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Fixed-income management

The fund’s fixed-income investments are allocated 70 percent to bonds issued by governments and related institutions and 30 percent to securities issued by the corporate sector.

Government bonds

The investments in government bonds are distributed according to the economic size of a country, as measured by its gross domestic product. Norges Bank Investment Management also considers the strength of a country’s public finances when investing in government bonds.

The majority of the investments are in developed countries, with a high percentage of government bonds denominated in euros, dollars, pounds and yen. Around 10 percent of fixed-income investments are in government bonds in currencies from emerging markets. These bonds generally have an investment grade credit rating.

Corporate bonds

The investments in corporate bonds include debt issued by companies as well as covered bonds, or debt issued by banks that are secured by a portfolio of mortgage loans. Corporate bonds normally provide a higher return than government bonds.

All corporate bond investments are made after a credit assessment, either external or internal. Holdings in non-investment grade bonds are targeted to not exceed 5 percent of the overall fixed-income portfolio.


Percentage of market value of bonds in the benchmark index

Source: Bloomberg Barclays Indices, Norges Bank Investment Management


The fund's largest bond holdings

As at 30 June 2018. Millions of kroner

Issuer Country Holding 
United States of America US                                        665,594
Japanese government Japan                                        195,072
Federal Republic of Germany Germany                                        112,260
UK government UK                                          70,438
French Republic France                                          53,887
Italian Republic Italy                                          43,809
Spanish government Spain                                          43,263
Mexican government Mexico                                          40,223
South Korean government South Korea                                          36,380
Australian government Australia                                          35,399
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See all fixed-income 

The fund's total holdings are published annually with the annual reporting on the fund. The annual holdings as at 31 December are available from inception in 1998.