Investor Relations

The Department of Finance of the City of Oslo is responsible for raising funds for the internally managed Loan Fund.

How does the Loan Fund work?

The Loan Fund is financed by borrowing in the external capital market. The borrowing needs of the City Treasury and its municipal undertakings are met through loans from the Loan Fund.

Rules and Regulations

According to the Local Government Act shall all municipalities adopt Financial Management Rules which shall contain provisions preventing the municipality or the county authority from taking a significant financial risk in the financial and debt management, which ensures that the current payment obligations may be met at maturity.

The City of Oslo’s Financial Management Rules can be found here (in Norwegian only).

Goals

As stated in the City of Oslo’s Financial Management Rules the main goal of the financial and debt management is to ensure cost-effective and rational financing of the City's various activities without incurring significant financial risk. The City of Oslo must always maintain sufficient liquidity to meet its payment obligations.

This means:

  • Efficiently securing the City's capital needs
  • Minimizing the City's net financial costs within defined risk limits
  • Utilizing the City's overall cash flows to reduce borrowing needs

Credit Rating

The City of Oslo holds an AA+ Credit Rating with Stable Outlook from S&P Global Ratings.

The City of Oslo also holds an unsolicited long-term rating of Aaa with Stable Outlook from Moody’ Ratings.

Bonds Issued

The Loan Fund’s major source of funding is bond issues. The City of Oslo has primarily used a Dutch auction format, but syndicated issuance is also an available option.

Outstanding bonds issued by the City of Oslo

Green Bond Framework

The City of Oslo’s Green Bond Framework was awarded Dark Green Shading in S&P Global Ratings’ Second Party Opinion (SPO) in 2025.

The City of Oslo’s Green Bond Framework

S&P Global Ratings SPO

Loans

The Loan Fund's may take out loans, subject to lower overall financing compared to bonds issuance. Currently, the City of Oslo have loans with Kommunalbanken (KBN) and the Nordic Investment Bank.

Financial Information

Click here for budgets, annual reports and statements for the City of Oslo (in Norwegian only)

Consolidated Appropriations Overview Investment, Financial Overview, and Balance Sheet 2024 (This is a discretionary translation from Norwegian. The information provided should not be relied upon as a comprehensive understanding of the financial statements).

Financial Management - Report as of 31 August 2025.

Contact Information

Head of Finance, Christian B. Ramm
E-mail: christian.ramm@byr.oslo.kommune.no
Alt. mail: auksjon@byr.oslo.kommune.no