Norwegian Credit Market Overview - Danske Bankdanskeanalyse.danskebank.dk/link/NorwegianCreditMarketOverview... · Head of Credit Research Norway Credit Research Analyst Credit

Norway

Bryggetorget 40107 Oslo

Denmark

HolmensKanal 2-121092 Copenhagen K

Finland

Pohjoisesplanadi 37A00100 Helsinki

Sweden

Norrmalmstorg 1103 92 Stockholm

United Kingdom

75 King William StreetLondon EC4N 7DT

This document is intended for institutional investors and is not subject to all the independence and disclosure standards applicable to debt research reports prepared for retail investors

Norwegian Credit Market Overview

6 April 2017

Haseeb Syed Bendik Engebretsen Jonas Meyer

Head of Credit Research Norway Credit Research Analyst Credit Research Analyst

Phone +47 85 40 54 19 Phone +47 85 40 69 14 Phone +47 85 40 70 79

Mobile +47 97 98 78 82 Mobile +47 92 88 12 10 Mobile +47 92 85 85 25

[email protected] [email protected] [email protected]

Investment Research www.danskebank.com/CI Important disclosures and certifications are contained from page 35 of this report.

mailto:[email protected]



http://www.danskebank.com/CI

22Source: Bloomberg, Danske Bank Markets Source: Bloomberg, Danske Bank Markets

Buy Golar LNG Partners outright – signing of long-term contracts set to tighten spreads

The spread on LNG shipping and FSRU bonds have tightened significantly lately as all players in

our coverage universe (HLNG, GMLP, GLOG and TGP) has issued bonds in 2017. Golar LNG

Partners has more market risk than peers as the average contract backlog length is shorter, at

four years. We argue that there is still some upside potential in GOLP02 and GOLP03, triggered

by potential signing of long-term contracts on its three vessels that come of contract in 2017. The

ability to sign new long-term contracts were proven by the signing of a two-year (potentially up to

nine years with options) contract on Golar Grand on 17 March 2017.

Chart 2. GMLP’s bonds and the NOK BB curve

Chart 1. Debt maturity profile (USDm)

Credit metrics (2016e)Golar LNG

PartnersHöegh LNG GasLog

Teekay LNG

Partners

EBITDA (USDm) 352 111 299 283

NIBD/EBITDA 4.1x 6.2x 8.9x 5.6x

TIBD/Total assets 69% 63% 64% 46%

EBITDA margin 82% 48% 65% 71%

Average backlog length 4 years 5 years 14 years13y LNG, 5y

LPG

Table 2. Key credit metrics

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry

Nor. vs Eur. spreads

Liquidity

Spreads and oil

Relative pricing

Bond overview

International spreads

Sr. bank and covered

Top picks (1)

Table 1. Fleet overview and contract backlog

Vessel Vessel Built Owned Charter Counterparty 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Name Type year % end FY FY FY FY FY FY FY FY FY FY

Methane Princess LNG>100,000 2003 100% 2024 BG Group 5+5 years

Golar Winter FSRU 2004 100% 2024 Petrobras

Golar Spirit FSRU 1981 100% 2017 Petrobras Compensation to Aug. 2018

Golar Mazo LNG>100,000 2000 60% 2017 Pertamina 5+5 years

Golar Freeze FSRU 1977 100% 2020 DUSUP 5 years

Nusantara (NR Satu) FSRU 1977 100% 2022 Nusantara Regas 3 years

Golar Grand LNG>100,000 2006 100% 2017 Golar LNG / Major O&G Series of extension periods up to 9 years

Golar Maria LNG>100,000 2006 100% 2017 ENI

Golar Eskimo FSRU 2014 100% 2025 Kingdom of Jordan

Golar Igloo FSRU 2014 100% 2019 KNPC

Golar Tundra FSRU 2015 100% 2021 West Africa Gas 5 years

Fixed-rate contract Option

103 100 100 80 40

39 150 25043

440

0

100

200

300

400

500

600

700

800

2017E 2018E 2019E 2020E 2021E

US

Dm

Debt balloon

Bond (net of restricted cash)

Amortisation profile

BB index curve

GOLP01, 142

GOLP02, 544

HLNG01, 132

HLNG02, 432

GLOG01, 278

GLOG02, 536

TKLNG01, 155

TKLNG02, 303

TKLNG03, 445

TKLNG04, 494

HLNG03, 465

GOLP03, 613

0

100

200

300

400

500

600

700

0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5

Mid

sp

rea

d (

bp

s)

Years to maturity

33

Table 2. Outstanding bonds

Source: Bloomberg, Danske Bank Markets Source: Bloomberg, Danske Bank Markets

Buy Teekay Offshore Partners outright – yield of ~10% with declining risk

We recommend buyng Teekay Offshore Partners NOK bonds, on the back of:

A promising outlook of the company’s fleet; multiple newbuilds and conversions commencing

contracts already from Q2 2017, substantially improving CF.

