Danish investors only made small adjustments to ownership of foreign shares and bonds in January. Foreign investors net purchased DKK-denominated bonds for DKK18bn.
Over the past year foreign investors and domestic L&P investors have increased their ownership share of DKK-denominated bonds mainly due to an increase in the ownership share of DKK-denominated mortgage bonds and, for foreign investors, also to an increase in the ownership share of government bonds. Foreign investors own more than 22% of all DKK-denominated bonds.
The foreign ownership share of government bonds now matches the historic high level of 37% from 2000.
For treasury bills, the foreign ownership share declined to 77% of the total stock.
Investors abroad hold more than 18% of the total stock of DKK-denominated mortgage bonds - the highest share registered.
Around 33% of the stock of bonds with a remaining maturity of less than one year is held abroad, 24% of the stock with a remaining maturity between one and five years and 19% with a remaining maturity above five years.
The popular status of Danish assets abroad is one factor which continues to add support to DKK and is likely to have contributed to the significant downward pressure on EUR/DKK in January.
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