Dow Jones said that Scandinavian bond yields have tumbled in recent months and look set to stay depressed as the euro-zone's crisis rumbles on and investors seek out safer alternatives to euro-zone debt. But the safe-haven status could also hit the export dependent economies.

Last year Scandinavian sovereign bonds were among the strongest performers.

"This is a euro-land crisis, so foreign investors are saying 'let's get something other than euro land," said Jens Peter Sørensen, chief analyst at Danske Bank in Copenhagen, told Dow Jones.

However, the Nordic countries are heavily dependent on exports to continental Europe, and these could suffer if the crisis there continues.

"Fundamentals are very strong in the Nordics [Scandinavia plus Finland], but when your neighbors are in difficulty it may spill over", Fitch Ratings' Managing Director Edward Parker told the newswire.

Edward Parker concluded that if the Nordic economies get too much of a safe-haven status, their exports could also take a hit as investors start buying heavily into their currencies, pushing up the exchange rate.