An improved liquidity and balance sheet since last year’s financing initiatives

A more sustainable strategy going forward; a shift from growth to execution

We believe that uncertainty regarding 1) the financing of the remaining capex in

2017, 2) refinancing risk regarding maturing bonds and 3) uncertainty regarding

FPSO units’ maturing contracts, are all weighing too much on the current bond

prices. With the increased cash flow from the units commencing long-term contracts in

2017, we estimate that the company should be able to repay the outstanding NOK

bonds at maturity, and see low refinancing risk connected to the unsecured bonds.

Chart 2. TOO’s bonds and the NOK HY curve

Chart 1. Bond maturity profile (USDm)

11894

300

0

100

200

300

400

500

2017 2018 2019

USD bond (Jul. 2019)

TOP04 (Des. 2018)

TOP05 (Jan. 2019)

TOP02 (Nov. 2018)

HY index curve

TOP05, 945TOP04, 986TOP02, 953

0

200

400

600

800

1000

1200

0.5 1.5 2.5 3.5 4.5 5.5 6.5

Mid

sp

rea

d (b

ps)

Years to maturity

TickerYield to

maturityOutstanding (m) Coupon

Base /

TypeMaturity

TOP02 10.2% NOK 420 5.75% 3MN Nov-18

TOP04 10.3% NOK 800 5.75% 3MN Dec-18

TOP05 9.6% NOK 1,000 4.25% 3MN Jan-19

- 11.0% USD 300 6.00% Fixed Jul-19

Credit metrics 2014 2015 2016 2017E 2018E

EBITDA (USDm) 456 628 576 667 757

NIBD/EBITDA 4.8x 4.9x 5.1x 4.7x 3.7x

EBITDA interest

coverage5.2x 5.1x 4.1x 4.7x 5.4x

Table 1. Key credit metrics

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview



Top picks (2)

Moody’s corporate credit spreads – high yield widening since start of March

4

* Premiums calculated as bp Low rating – bp High rating.

Source: Moody’s Investor Service, Danske Bank Markets (all charts)

Moody’s ‘B’ spreads over LIBOR by maturity (bp) Moody’s ‘BBB’ spreads over LIBOR by maturity (bp)

Moody’s five-year premiums by rating (bp)* Moody’s five-year spreads over LIBOR by rating (bp)

328371

300350400450500550600650700750

May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17

3 years 5 years 7 years

3 year spread index:March 2nd: 328bpApril 3rd: 371bp43bp spread increase

131

82

184

130

227

165

80

100

120

140

160

180

200

220

240

May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17

3 Year 5 Year 7 Year

130

276

405

0

100

200

300

400

500

600

700

800

Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17

Baa2 Ba2 B2Aaa Aa2 A2 Baa2 Ba2 B2 Caa-C

Aaa 0 33 66 123 268 398 474

Aa2 -33 0 33 90 235 365 441

A2 -66 -33 0 56 202 332 408

Baa2 -123 -90 -56 0 146 275 351

Ba2 -268 -235 -202 -146 0 129 206

B2 -398 -365 -332 -275 -129 0 76

Caa-C -474 -441 -408 -351 -206 -76 0

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview



Top picks

While European spreads widen, Norwegian corporate bond prices reflect more comfort

European versus Norwegian investment-grade spreads

5

NOK ‘BB’ spread curves: April 2017 vs April 2016

Source: Bloomberg, Danske Bank Markets (all charts)

European vs Norwegian high-yield spreads (bp)

NOK IG spread curves: April 2017 vs April 2016

168

75

0

100

200

300

400

500

Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17

bps

NOK 5-year A-index

NOK 5-year BBB-index

iTraxx Main

0

200

400

600

800

1,000

Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17

bp

s

5-Years NOK BB spread index

5-Years NOK HY spread index

iTraxx Crossover

0

100

200

300

400

500

600

700

1 2 3 4 5 6 7

Avera

ge s

pre

ad (

bps)

Years to maturity

BB curve 2017 BB curve 2016

020406080

100120140160180

1 2 3 4 5 6 7

Avera

ge s

pre

ad (

bps)

Years to maturity

IG curve 2017 IG curve 2016

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview



Top picks

A more stable oil price facilitates steady performance in Norwegian high-yield credits

Norwegian investment grade vs oil price (Brent)

Senior financials’ spread drop has been maintained, and is now at ~11bp discount of the A-index – on par with last year’s level

6

5Y senior financials vs Norwegian corporate IG (bp)

Distressed volumes defined as the sum of volumes of bonds traded at a price below 70% of par between 2015 and end-of-year 2016.

Source: Bloomberg, Danske Bank Markets (all charts)

Norwegian high yield vs oil price (Brent)* (year-week)

Norwegian senior financials and municipalities (bp)

0

10

20

30

40

50

60

70

50

70

90

110

130

150

170

190

Mar-16 Jul-16 Nov-16 Mar-17

US

D/b

bl

bps

NOK 5-year A-index

NOK 5-year BBB-index

Brent spot (r.h.a)

8271

50

70

90

110

130

150

170

Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17

bps

NOK 5-year A-index

NOK Senior financials

0

50

100

150

200

Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17

bps

NOK Senior financialsOslo municipalityOMF index

0

200

400

600

800

30

40

50

60

70

80

90

2016- 40

2016- 44

2016- 48

2016- 52

2017- 3

2017- 7

2017- 11

Tra

ded

vo

lum

es (N

OK

m)

Distressed volumes (r.h.a)

Distressed price index (% of par, l.h.a)

Brent price (USD/barrel l.h.a)

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview



Top picks

Net inflows in both IG and HY funds in March

Norwegian investment-grade fund flows

High yield inflows of NOK854m in March, bringing YTD net inflows of NOK2.1bn. IG flows also positive, at NOK1.8bn.

