The National Bank of Denmark published updated securities statistics indicating that DKK 90 billion of bonds were issued in February behind adjustable-rate loans (RTL bonds), with foreign investors buying DKK 37 billion and lifting the foreign ownership share from 16 percent in January to 18 percent in February. The release highlights that improved data introduced from October 2024 provides a more reliable month-to-month view of foreign ownership in these mortgage bonds. The improvement stems from a methodological change under which reporting from the banking and mortgage sectors is recorded on the trading day rather than the settlement (value) date, which can differ materially for mortgage bonds, including trades linked to refinancing auctions. This shifts recorded purchases and sales into the month the trade is executed rather than potentially appearing later when settlement occurs, and it correspondingly improves the calculation of foreign holdings, which is derived as the difference between reported issuance of Danish securities and reported Danish holdings. While several other domestic sectors already report using trading principles, parts of the remaining investor population are captured via deposit information based on settlement principles, which can still cause minor monthly shifts in holder distributions between those sectors and abroad.
National Bank of Denmark 2025-03-28
National Bank of Denmark improves securities statistics and shows foreign ownership of adjustable-rate mortgage bonds rising to 18 percent
The National Bank of Denmark reported DKK 90 billion in adjustable-rate loan bonds issued in February, with foreign investors buying DKK 37 billion, raising foreign ownership from 16% to 18%. Updated securities statistics now record transactions on the trading day, enhancing foreign ownership data accuracy. This aligns with other domestic sectors, though some investor data still relies on settlement principles, causing minor monthly shifts.