In January, Danish investors net purchased foreign bonds, while foreign investors net purchased Danish shares and net sold Danish bonds.
In particular, foreign investors net sold DKK-denominated mortgage bonds, while foreign investors net purchased government bonds and treasury bills.
However, the foreign ownership share of all DKK-denominated bonds rose to 18.5% in January after declining the previous two months.
Foreign investors now hold 35.1% of all government bonds - the largest share since October 2012, 80.1% of all treasury bills - down from 84.2% - and 14.0% of all DKK-denominated mortgage bonds - up from 12.7%.
Foreign investors' portfolio of Danish bonds is more or less evenly split between different maturities with a slight overweight of bonds with a remaining maturity of one to five years.
Overall, the sell-off in DKK-denominated bonds and the purchases of Danish shares by foreign investors more or less nets out, which means that portfolio flow is not likely to have contributed significantly to the move up in EUR/DKK in January.
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