7

*As per March 20th.

Source: Verdipapirforbundet, Danske Bank Markets (all charts)

Norwegian high-yield fund flows

The 10 largest high-yield funds’ AuM (YTD change, NOKm AuM)*

0

5

10

15

20

25

30

35

40

45

-2.5

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17

Au

M (N

OK

bn

)

Fund flo

ws (

NO

Kbn)

Sum HY flows HY AuM

155

160

165

170

175

180

185

190

-15.0

-10.0

-5.0

0.0

5.0

10.0

Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17

Au

M (N

OK

bn

)

Fu

nd flo

ws (

NO

Kb

n)

Sum IG flows IG AuM

12%, 7,366

9%, 5,902

9%, 4,184

-5%, 2,755

-7%, 2,065

8%, 1,728

4%, 1,272

37%, 927

5%, 852

7%, 786

DNB High Yield

Handelsbanken Høyrente

Holberg Kreditt

Pareto Høyrente

Storebrand Rente+

Alfred Berg Høyrente CII (NOK)

SR-Rente

Eika Kreditt

Pareto Kreditt B

Landkreditt Extra

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview



Top picks

Primary corporate IG bonds were 3x last years’ volumes and on par with preceding years

Corporate IG Q1 17 bond issuance by sector

8

Corporate investment-grade bond settlements last month

Issuances with settlement after March 2017 are excluded from the table

Source: Stamdata, Danske Bank Markets (all charts and table)

January primary market: Corporate IG bond volumes

02468

10121416

2014 2015 2016 2017

Issu

ed

vo

lum

es

Q1

(N

OK

bn

)

Jan Feb Mar

300

333

500

600

900

1,100

8,239

8,323

Consumer Services

Transportation

Media

Telecom/IT

Convenience Goods

Auto

Real Estate

Utilities

ISIN Issuer

Issued

(NOKm)

Outstanding

(NOKm) Currency

Settlement

Date

Maturity

Date Risk Coupon (%)

Base rate /

Coupon type Issue Type

NO0010754054 Barcode 121 Holding AS 260 2,795 NOK Mar-17 Dec-24 Senior Secured 3.75 Fixed Bonds

NO0010789282 Bergen-Os Bompengeselskap AS

278 278 NOK Mar-17 Mar-27 Municipality Guaranteed 2.73 Fixed Bonds

NO0010789464 Entra ASA 750 750 NOK Mar-17 Mar-24 Senior Unsecured 0.86 NIBOR 3 Month Bonds

NO0010740061 Entra ASA 400 1,200 NOK Mar-17 Jun-22 Senior Unsecured 2.45 Fixed Bonds

NO0010787948 Fredrik Selmers vei Eiendomsinvest AS

155 155 NOK Mar-17 Mar-21 Senior Secured 3.75 Fixed Bonds

NO0010719727 Hafslund ASA 100 600 NOK Mar-17 Sep-19 Senior Unsecured 0.53 NIBOR 3 Month Bonds

NO0010769300 Lyse AS 80 330 NOK Mar-17 Jul-19 Senior Unsecured 0.91 NIBOR 3 Month Bonds

NO0010789787 MøllerGruppen AS 400 400 NOK Mar-17 Mar-22 Senior Unsecured 1.00 NIBOR 3 Month Bonds

NO0010787823 NorgesGruppen ASA 300 300 NOK Mar-17 Feb-23 Senior Unsecured 0.75 NIBOR 3 Month Bonds

NO0010788979 OBOS Forretningsbygg AS 580 580 NOK Mar-17 Mar-22 Senior Secured 2.57 Fixed Bonds

NO0010790082 Promenaden High Street AS 1,000 1,000 NOK Mar-17 Mar-22 Senior Secured 3.50 Fixed Bonds

NO0010787252 Rikshem AB 500 500 NOK Mar-17 Mar-27 Senior Unsecured 3.04 Fixed Bonds

NO0010788003 Rikshem AB 400 400 NOK Mar-17 Mar-24 Senior Unsecured 2.60 Fixed Bonds

XS1572280565 Scania CV (publ) 200 200 NOK Mar-17 Mar-20 Senior Unsecured 0.74 NIBOR 3 Month Bonds

XS1572280995 Scania CV (publ) 500 500 NOK Mar-17 Mar-21 Senior Unsecured 0.88 NIBOR 3 Month Bonds

NO0010786866 Schibsted ASA 500 500 NOK Mar-17 Mar-24 Senior Unsecured 1.20 NIBOR 3 Month Bonds

