rules. The grouping of institutional sectors up to 2012 is based on the UN's "A System of National Accounts" (SNA) from 1993 and the European System of Accounts (ESA 95). The grouping of institutional sectors from 2012 is based upon European Union's National Account standard (ESA).
The issue yield is the original nominal interest rate at the time of issue. The interest rate on outstanding amounts is the nominal interest rate at 31 December.
The borrower is the institutional owner who registers the loan in his balance sheet. With regard to mergers, demergers and bankruptcies etc. this can be someone other than the issuer.
In accordance with the CFI code, a distinction is made between long and short-term debt securities in the statistics.
-
Standard classifications
-
The grouping of institutional sectors up to 2012 is based on the UN's "A System of National Accounts" (SNA) from 1993 and the European System of Accounts (ESA 95). The grouping of institutional sectors from 2012 is based upon European Union's National Account standard (ESA).
The securities number is the loan's unique identification. It is assigned by the Norwegian Central Securities Depository and based on the international standard ISO 6166:2001.
CFI is an abbreviation for Classification of Financial Instruments and is based on the international standard ISO 10962:2001. The Norwegian Central Securities Depository is responsible for the assignment of CFI codes.
Administrative information
-
Regional level
-
National
-
Frequency and timeliness
-
Until 2006, the statistics were published quarterly and annually. From 2007 to 2010 it was published monthly with additional information each half year and annually. From 2010 the statistics has been published quarterly with additional information about long-term debt securities each year.The statistics are generally published 5 weeks after the end of the statistics period, exept the annual report, which is published in May.
-
International reporting
-
Not relevant
-
Microdata
-
The time series are stored in a database solution.
Background
-
Background and purpose
-
The purpose of these statistics is to provide figures for the national accounts and for the supervision of the credit market and to publish relevant statistics of the securities market. Figures for outstanding amounts of long-term debt securities are available back to 1899. Figures for issues of long-term debt securities are available back to 1914. Historical figures on nominal yields are available back to 1900.Figures for short-term debt securities are available back to 1985. Figures for issues outside Norway by residents are available back to 1988. Up to 2006, only details of amounts were published. From 2007, the statistics has also included information about the number of issues, as a result of an adjustment to Norges Bank;s Bond and commercial paper statistics;. Norges Bank's publication of such statistics was terminated in 2007. Details of figures on numbers of issues of debt securities in Norway are available from 1998, while details of figures on numbers of issues abroad are available from 2001. Information about both nominal and market values for debt securities issued in Norway is available from 2012. Up to 2012, information about market values has been available for annual long-term debt security statistics only.
-
Users and applications
-
Financial Instruments Statistics, Credit Market Statistics, Credit Indicators and National Accounts
-
Equal treatment of users
-
No external users have access to the statistics before they are published and accessible simultaneously for all users on ssb.no at 10 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar
-
Coherence with other statistics
-
The statistics is adjusted in accordance with the national accounts recommendations.
-
Legal authority
-
The Statistics Act § 2-2
-
EEA reference
-
Council regulation 2223/96
Production
-
Population
-
The statistics include data for all debt securities which are registered in the Norwegian Central Securities Depository, issued in Norway by residents and non-residents. Data for debt securities Issues abroad by residents are limited to debt securities which are reported to Statistics Norway.
The annual statistics contains tables with figures on annual issues, payments, redemptions, average nominal yield, outstanding amounts and changes in outstanding amounts causec by changes in sector classification, exchanged rates etc.
In addition, two annual overviews of all single, outstanding amounts are provided; one with information about long-term security issuers' changes in name and sector classification and one with information about securitiy numbers, yield, year of issue and redemption, type of guarantee and whether long-term debt securities issued are share indexed bond, convertible bonds, bonds with warrants, Payments In Kind or other long-term debt securities.
-
Data sources and sampling
-
Data Sources
Domestic borrowing: The Norwegian Central Securities Depository (VPS) and Norwegian Trustee.
Issues outside Norway by residents: Forms (RA-0622) contending details from issuers sent to Statistics Norway.
Full sample
-
Collection of data, editing and estimations
-
Data Collection:
Domestic borrowing: Figures are transferred monthly from the Norwegian Central Securities Depository and yearly from Norwegian Trustee to Statistics Norway.
Issues outside Norway by residents: Forms contending details from issuers are sent by the issuers monthly to Statistics Norway
Editing and estimations
Issues and outstanding amounts of debt securities are controlled by Statistics Norway by use of information from the Central Register of Establishments and Enterprises.Figures from the Central Register of Establishments and Enterprises are co-ordinated with figures from Norwegian Trustee. In addition, the figures for outstanding debt are co-ordinated with the annual accounting statistics. Details of debt securities issued by residents abroad are also controlled against data reported to the BIS and other national and international registers.
The average nominal yield is estimated by weighting the yield with outstanding amounts and applying the nominal interest rate as at 31 December. A weighted average issue interest rate is also estimated using the original rate at the date of issue.
-
Seasonal adjustment
-
Not relevant
-
Confidentiality
-
Data collected on behalf of three or fewer units will not be published
-
Comparability over time and space
-
The periodic distribution of amounts in the statistics bank up to 2006 is based on details of the date when loans were approved, while the periodic distribution of amounts from 2007 is based on details of the issue date.
The introduction of a new sector standard from 2012 has led to a shift in time series belonging to the statistics. New tables have been added that include time series from the first quarter of 2012 and onwards.Tables with old sector classfication are not updated after 2012 except old "StatBank" tables which are updated with figures for the first quarter of 2012.
One significant consequence of the new sector classification from 2012 was a reorganisation and creation of new sectors for households (Housing cooperatives etc.) and financial corporations (Other financial enterprises, except insurance companies and pension funds, Financial holding companies and Investment trusts and private equity funds). Investment and finance companies and private equity funds that were previously classed as non-financial companies are from 2012 defined as financial institutions. This led to a moderate growth of the sector 'Financial corporations’
Otherwise, time series breaks may exist due to access to new information, alterations in the legal framework and in the registration rules of the Norwegian Central Securities Depository. Statistics published from 3rd quarter 2013 and onwards are inclusive new information about bonds and commercial papers issued by Norwegian entities abroad. The tables are updated with figures for these new data from 2012.
Accuracy and reliability
-
Sources of error and uncertainty
-
In publications up to 2006 and the statistics bank, the periodic distribution of issues and outstanding amounts up to 2006 is based on information about the date of the loan's approvement. This date can deviate from the date of which an issue actually took place. The periodic deviation may cause marginal errors for total amounts, but errors may be more obvious at sector level. All figures in tables for bonds and short-term securities are, however, based on details of actual issue dates whereby the distribution of issues and outstanding amounts for periods should be correct.
The statistics on issues by Norwegian residents outside Norway is based on data reported to Norges Bank from the issuers. Unless all the issues are reported, the statistics will contain non-response errors. Due to non-response errors which have been discovered, figures for Norwegian entities' issues abroad within the period January-July 2009 were corrected in statistics published in october 2009 and figures from 2012 were corrected in statistics published in Q3 and Q4 2013 and Q3 2015.
-
Revision
-
Data may be revised in future publications.
The statistics is now published as Securities.