Danish Government Borrowing and Debt 2001
Contents
Foreword 
Key elements of the Government Debt policy in 2001 and
the strategy for the next years
Further information on Government Borrowing and Debt
Main principles
1 Main principles of Government Borrowing
1.1 Summary
1.2 Management of the
Government
Debt
1.3 The Norm for Domestic and Foreign Borrowing
1.4 Strategy for Central-Government Borrowing
1.5 Market Conditions and Practical Aspects of Borrowing
1.6 Risk Management of the Government
Debt
Report section
2 Domestic borrowing
2.1 Summary
2.2 Development in Interest Rates
2.3 Sale of Government Securities and Financing Requirement
2.4 Issues on-the-run and Issuing
Strategy
2.5 Buy-Backs and Switch Operations
2.6 Domestic Interest-Rate Swaps
2.7 Securities Lending
Facility
3 Foreign borrowing
3.1 Summary
3.2 Borrowing in 2001
3.3 Strategy for Foreign Borrowing in Coming Years
3.4 Foreign Borrowing in
2002
4 The Social Pension Fund
4.1 Summary
4.2 SPF's Capital
4.3 SPF's Securities Lending
Facility
4.4 Duration of SPF's Bond Portfolio
5 Government Debt
5.1 Summary
5.2 Government Debt and
Interest Costs
5.3 The Gross Debt of the General Government (EMU
Debt)
5.4 Ownership Structure of Domestic Government
Securities
5.5 Government-Guaranteed
Entities
6 Risk Management
6.1 Summary
6.2 Interest-Rate and Refinancing
Risk
6.3 Exchange-Rate Risk
6.4 Credit Risk on Swaps
Special-Topic Section
7 Consequences of Budget Surpluses for Government
7.1 Summary
7.2 Background
7.3 Effects on the National Economy and Financial
Markets
7.4 Adjustments to
Government Debt Policy
8 Recent Trends in Primary
Dealer Systems
8.1 Summary
8.2 Background for Using
Primary
Dealers
8.3 Primary Dealer Systems Within the EU
8.4 The Danish Bond Market
8.5 Is There a Future for Primary Dealers?
9 Interest-Rate
Models for Cost-at-Risk
9.1 Summary
9.2 Method
9.3 Interest-Rate Models
9.4 Comparison of Interest
Input
9.5 Comparison of CaR
Results
9.6 Further
Work
Appendix 9.A A Linear Two-Factor Model
Appendix 9.B Forward-Rate Models
Appendices
Announcements on the Central Government's Borrowing and
Debt (Translations)
Opening of 5 per cent
Bullet Loans 2013, 4 February 2002
Central-Government
borrowing in 2002, 18 December
2001
Central-Government
Domestic Borrowing in 2nd Half of 2001, 26 June
2001
Switch Auction, 6 June
2001
Danish Central-Government Borrowing etc., 29 March 2001
Extract of announcement on Reduction of Time Interval between Bids and Resuls Treasury Bill Auctions, 30 March
2000
Appendix of Tables
1. Central-Government Debt,
Year-End 1991-2001
2. Domestic Government Securities Issued in
2001
3. Central-Government Foreign Borrowing
Transactions in 2001
4. Central-Government Domestic Interest-Rate
Swaps, Swaps from DKK to EUR, Foreign
Swaps Unconnected
to New Issues, Foreign-Exchange Forward Transactions
5. Central-Government Domestic Debt as of
31 December 2001
6. Central-Government Foreign Debt as of 31
December 2001
7. Service on Central-Government Domestic
Debt, End-2001
8. Service on Central-Government Foreign
Debt, End-2001
9. Kingdom of Denmark's Rating in Domestic
and Foreign Currency
10. Rating of Selected Countries'
Central-Government Debt
Glossary
Colofon
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