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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 11 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 31 December 2017. Millions of kroner

Issuer Country Holding
United States of America US 607,651
Japanese government Japan 190,956
Federal Republic of Germany Germany 119,591
UK government UK 70,061
French Republic France 63,517
Spanish government Spain 48,221
Mexican government Mexico 46,036
South Korean government South Korea 45,425
Italian Republic Italy 42,150
Australian government Australia 34,860
Kreditanstalt für Wiederaufbau Germany 28,703
Indian government India 27,826
Brazilian government Brazil 25,334
Government of Canada Canada 25,008
Canada Mortgage & Housing Corp Canada 23,399
Government of Indonesia Indonesia 22,817
European Investment Bank International organisation 19,421
Government of Russian Federation Russia 18,385
Bank of America Corp US 17,002
AT&T Inc US 16,526
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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.