The National Bank of Denmark, acting on behalf of the minister of finance, published Denmark’s central government borrowing strategy for the second half of 2026. It kept the target for domestic government bond issuance unchanged at DKK 65 billion and maintained the year-end target for outstanding Treasury bills and commercial papers at DKK 20 billion. Issuance will remain concentrated in 2-year and 10-year nominal bonds, alongside ongoing issuance of the 10-year green government bond and limited issuance in the 30-year nominal bond and the inflation-linked bond maturing in 2034. The strategy is based on an expected total financing requirement of DKK 124 billion in 2026, while the net financing requirement remains DKK 15 billion. The total financing requirement is DKK 15 billion higher than earlier estimated, mainly because the government repurchased bonds maturing after 2026 in the first half of the year, which increased projected long-term debt redemptions in 2026. Issuance in the first half was described as in line with the annual target. The inflation-linked bond maturing in 2030 will be removed from the second-half issuance programme because of increased demand for switches between inflation-linked bonds, while the green bond programme will continue under the government’s European Green Bond Factsheet, with 2026 green bond proceeds expected to total up to DKK 10 billion. In the second half of 2026, the government expects to continue using buybacks, switch auctions and the securities lending facility to support liquidity in the government bond market. One to two switch auctions will be held each month, and T-bill auctions will continue monthly, with new six-month T-bills to be opened for settlement in September and December.
National Bank of Denmark2026-06-25
National Bank of Denmark maintains DKK 65 billion domestic bond issuance target in second half 2026 borrowing strategy
The National Bank of Denmark kept Denmark’s 2026 domestic government bond issuance target at DKK 65 billion in its second-half borrowing strategy and maintained a DKK 20 billion year-end target for Treasury bills and commercial papers. Issuance will stay focused on 2-year and 10-year nominal bonds, with ongoing sales of the 10-year green bond and limited issuance in the 30-year and 2034 inflation-linked bonds. The total 2026 financing requirement is projected at DKK 124 billion, with market liquidity support continuing through buybacks, switch auctions and securities lending.