XS1582205040 Statkraft AS 4,564 4,564 EUR Mar-17 Mar-25 Senior Unsecured 1.13 Fixed Bonds

NO0010786783 Statnett SF 900 900 NOK Mar-17 Mar-24 Senior Unsecured 2.35 Fixed Bonds

NO0010786775 Statnett SF 1,400 1,400 NOK Mar-17 Mar-24 Senior Unsecured 0.70 NIBOR 3 Month Bonds

NO0010788342 Statnett SF 600 600 NOK Mar-17 Mar-32 Senior Unsecured 2.89 Fixed Bonds

NO0010781305 Tunga Invest II AS 180 180 NOK Mar-17 Mar-22 Senior Secured 3.60 Fixed Bonds

NO0010781933 Vasakronan AB (publ) 1,000 1,000 NOK Mar-17 Jan-22 Senior Unsecured 0.91 NIBOR 3 Month Bonds

NO0010786213 Wenaas Plaza Hotell AS 1,000 1,000 NOK Mar-17 Mar-20 Senior Secured 0.90 NIBOR 3 Month Bonds

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview



Top picks

High primary activity amongst corporate HY bonds, largest volumes since 2014

January primary market: Corporate high-yield bond volumes March HY corp. bond issuance by sector (NOKm)

9

Corporate high-yield bond settlements last month

Issuances with settlement after December 2016 are excluded from the table

Source: Stamdata, Danske Bank Markets (all charts and table)

ISIN Issuer

Issued

(NOKm)

Outstanding

(NOKm) Currency

Settlement

Date

Maturity

Date Risk Coupon (%)

Base rate /

Coupon type Issue Type

NO0010788961 Care Bidco AS 350 350 NOK Mar-17 Mar-21 Senior Secured 5.50 NIBOR 3 Month Bonds

NO0010788177 Dof Subsea AS 1,506 1,506 USD Mar-17 Mar-22 Senior Unsecured 9.50 Fixed Bonds

NO0010787120 Gaming Innovation Group Ltd 376 376 SEK Mar-17 Mar-20 Senior Secured 7.00 Fixed Bonds

NO0010722028 Golden Close Maritime Corp Ltd

339 690 USD Mar-17 Mar-22 Senior Secured 8.00 Fixed Bonds


51 51 USD Mar-17 Sep-21 Super Senior Secured 0.00 Zero Coupon Bonds


86 86 USD Mar-17 Mar-22 Super Senior Secured 10.00 Fixed Bonds

NO0010740467 Goliath Offshore Holdings Pte. Ltd.

17 476 USD Mar-17 Jun-18 Super Senior Secured 15.00 Fixed Bonds

NO0010788920 Jacob Holm & Sønner Holding A/S

917 917 EUR Mar-17 Mar-22 Senior Secured 3.75 EURIBOR 3 Month

Bonds

NO0010787641 Koggbron Projekt AB (publ) 4 4 USD Mar-17 Mar-19 Subordinated 18.00 Fixed Bonds

NO0010787633 Koggbron Projekt AB (publ) 25 25 NOK Mar-17 Mar-19 Subordinated 18.00 Fixed Bonds

NO0010787625 Koggbron Projekt AB (publ) 22 22 USD Mar-17 Mar-19 Senior Secured 11.50 Fixed Bonds

NO0010787617 Koggbron Projekt AB (publ) 120 120 NOK Mar-17 Mar-19 Senior Secured 11.50 Fixed Bonds

NO0010783459 Norwegian Air Shuttle ASA 942 949 SEK Mar-17 Aug-20 Senior Unsecured 5.00 STIBOR 3 Month Bonds

NO0010785744 Olympic Subsea ASA 300 300 NOK Mar-17 Jul-22 Senior Unsecured 3.00 Fixed Bonds

NO0010785751 Olympic Subsea ASA 60 60 NOK Mar-17 Jul-22 Senior Unsecured 0.00 Zero Coupon Bonds

0

2

4

6

8

10

12

14

2014 2015 2016 2017

Issu

ed v

olu

mes

Q1

(N

OK

bn

)

Jan Feb Mar

350

350

818

917

942

3,041

7,279

Real Estate

Health Care

Telecom/IT

Industry

Transportation

Oil and gas services

Shipping

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview



Top picks

Secondary Q1 volumes greatly exceeded previous years’ in both corporate HY and IG

Corporate high-yield secondary market traded volumes (NOKm) Price intervals for traded high-yield volumes

10

Corporate IG secondary market traded volumes (NOKm) Top ten traded corporate IG names in March (NOKm)

Note: Figures may include taps

Source: Oslo Børs, Danske Bank Markets (all charts)

0

1

2

3

4

5

6

7

8

Jan Feb Mar

Tra

ded v

olu

mes (

NO

Kb

n)

