Cómo afecta a España el vuelco en la cartera del fondo de Noruega

Norway's sovereign wealth fund, NBIM, is set to significantly alter its investment strategy, potentially causing a major shift in the portfolio of the Scandinavian country's sovereign fund. The fund has decided to decrease its exposure to sovereign debt to 50% from the current 70%, resulting in the sale of approximately €100 billion worth of bonds.

This adjustment will primarily impact the US Treasury, from which Norway could potentially free itself of around €62 billion in bonds. However, NBIM's actions will also have implications for governments across the Eurozone, with Spain being one of the hardest hit due to NBIM's large holdings of Spanish government bonds totaling €6.4 billion.

If NBIM were to fully adjust its portfolio in line with Europe, it would need to divest itself of over €1 billion in Spanish debt. This change might seem modest considering the total Spanish sovereign debt of €1.76 trillion, but it adds to the challenges of an already high risk premium environment due to the conflict in Iran, rising oil prices, inflation and expectations of interest rate hikes.

NBIM, however, intends to increase its corporate bond holdings in Spain by around €800 million, currently having over €4 billion invested in Spanish entities such as banks and major companies like Iberdrola, Cellnex, Adif and Colonial. With the aim of achieving a 50-50 split between sovereign and corporate bonds globally, NBIM's strategy in Europe will likely favor public emitters.