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 2025

Target for domestic bond issuance of kr. 65 billion

The target for issuance of government bonds is kr. 65 billion in 2025. The focus will continue to be on issuance in the nominal 2-year and 10-year maturity segments, supplemented with issuance in the central government's new green bond, the existing 30-year benchmark and inflation-linked government bonds.

Opening of 10-year nominal bond and green twin bond

A new 10-year nominal government bond maturing in 2035 will be opened via auction on 5 February 2025. The bond will replace 2.25 per cent 2033 as the 10-year benchmark bond. A new green 10-year twin bond will also be opened under an updated Green Bond Framework in the second half of the year.

Both government inflation-linked bonds will be included in on-the-run issues

To support the liquidity of the central government's inflation-linked bond programme, in 2025, on-the-run issues will be expanded to include both of the central government's outstanding inflation-linked bonds. Both 0.10 per cent 2030i and 0.10 per cent 2034i will be on-the-run issues in 2025.

 

Issuance segment Issuance paper Target, kr. billion (market value)
Bonds 65
2-year bond 2.25 per cent 2026/0.50 per cent 2027  
10-year bond 2.25 per cent 2033/X.XX per cent 2035  
10-year green bond X.XX per cent 2035G Maximum of kr. 10 billion
30-year bond 0.25% 2052  
Inflation-linked bonds 0.10 per cent 2030i and 0.10 per cent 2034i  
Short-term papers 25
T-bills New 6-month T-bill opened every 3 months  
Commercial papers USCP in USD and ECP in EUR and USD  
EMTN
 12
  One short-dated EUR or USD bond  
Note: Where two on-the-run issues are separated by ‘/’, a segment change is made during the year. ‘X.XX’ indicates a currently unknown coupon rate.

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