Bonds and commercial papers, Q1 2013

In Norway, 298 issues of bonds and 281 issues of commercial papers valued at NOK 239.6 billion were registered during the 1st quarter of 2013. Compared to the 1st quarter of 2012, the number of issues rose by 5 per cent, while the value was reduced by 10 per cent. Ninety-two per cent of the issues in the 1st quarter of 2013; NOK 221 billion, referred to issues by Norwegian entities. In the same period, Norwegian entities also issued 386 bonds and commercial papers valued at NOK 224.1 billion abroad. Compared to the 1st quarter of 2012, the number and value of such issues were reduced by 34 per cent and 42 per cent respectively.

Large amounts of issues in Norway refer to general government

In the 1st quarter of 2013, 59 per cent of the volume of issues in Norway; NOK 140.2 billion, referred to the general government. A considerable part of these issues still refer to rollover arrangements in which new treasury bills have replaced old treasury bills at their time of maturity. However, the volumes of such issues have been reduced. The second largest part of the issues; NOK 49.1 billion or 20 per cent, referred to financial corporations. NOK 31.4 billion, or 13 per cent, referred to non-financial corporations.

Considerable issues by financial corporations abroad

The major part of the volume of issues by Norwegian entities abroad, 79 per cent (NOK 177.5 billion), referred to financial corporations. The second largest part of the volume of such issues, NOK 46.6 billion, referred to non-financial corporations.

Continued growth in Norwegian entities’ outstanding debts

The nominal value of outstanding bond and short-term security debts referring to issues in Norway amounted to NOK 1 872 billion at the end of March 2013. This is an increase of 10 per cent compared to the end of March 2012. The largest part of the debts, 46 per cent, or NOK 858.1 billion, referred to financial corporations. The second largest part of the debts, 31 per cent, or NOK 585.9 billion, referred to the general government. The average market value of the domestic bond debt was 1.8 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 outstanding bond and short-tem security debts in Norway hast increased. Eleven per cent of such debts in Norway, NOK 26.8 billion, referred to the rest of the world at the end of March 2013. This is an increase of 1 per cent compared to their share of the outstanding debts at the end of the 1st quarter of 2012. Eighty-nine per cent of the outstanding bond and short-term security debts in Norway; NOK 1 665 billion, referred to Norwegian borrowers at the end of March 2013. At the same time, Norwegian entities’ outstanding bond and short-term security debts abroad amounted to NOK 1 266 billion. As a result of this, Norwegian entities’ outstanding bond and short-term security debts in Norway and abroad amounted to NOK 2 931 billion at the end of March 2013. This is an increase of 3.2 per cent compared with the end of March last year.