

Norway oil fund’s derivatives book balloons 192% in H2 2021
Sovereign wealth fund GPFG piled up FX and IR contracts and tapped CDS for the first time
Norway’s sovereign wealth fund radically reshaped its hedging profile in 2021’s volatile second half, nearly tripling the amount of derivatives notional on its book.
The fund, known formally as the Government Pension Fund Global (GPFG), held Nkr1.1 trillion ($125 billion) notional of derivatives as of December 31, up 192% from June 30 and 153% from end-2020.
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Foreign currency forwards and interest rate swaps led the increase, with notional ballooning 189% to Nkr791.7 billion and 237%
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