Danish Government
Borrowing and Debt
Contents
Key Elements of the Government Debt Policy
Main principles
1. Main Principles of Government Borrowing
1.1 Summary
1.2 The Management of Government Debt
1.3 The Norm for Domestic and Foreign Borrowing
1.4 Strategy and Instruments for Central-Government Borrowing
1.5 Market Structure and Borrowing in Practice
Report section
2.1 Summary
2.2 Development in Interest Rates
2.3 Government Securities Sale and Financing Requirement
2.4 Issues on-the-run and Issuing Strategy
2.5 Buy-backs and Switch Operations
2.6 Securities Lending Facility
3.1 Summary
3.2 Foreign Borrowing Strategy
4. Interest-rate and currency swaps
4.1 Summary
4.2 Use of Interest-Rate and Currency Swaps
4.3 Central Government's Use of Interest-Rate Swaps in 2002
4.4 The Central Government's Use of Currency Swaps in 2002
4.5 Credit Risk on the Central Government's Swap Portfolio End-2002
5. Market risk
5.1 Summary
6.1 Summary
6.2 SPF's Capital
6.3 SPF's Securities Lending Facility
7. Government debt and government-guaranteed entities
7.1 Summary
7.2 Government Debt and Interest Costs
7.3 The Gross Debt of the General Government (EMU Debt)
7.4 Ownership Distribution of Domestic Government Securities
7.5 Government-Guaranteed Entities
Special-topic section
8. Liquidity in the danish government securities market
8.1 Summary
8.3 Indicators of Liquidity in the Danish Market for Government Securities
8.4 Liquidity Premium in the Market for Government Securities
9. Electronic Trading and Market-Making in Danish Government Bonds
9.1 Summary
9.2 Advantages of Electronic Trading on Government Bond Markets
9.3 Interaction between Electronic Market-Making and a Primary Dealer System for
Government Bonds
9.4 Background to Establishing Electronic Market-Making in Danish Government
Bonds
9.5 An MTS Solution for Electronic Trading and Market-Making on the Wholesale
Market for Danish Government Bonds
10. Interest-Rate Risk Management of Central-Government Debt
10.1 Summary
10.2 Interest-Rate Risk in brief
10.3 Choice of Risk-Management Framework
10.4 Quantification of Trade-Off between Costs and Risk
10.5 Management of Costs and Risk by Use of Strategic Benchmarks
10.6 Management of Costs and Risk in a Macroperspective
Appendices
Information on government borrowing and debt
Principles for Management of the Credit Risk on Government Swaps
Terms for the central government's and the Social Pensions Fund's securities lending facilities
Auction terms for treasury bills
Announcements on the central government's borrowing and Debt (TRANSLATIONS)
Central-Government Borrowing in 2002, 18 December 2001
Central-Government Domestic Borrowing in 2nd Half of 2002, 17 June 2002
1. Central-Government Debt, Year-End 1992-2002
2. Domestic Government Securities Issued in 2002
3. Central-Government Foreign Borrowing Transactions in 2002
4. Swaps and Foreign-Exchange Forward Transactions, etc.
5. Central-Government Domestic Debt as of 31 December 2002
6. Central-Government Foreign Debt as of 31 December 2002
7. Service on Central-Government Domestic Debt, End-2002
8. Service on Central-Government Foreign Debt, End-2002
9. Kingdom of Denmark's Rating in Domestic and Foreign Currency
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DANISH GOVERNMENT BORROWING AND DEBT 2002 Danmarks Nationalbank Please direct any enquiries concerning Danish government borrowing and debt to Danmarks Nationalbank, Financial Markets, Government Debt Management, by e-mail. Explanation of Symbols This publication is based on information available up to 10 February 2003. This publication is a translation of "Statens låntagning og gæld 2002". |
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