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215296
Fall in exchange rate led to debt growth
statistikk
2015-05-12T10:00:00.000Z
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, Q1 2015

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 1st quarter of 2015, moderate values were registered of new debt securities issued by Norwegian entities. Nevertheless, Norwegian entities’ outstanding bond and commercial paper debt rose by 8 per cent compared with the 1st quarter of 2014 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 12 May 2015
Bonds issued in NorwayShort-term paper issued in NorwayDebt securities abroad
NumberAmountNumberAmountNumberAmount
 
March 20159047 60612035 61512467 757
February 20157032 5108417 14710189 554
January 20156729 5188024 4379568 900
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 20144216 972568 2407531 287
June 201410143 1989734 7588238 995
May 201410248 4618719 05210452 774
April 20147730 6878816 77710763 632
March 201410457 3638131 01714179 478

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 1 901 billion at the end of March 2015. This is a growth of just 0.2 per cent compared to the end of March 2014. The growth of these debts is due to a depreciation of NOK, as 7 per cent of the debts are raised in other currencies. The largest share of the debts, 41 per cent, referred to financial corporations. The second largest share of the debts, 31 per cent, referred to the general government. The average market value of the domestic bond debt was 2.4 per cent higher than the face value, while the market value of the domestic commercial paper debt was 0.2 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 March 2015. At the same time, Norwegian entities’ outstanding bond and commercial paper debts abroad amounted to NOK 1 747 billion; an increase of 19 per cent compared with the end of March last year. As a result of this, Norwegian entities’ outstanding bond and commercial paper debts in Norway and abroad amounted to NOK 3 389 billion at the end of March 2015. While a major part of bond and short-term security debts in Norway is raised in NOK, 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 March 2014 to March 2015. This led to 8 per cent growth in Norwegian entities’ outstanding bond and commercial paper debts in Norway and abroad in the same period.

Moderate volumes of new bonds and commercial papers in 1st quarter of 2015

In Norway, 227 issues of bonds and 284 issues of commercial papers valued at NOK 187 billion were registered in the 1st quarter of 2015. The major part of the volume of issues in Norway, NOK 110 billion, referred to bonds.

Compared to the 4th quarter of 2013, the number and amount of issues in Norway were reduced by 11 per cent and 10 per cent respectively. In the same period, Norwegian entities also issued 320 bonds and commercial papers abroad, valued at NOK 226 billion. Compared to the 1st quarter of 2014, the number of these issues was reduced by 25 per cent, while the value of these issues rose by 2 per cent.

Reduction in issues by “Rest of the world” in Norway

The share of the volume of issues for “Rest of the world” in Norway was reduced from 13 per cent in the 1st quarter of 2014 to just four per cent in the 1st quarter of 2015. In the same period, non-financial corporations’ share of the volume of issues in Norway was reduced from 15 per cent to 11 per cent, while the general government and financial corporations’ share rose from 44 per cent and 29 per cent respectively to 51 per cent and 34 per cent respectively.

The major part of the volume of issues by Norwegian entities abroad, a total of 79 per cent, referred to financial corporations.