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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. About 12 percent of the bonds are 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 2017. Millions of kroner

Issuer Country Holding 
United States of America US 591,333
Japanese government Japan 169,090
Federal Republic of Germany Germany 104,571
Mexican government Mexico 63,269
UK government UK 62,241
French Republic France 58,006
South Korean government South Korea 52,516
Italian Republic Italy 42,971
Spanish government Spain 41,903
Kreditanstalt für Wiederaufbau Germany 33,451



See all fixed-income 

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