2015 2016 2017

95

106

123.5

130

150

195

242

271

368

485

694

VEIDEKKE ASA

KONGSBERG GRUPPEN ASA

NORTURA SA

OBOS FORRENTINGSBYGG AS

STEEN & STROM ASA

THON HOLDING AS

HAFSLUND ASA

STATNETT SF

AGDER ENERGI AS

BKK AS

OLAV THON EIENDOMSSELSKA

0%

20%

40%

60%

80%

100%

Jan

Mar

May Ju

l

Sep

No

v

Jan

Mar

May Ju

l

Sep

No

v

Jan

Mar

2015 2016 2017

Fra

ctio

n o

f tr

aded v

olu

mes

<50 50-60 60-70 70-80 80-90 90-100 >100

0

1

2

3

4

5

6

7

Jan Feb Mar

Tra

ded v

olu

mes (

NO

Kbn) 2015 2017 2016

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview



Top picks

Healthy levels of covered bond primary funding in 2016; highest level since 2011

Primary activity senior bank bonds Secondary activity senior bank bonds

11

Primary activity covered bonds Secondary activity covered bonds


0

10

20

30

40

50

60

Jan Feb Mar

Tra

ded v

olu

mes (

NO

Kb

n)

2015 2016 2017

0

10

20

30

40

50

Jan Feb Mar

Tra

ded v

olu

mes (

NO

Kbn)

2015 2016 2017

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0

20

40

60

80

100

120

2010 2011 2012 2013 2014 2015 2016 2017

Issued (

NO

Kb

n)

Sum of Issued Amount Average of Coupon

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0

50

100

150

200

2010 2011 2012 2013 2014 2015 2016 2017

Issued (

NO

Kbn)

Sum of Issued Amount Average of Coupon

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview



Top picks

Traded volumes and spreads for the most liquid bonds in March

Volumes and spreads for most traded shipping bonds Volumes and spreads for most traded oil-related bonds

12

Volumes and spreads for most traded real estate bonds Volumes and spreads for most traded other* industries

* Figures include tap issuances and repurchases. Exceptions are Crayon, Golar and Dofsub, which have all been removed from the graphs due to company repurchases.

Note: In brackets the average traded price throughout past month; other industries include the sectors of consumer and convenience goods, transportation, industry, auto, telecom and more


0 100 200 300 400 500

0 20 40 60 80

ENEID79 (100.15)ENEID55 (100.06)

OLT55 (103.64)ENEID88 (101.13)

ENEID64 (101.2)OLT59 (100.24)

THOL19 PRO (100.17)SST44 (100.67)

OBFB02 PRO (101.02)OLT63 (100.07)

Traded volumes (NOKm)

Average spread (bps)

Average Spread

Traded volumes (NOKm)0 200 400 600 800

0 200 400 600 800 1000

NORG64 (100.72)MOLLG01 PRO (100.48)

AINMT01 (104.64)BKK24 (100.44)AEN40 (101.57)

STANE46 (100.51)NORG73 (100.87)

BKK25 G (99.67)SSO01 G (105.63)HNA127 (100.34)



Average Spread


0 50 100 150

0 200 400 600 800 1000

GLOG01 (104)SNI05 (98.33)

SNI03 (102.79)TOP05 (91.91)

GLOG02 (105.07)HLNG01 (102.42)

OCY04 (100.55)SFLN02 (100.79)

SNI04 (104.38)ODF08 (101.47)



Average Spread

Traded volumes (NOKm)0 50 100 150 200 250

0 5000 10000 15000

NADL01 (34.71)VOSUB01 PRO (97.15)

DETNOR02 (116.5)SDRL07 (33.92)

BON05 (100.03)EFOR01 PRO (75.95)

BWO03 (90.74)BWO02 (92.07)

FAR04 (27.38)EMGS02 (70)



Average Spread


Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview



Top picks

Liquidity and credit spreads on bonds in selected industries

Liquidity and cash price in the oil services industry

Overview of shipping and oil service bonds’ liquidity and spreads in 2017

13

*Liquidity is calculated as the sum of each trade’s fraction of the average outstanding bond for 2017; liquidity includes tap issues


Liquidity and spreads in the shipping industry

0

200

400

600

800

1,000

0%

20%

40%

60%

Last

tra

ded

sp

rea

d

Liq

uid

ity

2017 Liquidity Last traded spread

0

20

40

60

80

1000%

5%

10%

15%

20%

% o

f pa

r (in

vert

ed)

Liq

uid

ity

2017 Liquidity Last traded price

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview



Top picks

Relative value in the oil service industry

TTM over prices – oil service industry

14

* Based on mid-price on 4 April (all charts).

Source: Bloomberg, Oslo Børs, Danske Bank Markets

DEED01 RETBON03

BWO01

DOFSUB07

BWO02

BOAS01 PRO

EMGS02

EFOR01 PRO

NADL01

BLH02 PRO

BOAO02 PRO

FOE05

BWO03

SDRL08

SIOFF02

AWDR01

BON05BON06JACKT01 PRO

BOA02 PRO

BWO04

BOAO03 PRO

PLCS02-BPLCS03-B

PGSNO 18

0

20

40

60

80

100

120

0 1 2 3 4 5 6

Mid

pri

ce (q

uot

ed)

Time to maturity

Mid price

Average TTM

Average priceFund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing (1)

Bond overview



Top picks

Relative value in the oil service industry– leverage ratio versus credit spreads

LTM NIBD/EBITDA over spreads – oil service industry

15

* Based on mid-price.


