Bonds and commercial papers, Q4 2012

In Norway, 289 issues of bonds and 260 issues of commercial papers valued at NOK 229.7 billion were registered during the 4th quarter of 2012. Compared to the 3rd quarter of 2012, the number of issues rose by 13 per cent, while the value rose by 24 per cent. Ninety-four per cent of the issues in the 4th quarter of 2012; NOK 214 billion, referred to issues by Norwegian entities. In the same period, Norwegian entities also issued 294 bonds and commercial papers valued at NOK 184.5 billion abroad. Compared to the 3rd quarter of 2012, the number and value of such issues were reduced by 31 per cent and 19 per cent respectively.

Large amounts of issues in Norway caused by general government

In the 4th quarter of 2012, 60 per cent of the volume of issues in Norway; NOK 137.0 billion, referred to the general government. The second largest part of the issues; NOK 47.3 billion or 21 per cent, referred to financial corporations. NOK 29.3 billion, or 13 per cent, referred to non-financial corporations.

Considerable issues by Norwegian banks abroad

The major part of the volume of issues by Norwegian entities abroad, 63 per cent (NOK 117 billion), referred to banks. The second largest part of the volume of such issues, NOK 63 billion, referred to non-financial corporations.

Reduction in Norwegian entities’ outstanding commercial paper debts

The nominal value of outstanding bond and short-term security debts referring to issues in Norway amounted to NOK 1 796 billion at the end of December 2012. This is an increase of 2 per cent compared to the end of September 2012 and 10 per cent compared to the end of December 2011. The largest part of the debts, 31 per cent, referred to the general government. The second largest part of the debts, 30 per cent, referred to “other financial corporations”. The market value of the domestic bond debt was in general 2.2 per cent higher than the nominal value, while the market value of the domestic commercial paper debt was 0.4 per cent lower than the nominal value.

The rest of the world’s share of the commercial paper debt in Norway has increased. Eighty-nine per cent of the domestic commercial paper debt; NOK 1 604 billion, referred to Norwegian borrowers at the end of December 2012. This is a reduction of 1 per cent compared to their share of the outstanding debt at the end of the 3rd quarter of 2012. At the same time, Norwegian entities’ outstanding commercial paper debts abroad amounted to NOK 1 270 billion; a reduction of 4 per cent compared to their outstanding debts abroad at the end of the 3rd quarter of 2012. As a result of this, Norwegian entities’ outstanding debts in Norway and abroad were reduced by 1 per cent in the 4th quarter of 2012 and amounted to NOK 2 874 billion at the end of 2012. A major part of the debt in Norway is raised in NOK, while a major part of Norwegian entities’ debts abroad is raised in EUR, USD, GBP, JPY or, to some extent, in other currencies. A total of 39 per cent of Norwegian entities’ debts in Norway and abroad fall due within a period of two years.