Issue and trading

Issue and buy-back in government securities
Danish government securities are issued to and bought back from banks that have entered into primary dealer contracts. Government Debt Management has concluded primary dealer contracts for government bonds and T-bills respectively.

Danish government bonds are issued via auctions supplemented with tap sales. The opening sale of securities takes place via auction.

The central-government performs buy-backs from primary dealers through three facilities: tap buy-back, auction based buy-back facility and a security exchange facility. Buy-backs from the market can be conducted in all government bond series but in principle not in key on-the-run issues.

Danish T-bills are issued via auctions. As a general rule auctions in T-bills will be held at the penultimate business date of the month.