DEED01 RETBON03

BWO01BWO02

BOAS01 PRONADL01

BLH02 PRO

BOAO02 PRO

FOE05

BWO03

SDRL08

SIOFF02

AWDR01

BON05BON06

BWO04

BOAO03 PRO

PGSNO 18

0

20

40

60

80

100

120

0 5 10 15 20 25 30

Mid

pri

ce (q

uot

ed)

NIBD/EBITDA

Mid price

Average NIBD/EBITDA

Average price

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil


Bond overview



Top picks

Relative value in the oil services industry – profitability vs credit spreads

LTM EBITDA margin over spreads – oil service industry

16

* Based on mid-price


DEED01 RETBON03

BWO01BWO02

BOAS01 PRO NADL01

BLH02 PRO

BOAO02 PRO

FOE05

BWO03

SDRL08

SIOFF02

AWDR01BON05BON06

BWO04

BOAO03 PRO

PGSNO 18

0

20

40

60

80

100

120

0% 10% 20% 30% 40% 50% 60% 70%

Mid

pri

ce (q

uot

ed)

LTM EBITDA margin

Mid price

Average EBITDA margin

Average priceFund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil


Bond overview



Top picks

Relative value in the oil services industry – equity ratio vs credit spreads

Equity ratio over spreads – oil service industry

17

* Based on mid-price


DEED01 RETBON03

BWO01DOFSUB07

BWO02

BOAS01 PRO

EMGS02

BLH02 PRO

FOE05

BWO03

SDRL08

SIOFF02

AWDR01

BON05

BON06

BWO04

PLCS02-BPLCS03-B

PGSNO 18

0

20

40

60

80

100

120

15% 25% 35% 45% 55% 65% 75%

Mid

pri

ce (q

uot

ed)

Equity ratio

Mid price

Average price

Average equity ratio

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil


Bond overview



Top picks

Relative value in the shipping industry

TTM over quoted cash price – shipping industry

18

Source: Bloomberg, Oslo Børs, Stamdata, Danske Bank Markets

WWI19 PRO

TOP02

SNI03

SNI04ODF06

TOP04

WBULK01 PRO

WWI22

GLOG01TKLNG02

TOP05

SNI05SFLN03OCY02

WWI23

SNI06OCY03

TKLNG03

GOLP02

HLNG02

Møller - Mærsk 21 Møller - Mærsk 23Møller - Mærsk 26

GLOG02

ODF07 OCY04TKLNG04ODF08

-100

100

300

500

700

900

1100

1300

1500

0 1 2 3 4 5 6 7 8 9 10

Qu

oted

sp

read

*

Time to maturity

Mid spread

Average TTM

Average spreadFund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil


Bond overview



Top picks

Relative value in the shipping industry – leverage ratio vs cash price

LTM NIBD/EBITDA over cash price – shipping industry

19


WWI19 PRO

TOP02

SNI03

SNI04ODF06

TOP04

WBULK01 PRO

WWI22GLOG01

TKLNG02

TOP05

SNI05SFLN03OCY02

WWI23

SNI06

OCY03TKLNG03

GOLP02HLNG02

Møller - Mærsk 21Møller - Mærsk 23

Møller - Mærsk 26

GLOG02ODF07 OCY04 TKLNG04

ODF08

0

200

400

600

800

1000

1200

1400

0 2 4 6 8 10 12 14

Qu

oted

sp

read

*

NIBD/EBITDA

Mid spread

Average NIBD/EBITDA

Average spread

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil


Bond overview



Top picks

Relative value in the shipping industry – profitability vs cash price

LTM EBITDA margin over spreads – shipping industry

20


TOP02

SNI03

SNI04ODF06

TOP04

GLOG01

TKLNG02

TOP05

SNI05 SFLN03OCY02SNI06OCY03

TKLNG03

GOLP02

HLNG02

Møller - Mærsk 21Møller - Mærsk 23Møller - Mærsk 26

GLOG02ODF07

OCY04TKLNG04ODF08

0

200

400

600

800

1000

1200

1400

1600

1800

10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Qu

oted

sp

read

*

LTM EBITDA margin

Mid spread

Average EBITDA margin

Average spreadFund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil


Bond overview



Top picks

Relative value in the shipping industry – equity ratio vs cash price

LTM equity ratio over spreads – shipping industry

21


WWI19 PRO

TOP02

SNI03

SNI04

ODF06

TOP04

WWI22GLOG01

TKLNG02

TOP05

SNI05 SFLN03

OCY02

WWI23

SNI06OCY03

TKLNG03

GOLP02

HLNG02

Møller - Mærsk 21

Møller - Mærsk 23Møller - Mærsk 26

GLOG02

ODF07OCY04 TKLNG04ODF08

0

200

400

600

800

1000

1200

1400

15% 20% 25% 30% 35% 40% 45% 50% 55%

Qu

oted

sp

read

*

Equity ratio

Mid spread

Average spread

Average equity ratioFund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil


Bond overview



Top picks

Selected bonds - Oil service (1)

