Issuance strategy

Domestic borrowing
According to Economic Survey, December 2017 the central government financing requirement is:

​Central government financing requirement 2017-2018
​Kr. billion20172018
​CIL account​18.9​-7.3
​On-lending etc.​-0.9-​13.1
​Buy-backs of social housing bonds​--​42.5
​Distributed capital losses, due interest and other capital items​7.3​12.6
​Net cash balance​25.2​-50.2
​Net financing requirement​-25.2​50.2
​Repayments of long-term debt etc.​93.6​47.4
​Repayments of short-term debt​27.2​30.0
​Financing requirement​95.6​127.4
Note: According to Economic Survey, December 2017

Buy-backs of bonds financing social housing are included in the net financing requirements. The target for issuance of government bonds and T-bills in 2018 is kr. 65 billion and kr. 30 billion, respectively. This is unchanged from 2018. In 2018, a new index-linked bond will be opened, maturing in 2030. The focus will be on issuance in the existing 2-year and 10-year nominal bonds and in the new index-linked bond.


Central government financing 2017-2018 ​
​Kr. billion20172018
​Issuance of government bonds via auctions and tap​67.065.0​
​Issuance related to switches​24.9​-
​Issuance of T-bills​32.7​30.0
​Drawing on the central-government's account-29.0​32.4
Financing, total​95.6127.4

Foreign borrowing
The strategy is not to issue foreign bonds in 2017. Issuance can be conducted in the Commercial Paper-programs.