External broker reports, Nordea

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Macroeconomics

<ul><li>Next Thursday Norges Bank will keep its key rate at 4.5% as signalled and widely expected.</li><li>As this is an ‘interim’ meeting there will be no new forecasts, only a verbal press statement.</li><li>The statement will highlight that inflation has come in slightly lower than expected but that it is still too high, but also that the NOK has been weaker and forward rates abroad has increased.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Next Thursday Norges Bank will keep its key rate at 4.5% as signalled and widely expected.As this is an ‘interim’ meeting there will be no new forecasts, only a verbal press statement.The statement will highlight that inflation has come in slightly lower than expected but that it is still too high, but also that the NOK has been weaker and forward rates abroad has increased.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.</li><li>Overall issuance from Norway was approx. 3x that of last year incl. covered prints. Swedish names also printed in EUR, but the trend continues with less issuance compared to last year.</li><li>USD issuance YTD has been elevated compared to previous years with an uptick from last year by non-USD issuers printing in USD. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.Overall issuance from Norway was approx. 3x that of last year incl. covered prints. Swedish names also printed in EUR, but the trend continues with less issuance compared to last year.USD issuance YTD has been elevated compared to previous years with an uptick from last year by non-USD issuers printing in USD. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thematic (Sector/Industry)

<ul><li>Norges Bank kept its key rate unchanged at 4.5% today with no change in the conclusion vis-à-vis December:</li><li>“Based on the Committee’s current assessment of the outlook and the balance of risks, the policy rate will likely be kept at that level for some time ahead.</li><li>"When it comes to the risks to the outlook for the key rate, the central bank again repeats that a weaker NOK than expected could lead to a new hike</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Norges Bank kept its key rate unchanged at 4.5% today with no change in the conclusion vis-à-vis December:“Based on the Committee’s current assessment of the outlook and the balance of risks, the policy rate will likely be kept at that level for some time ahead."When it comes to the risks to the outlook for the key rate, the central bank again repeats that a weaker NOK than expected could lead to a new hikeContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Norges Bank plans to increase NGB issuance to between 100 and 110 bn NOK in 2024, a large increase from the 80bn issued this year. </li><li>NGBs are mainly used to fund various government lending schemes, but the bulk of next year’s increase is not from these programs and a source of some uncertainty to us. </li><li>The Government Budget cites the end of the special income stream from the discontinuation of a government infrastructure fund (it added 100bn in 2023) as the reason behind the increased funding needs (“Gul bok” p44 and p88, in Norwegian only).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Norges Bank plans to increase NGB issuance to between 100 and 110 bn NOK in 2024, a large increase from the 80bn issued this year. NGBs are mainly used to fund various government lending schemes, but the bulk of next year’s increase is not from these programs and a source of some uncertainty to us. The Government Budget cites the end of the special income stream from the discontinuation of a government infrastructure fund (it added 100bn in 2023) as the reason behind the increased funding needs (“Gul bok” p44 and p88, in Norwegian only).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>There was some excitement amongst market participant wether Norges Bank could once more hike by 50bp after the inflation up-shoot in June.</li><li>However with July inflation broadly in line with the central bank’s view, the excitement has disappeared.</li><li>We expect Norges Bank to stick to it plan from June and increase the key rate by 25bp to 4.0%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

There was some excitement amongst market participant wether Norges Bank could once more hike by 50bp after the inflation up-shoot in June.However with July inflation broadly in line with the central bank’s view, the excitement has disappeared.We expect Norges Bank to stick to it plan from June and increase the key rate by 25bp to 4.0%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Norges Bank Preview: Sticking to the plan

Norway

The Norwegian krone is the official currency of the Kingdom of Norway.  The US dollar is the official currency of the United States of America.

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Norges Bank Preview: No change

Next Thursday Norges Bank will keep its key rate at 4.5% as signalled and widely expected. As this is an ‘interim’ meeting there will be no new...

Nordea

Nordea XCCY publication: May Edition

Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.

Nordea

Norges Bank Review: Nothing new

"When it comes to the risks to the outlook for the key rate, the central bank again repeats that a weaker NOK than expected could lead to a new hike

Nordea

NGB: Borrowing Programme 2024

Norges Bank plans a large increase in bond issuance next year and could at the same time restart their swap program. We comment on last week's...

Nordea

Norges Bank Preview: Sticking to the plan

There was some excitement amongst market participant wether Norges Bank could once more hike by 50bp after the inflation up-shoot in June.

Nordea

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