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215294
Debt growth despite less new issues
statistikk
2015-08-13T10:00:00.000Z
Banking and financial markets
en
obligasjoner, Debt securities, share issues, bonded debt, bonds, commercial paper debt, securities debtSecurities markets , Banking and financial markets
false
Overview of debt securities market in Norway and issues by Norwegian borrowers abroad. Debt growth due to fall in the exchange rate in 2nd quarter of 2015

Debt securities, Q2 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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Debt growth despite less new issues

In the 2nd quarter of 2015, moderate values were registered for new debt securities issued by Norwegian entities. Nevertheless, Norwegian entities’ outstanding amounts from debt securities rose by 5 per cent compared with the same quarter last year due to a fall in the exchange rate.

Gross issues of debt securities. Number of issues and face value of issues in NOK millionPublished 13 August 2015
Long-term debt securities issued in NorwayLong-term debt securities issued in NorwayShort-term debt securities issued in NorwayShort-term debt securities issued in NorwayDebt securities issued abroadDebt securities issued abroad
NumberAmountNumberAmountNumberAmount
 
June 201510137 5729636 5068033 576
May 20158335 2308418 1409663 971
April 20156622 4887718 3836653 685
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

Source: Statistics Norway

Further growth in outstanding amounts from debt securities issued in Norway

The nominal value of outstanding amounts from debt securities issued in Norway amounted to NOK 1 871 billion at the end of June 2015. This is a growth of 0.8 per cent compared to the end of June 2014. The increase is due to a depreciation of NOK since 7 per cent of the debt securities are issued in foreign currencies.

The largest share of the outstanding amounts from debt securities issued in Norway, 42 per cent, referred to financial corporations. The second largest issuer was the central government, with a share of 29 per cent.

The average market value of the outstanding amounts from issues of long-term debt securities in Norway was 3.1 per cent higher than the corresponding face value, while the market value of the outstanding amounts from issues of short-term debt securities was 0.3 per cent lower than the corresponding face value.

Increase in outstanding amounts from debt securities caused by a fall in exchange rate

Eighty-seven per cent of the outstanding amounts from debt securities issued in Norway referred to Norwegian issuers at the end of June 2015. At the same time, outstanding amounts from debt securities issued by Norwegian entities abroad amounted to NOK 1 649 billion; an increase of 9 per cent compared with the end of June last year. As a result of this, the total outstanding amounts from debt securities issued by Norwegian entities in Norway and abroad amounted to NOK 3 269 billion at the end of June 2015. A major part of debt securities in Norway are issued in NOK, while debt securities are issued by Norwegian entities abroad in other currencies. A depreciation of NOK had an impact on Norwegian entities’ outstanding amounts from debt securities, especially those issued in USD, EUR, GBP and JPY. This led to a 5 per cent increase in Norwegian entities’ outstanding amounts from debt securities issued in Norway and abroad in the same period.

Moderate volumes of new debt securities in 2nd quarter of 2015

In Norway, 250 issues of long-term debt securities and 257 issues of short-term debt securities valued at NOK 168 billion were registered in the 2nd quarter of 2015. The major part of the issues in Norway, i.e. NOK 95 billion, related to long-term debt securities.

Compared to the 2nd quarter of 2014, the number and amount of issues in Norway were reduced by 8 per cent and 13 per cent respectively. This is due to a decline in issues by all borrowing sectors except “the general government”. In the same period, Norwegian entities also issued 242 debt securities abroad, valued at NOK 151 billion. Compared to the 2nd quarter of 2014, the number and value of these issues were reduced by 17 per cent and 3 per cent respectively.

Increase in the share of the volume of issues by the general government

The share of the volume of issues by “the general government” in Norway rose from 39 per cent in the 2nd quarter of 2014 to 44 per cent in the 2nd quarter of 2015. In the same period, Rest of the World’s share of the volume of issues was reduced from 11 per cent to 9 per cent. The banks’ share of the volume of issues rose while the share for “other financial corporations” was reduced correspondingly.

The major part of the volume of issues by Norwegian entities abroad, a total of 77 per cent, referred to financial corporations.