The National Bank of Denmark has published the central government borrowing strategy for 2026 on behalf of the Minister of Finance, setting out funding plans to meet an expected financing requirement of DKK 109 billion. The requirement is forecast to fall by DKK 32 billion from 2025, while the target for government bond issuance remains unchanged at DKK 65 billion, including up to DKK 10 billion in green bonds. Short-term funding is planned to total DKK 15 billion in Treasury bills and DKK 5 billion in commercial paper outstanding at year-end, with potential for significant variation in amounts during the year. The strategy also includes issuing a short-term bond in foreign currency under the central government’s EMTN programme, and reiterates the debt management objective of minimising long-term borrowing costs subject to an acceptable level of risk while supporting market access and a well-functioning domestic capital market.
National Bank of Denmark 2025-12-17
National Bank of Denmark publishes 2026 central government borrowing strategy keeping bond issuance at DKK 65 billion and targeting up to DKK 10 billion in green bonds
The National Bank of Denmark released the 2026 central government borrowing strategy, projecting a financing requirement of DKK 109 billion, a decrease of DKK 32 billion from 2025, with unchanged government bond issuance at DKK 65 billion. The strategy includes DKK 15 billion in Treasury bills, DKK 5 billion in commercial paper, and a short-term foreign currency bond under the EMTN programme, aiming to minimize borrowing costs while maintaining market access and a robust domestic capital market.