Statistical news focuses on the latest figures and trends in Danmarks Nationalbank’s statistics. Statistical news is targeted at people who want quick insight into current financial data.

Climate

New statistics focusing on sustainable bonds

Danmarks Nationalbank publishes new monthly statistics that bring sustainable bonds into focus. A sustainable bond is intended, among other things, to finance green and social projects, e.g., in renewable energy or housing for vulnerable groups. The new statistics show both the development in Danish issuances of sustainable bonds and Danes’ investments in both domestic and foreign sustainable bonds. The ECB publishes corresponding statistics for the euro area.

Sustainable bonds help finance projects such as green initiatives

Note:

Issuances and holdings end of December 2025. Find data in the Statbank: DNSUBOI (issuances) and DNSUBOH (holdings).

Almost 8 per cent of Danish bonds are sustainable 

Danish entities have issued sustainable bonds amounting to kr. 405 billion at the end of 2025. This corresponds to 7.9 per cent of the total Danish bond market. The development was most pronounced in the years leading up to 2024 and has since levelled off. Green bonds account for kr. 368 billion, making up the majority of issuances. Their purpose is to finance green projects such as renewable energy, green transition of the transport sector, or afforestation. In addition, non-financial corporations have issued kr. 37 billion in sustainability-linked bonds, which commit them to achieving set ESG targets, e.g., CO2 reduction goals.

Chart 1

Green bonds account for the largest share of sustainable bond issuances

Note:

Nominal value. Other sustainable bonds cover sustainability-linked issuances. No Danish social bonds have been issued, nor any sustainability bonds combining both green and social projects. When a sustainable bond is issued, the issuer typically obtains an external assessment of whether the issuance meets the requirements to be classified as green, social, or sustainable. Of Danish issuances, 91 per cent have obtained such an external assessment, a so-called second party opinion (SPO). Find data here.

The largest Danish issuers are financial companies with issuances of kr. 191 billion, of which mortgage institutions have issued kr. 114 billion in green mortgage bonds. They are followed by non-financial companies with corporate bond issuances totaling kr. 142 billion – both green and sustainability-linked. Since 2022, the government has issued green government bonds amounting to approximately kr. 43 billion. Foreign investors, with holdings of kr. 266 billion, are the largest holders of Danish sustainable bonds.

Chart 2

A large share of Danish sustainable issuances are green mortgage bonds

Note:

Nominal value. Holdings end of December 2025. Find data here.

Investments of kr. 383 billion in sustainable bonds

Danes have invested kr. 383 billion in both domestic and foreign sustainable bonds, corresponding to 7.9 per cent of their total bond holdings. They predominantly hold green bonds but also some social and sustainability bonds, the latter combining both social and green projects. Social bonds aim to finance social initiatives such as food, education, and healthcare programs.

Chart 3

Most investments are in green bonds

Note:

Nominal value. Of total investments in sustainable bonds, 92 per cent had an external assessment, SPO, indicating compliance with guidelines for sustainable bonds. Find data here.

Danish investors mainly hold Danish sustainable bonds, followed by issuances from the euro area, including Germany, the Netherlands, and France, which are three major issuers of sustainable bonds. The insurance and pension sector is the largest Danish investor in sustainable bonds. The sector primarily holds sustainable government and mortgage bonds, which also characterises the next largest investors: banks and investment funds.

Chart 4

The insurance and pension sector is the largest Danish investor in sustainable bonds

Note:

Nominal value. Holdings of sustainable bonds end of December 2025. Find data here.

New tables on sustainable bonds in the Statbank

Today, Danmarks Nationalbank publishes two new tables, DNSUBOI and DNSUBOH. The tables shed light Danish issuances of sustainable bonds and Danish investments in domestic and foreign sustainable bonds.

Sustainable bond type Characteristics
Green bonds The proceeds from the issuances are ear-marked for financing either green projects, social projects, or both. Examples include renewable energy or healthcare programs. These are so‑called use‑of‑proceeds bonds.
Social bonds
Sustainability bonds
Sustainability-linked bonds The issuances are not tied to the financing of specific projects but to the issuer’s set ESG targets. This means that the terms of the bond (e.g., the coupon rate) change if the issuer fails to meet predetermined sustainability targets (e.g., CO2 reductions). The bonds are therefore performance‑based.


The European Central Bank (ECB) publishes similar data for the euro area (link), and the methodology and data behind these statistics will align with the ECB’s, enabling comparison of Denmark with the euro area.

All data is available in the Statbank, and further information can be found here: