Issuance strategy

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

​Central government financing requirement 2017-2018
​Kr. billion2018
​CIL account​-7.3
​On-lending etc.-​13.1
​Buy-backs of social housing bonds-​42.5
​Distributed capital losses, due interest and other capital items​12.6
​Net cash balance​-50.2
​Net financing requirement​50.2
​Repayments of long-term debt etc.1​47.4
​Repayments of short-term debt​30.0
​Financing requirement ​127.4

1 Including payments from the central government in currency and interest swaps and net bond purchases of state  owned funds.

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. billion                                                          2018
​Issuance of government bonds via auctions and tap65.0​
​Issuance related to switches​-
​Issuance of T-bills​30.0
​Drawing on the central-government's account​32.4
Financing, total127.4

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