Minor fall in share value, value of debt securities up
The value of listed shares registered with the Norwegian Central Securities Depository was roughly unchanged at the end of the 1st quarter of 2017 compared to the end of the previous quarter. However, the value of debt securities issued by Norwegian borrowers rose this quarter due to their debt issues both in Norway and abroad.
After a strong increase in the 4th quarter of 2016, share values decreased marginally in the 1st quarter of this year. As of 31March 2017, the market value of the listed shares amounted to NOK 2 079 billion compared to NOK 2 091 billion as of 31 December 2016. This was due to a minor decrease in stock prices. The All-Share Index, OSEAX, which shows price movements in shares listed on the Oslo Stock Exchange, fell in the 1st quarter by 1 per cent to 757.43 points at the end of the quarter.
More figures and tables on Securities
Figure 1. Stocks of securities registered with VPS. Market values in NOK billion
|Long-term debt securities||1777||1729||1756||1727||1760||1803||1832||1864||1932|
|Short-term debt securities||166||174||167||170||182||177||161||156||149|
Increase in the value of debt securities
The total face value of short-term debt securities and long-term debt securities issued in Norway was NOK 2 067 billion at the end of the 1st quarter of 2017. This corresponds to an increase of 6.3 per cent in the debt compared to the same quarter last year. Eighty-seven per cent of the debt was registered as issued by Norwegian borrowers.
In addition, the value of debt securities issued by Norwegian borrowers abroad amounted to NOK 1 841 billion. Compared to the 1st quarter of 2016 this constituted a minor increase of less than 1 per cent.
In the 1st quarter of 2017, the gross issues of short-term and long-term debt securities in Norway amounted to NOK 206 billion. This is 13 per cent more than in the same quarter last year. By way of comparison, the gross issue of debt securities by Norwegian borrowers abroad was NOK 343 billion, which is 32 per cent higher than one year ago.
Figure 2. Issues of debt securities in nominal values
|Long-term debt securities||Short-term debt securities||Long-term debt securities issued abroad||Short-term debt securities issued abroad|
Other financial corporations issue and hold most debt securities
Other financial corporations than banks and central government were the largest issuers of debt securities, with 27 per cent and 24 per cent respectively of the total outstanding amount of debt securities issued in Norway in the 1st quarter of 2017. Other financial corporations than banks also hold the largest share of this debt, with 44 per cent.
Figure 3. Outstanding amounts from debt securities issued in Norway by groups of issuers and registered owners in Q1 2017. Market values
|Rest of the world||11.8||25.0|
|Non-profit institutions serving households||0.0||0.3|
|Central government and social security funds||24.1||6.9|
|Other financial corporations||26.9||43.5|
Long-term debt securities distributed by type of security
About 41 per cent of the outstanding amount of long-term debt securities issued in Norway was unsecured debt at the end of the 1st quarter of 2017. By comparison, covered bonds made up 27 per cent of the total debt, while long-term debt securities guaranteed by the public made up 22 per cent.
Financial corporations were by far the largest holder within each type of security. The two exceptions are long-term debt securities guaranteed by the public and long-term debt securities with other types of guarantees. When it comes to long-term debt securities guaranteed by the public, foreigners hold the largest owner share. For long-term debt securities with other types of guarantees, financial corporations and foreigners have roughly the same owner share.