Analyses focus on current issues of particular relevance to Danmarks Nationalbank’s objectives. The analyses may also contain Danmarks Nationalbank’s recommendations. They include our projections for the Danish economy and our assessment of financial stability. Analyses are targeted at people with a broad interest in economic and financial matters.
Central government borrowing strategy for 2nd half of 2025
The target for the issuance of government bonds remains at kr. 65 billion, while the short-term loan programs (treasury bills and commercial papers) will continue to amount to a maximum of kr. 25 billion in total by the end of 2025. In the second half of the year, a new 10-year green government bond is expected to be opened under an updated green bond programme.
Key messages
Why is it important?
On behalf of the Minister of Finance, Danmarks Nationalbank is responsible for the management of central government borrowing and debt. This means that, based on the Danish Finance Act and input from the Ministry of Finance, Danmarks Nationalbank prepares a strategy for central government borrowing, which covers the central government's annual financing requirement. The strategy is approved by the Ministry of Finance.
The strategy for central government borrowing must ensure that the central government's financing requirement is covered at the lowest possible long-term borrowing costs, taking into account an acceptable level of risk. Furthermore, the aim is to facilitate central government access to the capital markets in the longer term and also that the central government’s issuances will help support a well-functioning domestic capital market.
The strategy for central government borrowing is published twice a year. In extraordinary circumstances, Danmarks Nationalbank may make changes to the strategy outside the biannual publications – this was the case during the pandemic, for example, when the central government's financing requirement rose sharply in a short period of time.