The National Bank of Denmark published its annual overview of central government borrowing and debt, reporting that central government debt increased by DKK 18bn in 2025 to DKK 235bn, equal to 7.6% of GDP, while interest costs remained low at DKK 5bn and Denmark maintained its AAA credit rating with a stable outlook. The report notes a continued focus on consolidating public debt to support a well-functioning and liquid government securities market and to reduce overall interest costs. Issuance activity included opening a new 10-year government bond in February, issuing a two-year USD loan under the government’s Euro Medium Term Note (EMTN) programme in June, and issuing the first green government bond under the European Green Bond Standard (EuGB Standard) in September. Robust risk management is described as continuing to stabilise interest rate and market risk, and Danmarks Nationalbank reiterates that it manages central government debt on behalf of the Minister of Finance.
National Bank of Denmark 2026-02-05
National Bank of Denmark reports 2025 central government debt rose by DKK 18bn to DKK 235bn and highlights first EuGB-standard green bond issuance
The National Bank of Denmark reported a DKK 18 billion increase in central government debt to DKK 235 billion in 2025, representing 7.6% of GDP, while maintaining low interest costs and an AAA credit rating. Key issuance activities included a new 10-year government bond, a two-year USD loan under the Euro Medium Term Note programme, and the first green government bond under the European Green Bond Standard.