Ownership concentration of mortgage-credit bonds
Danmarks Nationalbank's statistics on ownership concentration of Danish mortgage-credit bonds are broken down by series with low, medium and high concentration, respectively. The below Excel file shows this breakdown for the last closed month. The ownership concentration has the following possible outcomes:
1 – Securities with low concentration. Maximum ownership share < 20 per cent.
2 – Securities with medium concentration. 20 per cent <= maximum ownership share < 50 per cent
3 – Securities with high concentration. Maximum ownership share >= 50 per cent
0 – The total amount of the security is owned by the issuer
The compilation is relevant for e.g. borrowers in mortgage-credit series, because bond series with high concentration tend to be characterised by lock-in effects, cf. Danmarks Nationalbank's Monetary Review, 4th Quarter 2008. The lock-in effects in mortgage-credit bonds may entail a higher price for bonds in periods where purchase is relevant.