In May Danish investors net purchased foreign shares and bonds, while foreign investors net purchased Danish shares and bonds.
Foreign investors increased their holdings of government bonds, treasury bills and DKK-denominated mortgage bonds.
Appetite for Danish bonds among foreign investors thus remains strong. Consequently, the foreign ownership share of DKK-denominated bonds in May was at the highest level in 14 years.
Foreign investors now hold DKK243bn in government bonds equivalent to 35.7% of the total stock, DKK29bn in treasury bills, which amounts to 89.1% of the total stock, and DKK375bn in mortgage bonds, which equals 15.3% of the stock.
The strong foreign demand for DKK assets is supportive for DKK, although it was not enough to alleviate the pressure in April and May, which forced Danmarks Nationalbank to act twice - first by intervening and raising interest rates in April and then by not tracking the ECB rate cut in June.
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