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Norway Raises 5.3 Billion Krone in Dual Bond Auction

By Markets Desk · 2026-09-20 · 1 min read
A stack of paper currency notes and a calculator on a wooden desk
Illustration: Tradingbird

Norway sold 5.335 billion NOK in two Treasury bond series. The 2038 issue cleared at a 7.05% yield. Bid-to-cover ratios exceeded 1.5 for both lots.

The Norwegian Ministry of Finance completed a dual-tranche bond auction on September 18, 2026. Total proceeds reached 5,335 million Norwegian kroner. The settlement date for both issues is September 23, 2026. The data comes from the GN auto markets/bonds: bond auction release.

The RIKB 38 0215 series allocated 1,780 million NOK. The RIKS 50 0915 series allocated 3,555 million NOK. All bids were awarded in full. No partial allocations occurred in either tranche.

Yield curves and pricing levels

The 2038 bond settled at a price of 95.735. The corresponding yield was 7.050%. The best bid for this series reached 96.000 price. The lowest price accepted was 95.735. The weighted average price for successful bids was 95.804.

The 20915 bond settled at a price of 111.920. The yield stood at 2.810%. The best bid price was 112.220. The weighted average price for successful bids was 112.089. The lowest price accepted was 111.920.

Bid coverage remains strong

Investors submitted 23 bids for the 2038 issue. Total bid volume was 3,860 million NOK. The bid-to-cover ratio was 2.17. Fourteen bidders received full allocations. All successful bids were awarded in full.

Investors submitted 20 bids for the 20915 issue. Total bid volume was 5,635 million NOK. The bid-to-cover ratio was 1.59. Seven bidders received full allocations. The weighted average price of all bids received was 111.943.

Market demand exceeds supply

Demand for the longer-dated 2038 bond outstripped supply by a factor of 2.17. The 20915 bond saw demand cover supply by 1.59. The auction structure allowed for full allocation of all successful bids. The price dispersion between best and worst bids was narrow for both series.

Based on reporting by NTB Kommunikasjon, compiled by the Tradingbird desk.

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