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The target for issuance of domestic government bonds and T-bills in 2020 is kr. 75 and kr. 30 billion, respectively. This is unchanged from 2019. Issuance will be focused in the 2- and 10-year maturity segments. A new 30-year nominal bond maturing in 2052 will be opened in the 1st half of the year.
The target for issuance of domestic government bonds in 2019 is increased to kr. 75 billion due to an increase in the central government's purchases of government-guaranteed mortgage bonds. The expected average sales of government bonds per auction are around kr. 3 billion at market value. The on-the-run issues will remain unchanged and focus will be on issuance in the 2-year and 10-year nominal bonds.
Denmark's government debt policy has been characterised by four years of very low funding costs and declining debt. In 2018, the central government debt fell to 19 per cent of GDP. The central government saves considerable interest costs by granting on-lending and buying bonds to finance social housing. At the same time, it contributes to supporting the market for government securities. Market liquidity is also supported by the central government's activity in the secondary market and by a well-functioning primary dealer model.