EUR 18.7 billion debt program in Denmark leaves bankers confused

The biggest Nordic banks have voiced concerns over how Denmark’s debt office is handling sales of its shortest-dated securities.

Photo: Jens Dresling/Ritzau Scanpix

The debt office in Copenhagen, which is part of the central bank, recently added commercial paper to the list of securities it sells. But bankers at Danske and Nordea, among others, say the office has left them in the dark when it comes to key details. The upshot is that bankers and the investors they advise don’t know how Denmark is planning to structure its short-term debt program, they say.

Denmark has said its program of treasury bills and commercial paper will reach EUR 18.7 billion (USD 21 billion) by the end of this year, as the total financing need surges by EUR 26.8 billion (DKK 200 billion) to pay for emergency measures to fight the Covid-19 crisis.

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