22

Note: Data from 4 April

Source: Bloomberg, Stamdata, Oslo Børs, Danske Bank Markets

ISIN Ticker Issuer RiskMaturity

DateTTM (yrs)

Outstanding NOKm

Coupon (%)

Coupon type / Base rate

Bid price

Mid price

Ask price

Mid spread

Last traded date

Last traded price

Last traded spread

NO0010675580AtlanticaTender Drilling

Senior Secured

23-Sep-19 2.5 951 8.0 Fixed 67 70 72 2,132

NO0010709280 AWDR01Awilco Drilling Plc

Senior Secured

9-Apr-19 2.0 596 7.0 Fixed 91 92 93 971 24-Mar 91.800 990

NO0010684327 BDA01 PROBassdrill Alpha Ltd

Senior Secured

5-Jul-18 1.3 438 0.0 Fixed 17 18 20 19,626 6-Feb-17 16.500 6,919

NO0010786296BeerenbergHoldco II AS

Senior Secured

24-Feb-21 3.9 850 6.5 NIBOR 3 Month 100 101 101 626

NO0010697485 BLH02 PROBluewater Holding B.V.

Senior Unsecured

10-Dec-19 2.7 2,457 10.0 Fixed 74 75 76 2,045 16-Mar-17 74.300 1,761

NO0010720790 BOA02 PRO Boa OCV ASSenior Secured

7-Oct-19 2.5 1,000 4.8 NIBOR 3 Month 53 53 53 3,493 7-Mar 52.8 3,405

NO0010699077 BOAO02 PROBoa Offshore AS

Senior Unsecured

18-Dec-18 1.7 500 6.8 NIBOR 3 Month 24 27 30 10,130 29-Sep 28.800 7,571

NO0010741895 BOAO03 PROBoa Offshore AS

Subordinated

20-Dec-18 1.7 150 10.0 NIBOR 3 Month 50 50 50 8,382 8-Jun 105.5 2,293

NO0010675051 BOAS01 PRO Boa SBL ASSenior Secured

19-Apr-18 1.0 330 5.5 NIBOR 3 Month 38 38 38 12,102 13-Sep-16 36.600 7,824

NO0010635824 BON03 Bonheur ASASenior Unsecured

11-Feb-19 1.9 300 5.0 NIBOR 3 Month 103 104 104 288 29-Mar-17 103.000 334


9-Jul-19 2.3 900 3.1 NIBOR 3 Month 100 100 101 309 30-Mar 100.000 310


9-Jul-21 4.3 600 3.5 NIBOR 3 Month 97 98 98 413 30-Mar 98 402

NO0010638075 BWO01BW Offshore Limited

Senior Unsecured

15-Mar-20 2.9 360 4.5 NIBOR 3 Month 94 94 95 634 3-Apr-17 95.300 602


Senior Unsecured

21-Sep-20 3.5 500 4.2 NIBOR 3 Month 91 92 93 667 16-Mar-17 92.400 662


Senior Unsecured

11-Mar-21 3.9 750 3.5 NIBOR 3 Month 90 91 92 618 3-Apr 90.000 642


Senior Unsecured

16-Mar-22 5.0 900 4.3 NIBOR 3 Month 89 90 91 670 20-Mar 91 640

NO0010633225 DEED01 RET Deep Drilling 1Senior Secured

21-Dec-20 3.7 140 15.0 Fixed 99 100 101 934 23-Nov-16 100.000 1,372

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview (1)



Top picks

Selected bonds - Oil service (2)

23

Note: Data from 4 April

Source: Bloomberg, Stamdata, Oslo Børs, Danske Bank Markets


DateTTM (yrs)

Outstanding NOKm

Coupon (%)


