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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 11 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 September 2017. Millions of kroner

Issuer Country Holding 
United States of America US                                        569,729
Japanese government Japan                                        162,354
Federal Republic of Germany Germany                                          96,349
French Republic France                                          63,168
UK government UK                                          61,891
Mexican government Mexico                                          55,882
South Korean government South Korea                                          46,549
Italian Republic Italy                                          42,157
Spanish government Spain                                          41,514
Kreditanstalt für Wiederaufbau Germany                                          31,572



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.