Norges Bank

Circular 10/2012

Auction calendar and plan for government bonds and Treasury bills 2013

[NOT IN FORCE]

To financial institutions and members of Oslo Børs.

According to the Proposition to the Storting on authorisations to borrow for the 2013 fiscal year, the government has an adjusted gross financing requirement of approximately NOK 110 billion.

To meet the financing requirement, the government plans to raise NOK 70 billion in long-term loans in the market. The remainder will be covered by raising short-term market loans (Treasury bills) and drawing on the government’s cash reserves.

The borrowing programme for Treasury bills is intended to cover periods when the government's cash reserves are lower than the desired level. The government intends to borrow up to NOK 72 billion in short-term government securities in 2013. The net volume of Treasury bills outstanding is expected to increase by NOK 12 billion through 2013.

If market conditions or other circumstances relating to the government's financing requirement change substantially in the course of 2013, the planned issue volumes of both government bonds and Treasury bills may be changed without prior notice or justification.

In the first quarter of 2013 the government plans to borrow between NOK 12 billion and NOK 16 billion in the government bond market and a similar amount in the Treasury bill market. Corresponding information concerning the second quarter will be announced towards the end of the first quarter.

From 2013, auctions of government bonds will be held on Tuesdays, while Mondays will be maintained as auction days for Treasury bills.

Norges Bank and Oslo Børs have decided that the result of the auctions will be announced five minutes after the deadline for tenders.

In 2013, the following schedule applies for auctions of government securities:

Treasury bills

Announcement
12.00 noon

Auction
11 am

Settlement
 7 am

02.01.13 07.01.13 09.01.13
30.01.13 04.02.13 06.02.13
13.03.13 18.03.13 20.03.13
03.04.13 08.04.13 10.04.13
17.04.13 22.04.13 24.04.13
08.05.13 13.05.13 15.05.13
12.06.13 17.06.13  19.06.13
26.06.13 01.07.13 03.07.13
07.08.13 12.08.13 14.08.13
11.09.13 16.09.13 18.09.13
25.09.13 30.09.13 02.10.13
09.10.13 14.10.13 16.10.13
11.12.13 16.12.13 18.12.13


Government bonds

Announcement
12.00 noon

Auction
11 am

Settlemet
7 am

10.01.13 15.01.13 18.01.13
24.01.13 29.01.13 01.02.13
07.02.13 12.02.13 15.02.13
28.02.13 05.03.13 08.03.13
11.04.13 16.04.13 19.04.13
25.04.13 30.04.13 06.05.13
06.05.13 10.05.13  15.05.13
08.05.13 14.05.13 21.05.13
23.05.13 28.05.13 31.05.13
06.06.13 11.06.13 14.06.13
20.06.13 25.06.13 28.06.13
04.07.13 09.07.13 12.07.13
01.08.13 06.08.13 09.08.13
15.08.13 20.08.13 23.08.13
29.08.13 03.09.13 06.09.13
19.09.13 24.09.13 27.09.13
03.10.13 08.10.13 11.10.13
24.10.13 29.10.13 01.11.13
07.11.13 12.11.13 15.11.13
21.11.13 26.11.13 29.11.13
05.12.13 10.12.13 13.12.13

Auctions of government bonds and Treasury bills may be cancelled or supplemented with ad hoc issues.

NORGES BANK

Published 20 December 2012 10:00
Edited 08:26