Funding strategy

The debt management office is responsible for central government debt management and borrowing. Twice a year, the strategy for the government's issuance and borrowing is published.

Current issuance strategy for 2023 

Bond issuance target of kr. 65 billion

The target for bond issuance in 2023 is set at kr. 65 billion (approx. 2.5 per cent of GDP). The issuance will primarily take place in the 2- and 10-year nominal segments, supplemented with issuance in the inflation-linked bond and limited issuance in the 30-year segment.

Green twin bond to be opened in 2nd half of 2023

In the 2nd half of 2023, a new green twin bond with similar financial characteristics as the new 10-year nominal bond will be opened. The opening is expected to take place via syndication. The maximum issuance in green bonds at market value is kr. 10 billion.

EMTN issuance in 2nd half of 2023

To maintain the government’s strong access to foreign funding markets and ensure the smooth functioning of the issuance process, a yearly issuance in the EMTN programme is expected going forward. For 2023, a short-dated bond in either euro or dollar will be issued.


Issuance segment Issuance paper Target, kr. billion (market value)
Bonds 65
2-year bond 0.00% 2024 / 1.75% 2025  
10-year bond 2.25% 2033  
10-year green bond 2.25% 2033 10 (maximum issuance)
30-year bond 0.25% 2052  
Inflation-linked bonds 0.10% 2034  
Short-term papers 35
T-bills New 6-month T-bill opened every 3 months  
Commercial papers USCP in USD and ECP in EUR and USD  
  One short-dated EUR or USD bond  

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