NGB Spotlight: NOK 3bn in NST481 and NST490

SEB previews the upcoming NOK 3bn tap auction of NST481 and NST490 bonds, noting strong demand for shorter tenors and attractive valuations in the long end.

Key Takeaways

• 1.Norges Bank is conducting a multiple tap auction of NOK 3bn split between NST481 and NST490 bonds.
• 2.Norway's sticky inflation narrative supports expectations for a policy rate peak at 4.55%.
• 3.Norges Bank plans to issue between NOK 100-110bn in 2026, with over half already issued.

Table of Contents

• NOK 3bn in NST481 and NST490
• NST spread curves
• NST spreads vs Germany
• NST ASW spreads
• Annual cumulative NST supply
• Annual NST gross supply

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