Central government borrowing strategy for 2nd half of 2025

The strategy update for the government’s borrowing in the second half of 2025 has now been published. The key messages in the strategy are: 

Issuance target is maintained at kr. 65 billion for bond issuances 

The target for bond issuances remains unchanged at kr. 65 billion. The focus will continue to be on issuance in the nominal 2-year and 10-year maturity segments. 

Opening of a new 10-year green twin bond 

A new 10-year green government bond is expected to be opened in the second half of the year under an updated green bond programme. The bond is expected to be opened via syndication and will become a twin bond to DGB 2.25 per cent 2035. In 2025, up to kr. 10 billion at market value can be issued in the new bond. 

Unchanged issuance strategy despite Government financing of KommuneKredit 

In 2025, financing will occur through withdrawals from the central-government’s account and will therefore not lead to a change in the strategy for government borrowing in 2025. At the end of the second quarter of 2025, the first loans, which are expected to total kr. 20 billion in 2025, were disbursed to KommuneKredit. 

The strategy announcement is available at www.governmentdebt.dk. 

Enquiries can be directed to Henrik Nørby on telephone +45 3363 6525 or email: [email protected].