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215302
Fall in exchange rate led to debt growth
statistikk
2015-02-18T10:00:00.000Z
Banking and financial markets
en
obligasjoner, Debt securities, share issues, bonded debt, bonds, commercial paper debt, securities debtSecurities markets , Banking and financial markets
false
The statistics provide an overview of the bond and commercial paper market in Norway as well as an overview of bonds and commercial papers issued by Norwegian borrowers abroad.

Debt securities, Q4 2014

Variants of the statistics:

In May 2016, the Debt securities statistics were merged with the statistics for Securities registered with the Norwegian Central Securities Depository. The new merged statistics are known as the Securities statistics.

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Fall in exchange rate led to debt growth

In the 4th quarter of 2014, moderate values were registered of new debt securities issued by Norwegian entities. Nevertheless, Norwegian entities’ outstanding bond and commercial paper debt rose by 6 per cent compared with the 4th quarter of 2013 due to a fall in the exchange rate.

Gross issues of bonds and short-term securities. Number of issues and nominal value of issues in NOK millionPublished 18 February 2015
Bonds issued in NorwayShort-term paper issued in NorwayDebt securities abroad
NumberAmountNumberAmountNumberAmount
 
December 20146620 3108426 4625720 221
November 20149126 6349717 7827675 737
October 20147032 2368515 20511167 786
September 201410432 26610735 82111883 458
August 20146622 59810421 0497432 893
July 20144016 967588 2447531 287
June 201410143 1989734 7588238 995
May 201410248 4618719 05210452 774
April 20147730 6878816 77710763 632
March 201410457 3638131 01714179 478
February 20149234 9598916 69613960 375
January 201411146 10710020 43414782 042
December 201311130 4937254 4586325 324

Source: Statistics Norway

Marginal growth in domestic security debt

The nominal value of outstanding bond and commercial paper debts referring to issues in Norway amounted to NOK 1 878 billion at the end of December 2014. This is a growth of just 0.3 per cent compared to the end of December 2013, and is due to moderate amounts of new loans. The largest share of the debts, 43 per cent, referred to financial corporations. The second largest share of the debts, 29 per cent, referred to the general government. The average market value of the domestic bond debt was 2.6 per cent higher than the face value, while the market value of the domestic commercial paper debt was 0.3 per cent lower than the face value.

Sharp increase in Norwegian entities’ outstanding debts in currencies other than NOK

Eighty-six per cent of the outstanding bond and commercial paper debt from issues in Norway referred to Norwegian borrowers at the end of December 2014. At the same time, Norwegian entities’ outstanding bond and commercial paper debts abroad amounted to NOK 1 679 billion. As a result of this, Norwegian entities’ outstanding bond and commercial paper debts in Norway and abroad amounted to NOK 3 298 billion at the end of December 2014. A major part of bond and short-term security debts in Norway is raised in NOK, while Norwegian entities’ debts abroad are raised in other currencies. A depreciation of NOK had a particular impact on Norwegian entities’ debts in USD, EUR, GBP and JPY from December 2013 to December 2014. Coupled with a moderate increase in the volumes of issues abroad, this led to 6 per cent growth in Norwegian entities’ outstanding bond and commercial paper debts in Norway and abroad in the same period.

Total volumes of new bonds and commercial papers in the 4th quarter of 2014

In Norway, 227 issues of bonds and 266 issues of commercial papers valued at NOK 139 billion were registered in the 4th quarter of 2014. Eight per cent of the value referred to issues by “Rest of the world”. The corresponding part of such issues in Norway in the 4th quarter of 2013 was 9 per cent. The major part of the volume of issues in Norway, NOK 79 billion, referred to bonds.

Compared to the 4th quarter of 2013, the number and amount of issues in Norway were reduced by 9 per cent and 27 per cent respectively. In the same period, Norwegian entities also issued 244 bonds and commercial papers abroad, valued at NOK 164 billion. Compared to the 4th quarter of 2013, the number as well as the value of these issues was reduced by 22 per cent.

Reduction in issues by the central government in Norway

The general government’s share of the volume of issues in Norway was reduced from 31 per cent in the 4th quarter of 2013 to 22 per cent in the 4th quarter of 2014. In the same period, the local government’s share rose from 17 to 26 per cent. Twenty-four per cent of the issues referred to financial corporations. The corresponding share of the issues in the 4th quarter of 2013 was 27 per cent. Twenty per cent of the issues referred to non-financial corporations.

The major part of the volume of issues by Norwegian entities abroad, a total of 72 per cent, referred to financial corporations.