The National Bank of Denmark published statistical data showing a sharp rise in Danish non-financial corporations' use of bond markets. Over the past five years, their borrowing through bond issuances tripled to DKK 565 billion, while loans from banks and mortgage credit institutions increased by about one third to DKK 1,631 billion. The bond market activity is concentrated among large Danish corporates. The bonds are issued exclusively in foreign currencies, primarily EUR, and are almost entirely held by foreign investors. Most of the growth comes from issuances through foreign subsidiaries, often located in the Netherlands, with proceeds typically passed back to the Danish parent company through intra-group loans. The central bank also noted that this pattern is consistent with international trends in which more corporate bonds are issued through entities in financial centres such as the Netherlands.
National Bank of Denmark2026-06-29
National Bank of Denmark reports Danish corporate bond borrowing has tripled to DKK 565 billion over five years
The National Bank of Denmark said Danish non-financial corporations have tripled their bond market borrowing over the past five years to DKK 565 billion. By comparison, bank and mortgage credit borrowing rose about one third to DKK 1,631 billion. Most bond issuance is in foreign currencies through foreign subsidiaries and is largely funded by foreign investors.