Publications and Announcements

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New 10-year benchmark bond

As of 8 March 2021, the 10-year nominal on-the-run issue, 0.00 per cent bullet loan 2031, becomes the new 10-year benchmark bond. Hereafter, 0.50 per cent bullet loan 2029 will no longer have benchmark status. The benchmark bonds in the other maturity segments remain un-changed.


Danish Government Borrowing and Debt 2020

The government budget developed better than expected in 2020. The Danish central government debt amounted to kr. 536 billion, equal to 23 per cent of GDP at the end of 2020. The course of the covid-19 crisis has clearly highlighted the importance of the central government having access to a broad and diversified investor base through multiple financing channels. Despite periods with market turmoil, domestic government bonds were sold at record low yields. On average, nominal government bonds were sold at a yield to maturity of -0.33 per cent p.a. and an average maturity of 11.6 years. Interest costs on the central government debt totalled 0.7 per cent of GDP.


Switch operations via the Danish central-govt's auction system in 1st Half of 2021

For the remainder of 1st Half of 2021, switch operations will be offered via the auction system MTS PAF which is currently used for the regular auctions of Danish government securities. First time will be on 11 February 2021.


Opening of 0.00 per cent bullet loan 2031


Central government borrowing strategy 2021

The target for sales of domestic government bonds is kr. 125 billion. Issuance will be focused in the 2-year and 10-year nominal bonds. On 20 January, a new 10-year bond with maturity in 2031 will be opened. A new 2-year bond with maturity in 2024 will also be opened in the 1st half of the year. The target for sales of domestic T-bills is kr. 60 billion, and the outstanding amount of commercial papers will be reduced in 2021 as the temporary Covid-19 measures are phased out.


Issuance of 2-year dollar bond


Update to the central government borrowing strategy in the 2nd half of 2020

The government's net financing requirement in 2020 is increased by kr. 70 billion. The increase primarily reflects an additional deferral of tax and VAT payments. The target for issuance of government bonds in 2020 is maintained at kr. 125 billion. Given that the increased borrowing requirement primarily reflects temporary liquidity shifts, it willl be covered by short-term issuances. The outstanding amount of T-bills is expected to be kr. 80-100 billion at the end of 2020.


Central government borrowing strategy in the 2nd half of 2020

The target for issuance of domestic government bonds in 2020 is maintained at kr. 125 billion. The on-the-run issues will remain unchanged, and focus will be on issuance in the 2- and 10-year nominal bonds. Part of the borrowing requirement in 2020 is met by issuances of short-term papers.


The Danish government has a good starting point to finance the expenses related to Corona

The support packages passed by the Danish parliament to counter the negative economic impact from the coronavirus means that the central government is expected to increase its spending significantly and will see large but initially temporary shifts in liquidity during the summer. Therefore, it is necessary for the government to show flexibility by using the various financing sources available.


Update to the central government borrowing strategy 2020

In light of the recent initiatives taken by the Danish Government to mitigate the consequences of COVID-19, the domestic government bond issuance target for 2020 is increased from kr. 75 to 125 billion. Furthermore, the opening of the new 30-year nominal bond is brought forward to 1 April and the T-bill programme is expanded.


Opening of 0.25 per cent bullet loan 2052