In the second half of 2009, considerable issues of covered bonds and government securities were registered in Norway. At the same time, there was an increase in issues of bonds and commercial papers by ‘non financial corporations’ and ‘rest of the world”.
In Norway, 714 issues of debt securities valued at NOK 543.3 billion were registered during the second half of 2009. A total of 132 of these issues, valued at NOK 140.2 billion, were registered in December 2009. Compared with the second half of 2008, the number of issues was reduced by 17 per cent, while the amount of issues rose by 70 per cent. The major part of the number of issues (360) referred to bonds, while the largest amount (NOK 333.2 billion) referred to commercial papers.
By groups of issuers, a major part of issues in Norway up to and during the first half of 2008 referred to commercial and savings banks. Subsequently, the largest amounts have referred to the central government and ‘other financial corporations’. In the second half of 2009, the issues of these groups of borrowers amounted to NOK 298.7 and NOK 140.0 billion respectively; an increase of 218 per cent and 5 per cent respectively compared with the second half of 2008. A considerable part of the issues referred to government securities and covered bonds issued by mortgage companies, which have been exchanged. At the end of 2009, the values of issues of covered bonds have been reduced. The large values of issues of government securities, especially in September and December 2009 (NOK 112.8 billion and NOK 106.7 billion respectively), have mainly been caused by ‘rollovers’/swap arrangements in which new treasury bills have replaced old treasury bills at their time of maturity. At the same time, other borrowing sectors have become more active. In the second half of 2009, issues by ‘non-financial corporations’ and ‘rest of the world’ amounted to NOK 89.3 million in total; an increase of 83 per cent compared with the second half of 2008.
During the second half of 2009, Norwegian entities issued 1 330 bonds and commercial papers valued at NOK 466.2 billion abroad. A total of 155 of these issues, valued at NOK 73.9 billion, were registered in December 2009.The number and value of the issues rose by 20 per cent and 11 per cent respectively compared with the second half of 2008. The major part of the value (NOK 232.1) referred to issues by banks. ‘Other financial corporations’ issued the second largest amount (NOK 190.6 billion).
Outstanding bond and short-term securities in Norway at the end of December 2009 amounted to
NOK 1 568 billion; an increase of almost 40 per cent compared with the end of December last year. Norwegian entities’ outstanding bond and short-term securities abroad amounted to NOK 1 053 billion. A total of more than 40 per cent of Norwegian entities’ debts in Norway and abroad fall due in 2010 or 2011.
Published 3 February 2010 © Statistics Norway