Bid price

Mid price

Ask price

Mid spread

Last traded date

Last traded price

Last traded spread

NO0010670144 DOFSUB07 Dof Subsea ASSenior Unsecured

22-May-18 1.1 1,300 5.0 NIBOR 3 Month 100 100 101 474 24-Mar-17 100.100 494

NO0010788177 Dof Subsea ASSenior Unsecured

14-Mar-22 4.9 1,506 9.5 Fixed 99 100 100 749

NO0010697220 DOLP02Dolphin Group ASA

Senior Unsecured

5-Mar-19 1.9 500 0.0 NIBOR 3 Month 5 10 15 24-Nov-15 27.000 6,013

NO0010686561 EFOR01 PRO E Forland ASSenior Secured

4-Sep-18 1.4 377 6.8 NIBOR 3 Month 75 76 78 2,735 20-Mar-17 77.300 2,591

NO0010682537 EMGS02Electromagnetic Geoservices ASA

Senior Unsecured

27-Jun-19 2.2 270 6.0 NIBOR 3 Month 68 70 72 2,357 30-Mar-17 70.000 2,369

NO0010704125 FOE05Fred Olsen Energy ASA

Senior Unsecured

28-Feb-19 1.9 1,025 3.0 NIBOR 3 Month 52 53 55 3,880 30-Mar 52.500 3,969

NO0010740459Goliath Offshore

Senior Secured

11-Jun-18 1.2 2,116 12.0 Fixed 100 53 5

NO0010740467Goliath Offshore

Sup. Senior Secured

11-Jun-18 1.2 499 15.0 Fixed 90 93 95

NO0010590441 HAVI04Havila Shipping ASA

Senior Secured

7-Nov-20 3.6 164 3.8 NIBOR 6 Month 42 44 45 16-Mar-17 44.500 0

NO0010605033 HAVI07Havila Shipping ASA

Senior Secured

7-Nov-20 3.6 477 4.5 NIBOR 3 Month 67 68 69 1,666 31-Mar-17 67.300 1,692

NO0010714561JACKT01 PRO

Jacktel ASSenior Secured

9-Jul-19 2.3 798 7.0 Fixed 96 96 97 875 8-Mar 95.8 880

NO0010683832NO0010683832

Latina Offshore Limited

Senior Secured

3-Jul-18 1.2 1,835 8.9 Fixed 70 71 72 3,870

NO0010692411 NADL01North Atlantic Drilling Ltd

Senior Unsecured

30-Oct-18 1.6 1,500 4.4 NIBOR 3 Month 35 36 38 7,855 22-Mar-17 34.000 8,185

NO0010674047Oceanic Champion AS

Senior Secured

20-Feb-20 2.9 177 8.0 Fixed 71 75 78 2,291

US716599AC95US716599AC95

Petroleum Geo-Services ASA

Senior Secured

15-Dec-18 1.7 1,703 7.4 Fixed 99 100 100 531

NO0010673734Sea Trucks Group Limited

Senior Secured

26-Mar-18 1.0 2,659 9.0 Fixed 38 38 38 13,455

NO0010705791 SDRL08 Seadrill LtdSenior Unsecured

18-Mar-19 2.0 1,402 3.3STIBOR 3 Month

35 37 38 6,034 16-Mar 32.600 6,633

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview (2)



Top picks

Selected bonds – Shipping (1)

24

Note: Data from 4 March

Source: Bloomberg, Stamdata,

Oslo Børs, Danske Bank Markets


DateTTM (yrs)

Outstanding NOKm

Coupon (%)


Bid price

Mid price

Ask price

Mid spread

Last traded date

Last traded price

Last traded spread

NO0010683840 GLOG01 GasLog LtdSenior Unsecured

Jun-18 1.2 412 5.5 NIBOR 3 Month 103 104 104 205 3-Apr-17 103.600 253

NO0010767858 GLOG02 GasLog LtdSenior Unsecured

May-21 4.1 750 6.9 NIBOR 3 Month 105 105 106 552 31-Mar-17 105.400 544

NO0010661358 GOLP01Golar LNG Partners LP

Senior Unsecured

Oct-17 0.5 329 5.2 NIBOR 3 Month 102 102 102 108 31-Mar-17 102.500 56

NO0010736481 GOLP02Golar LNG Partners LP

Senior Unsecured

May-20 3.1 1,130 4.4US-LIBOR 3 Month

97 97 97 550 3-Apr 96.6 559

NO0010786056Golar LNG Partners LP

Senior Unsecured

May-21 4.1 2,097 6.3US-LIBOR 3 Month

100 100 100 620

NO0010660954 HLNG01Höegh LNG Holdings Ltd.

Senior Unsecured


NO0010739683 HLNG02Höegh LNG Holdings Ltd.

Senior Unsecured

Jun-20 3.2 1,021 5.0US-LIBOR 3 Month

102 102 102 431 24-Mar-17 102.000 432

NO0010782949Höegh LNG Holdings Ltd.

Senior Unsecured

Feb-22 4.8 1,500 5.0 NIBOR 3 Month 101 102 102 464

NO0010661846 JLA02J. Lauritzen A/S

Senior Unsecured

Oct-17 0.6 500 8.3 NIBOR 3 Month 84 87 90 3,477 3-Apr 85 3,936

NO0010779549 KSH03 PROKlaveness Ship Holding AS

Senior Unsecured

May-21 4.1 300 5.3 NIBOR 3 Month 102 102 102 474 10-Jan 101.300 493

NO0010785959Navigator Holdings Ltd

Senior Unsecured

Feb-21 3.9 838 7.8 Fixed 100 100 100 584

NO0010708316 OCY02Ocean Yield ASA

Senior Unsecured

Mar-19 2.0 1,000 3.9 NIBOR 3 Month 101 101 102 337 31-Mar-17 101.300 325


Senior Unsecured

Apr-20 3.1 1,000 4.0 NIBOR 3 Month 99 100 100 402 30-Mar-17 100.000 400


Senior Unsecured

Sep-21 4.5 750 4.5 NIBOR 3 Month 100 100 101 441 31-Mar 100.5 438

NO0010641715 ODF04 Odfjell SESenior Unsecured

Apr-17 0.0 600 5.8 NIBOR 3 Month 100 100 100 265 27-Mar 100 580


Dec-18 1.7 800 6.5 NIBOR 3 Month 105 105 106 332 30-Mar-17 105.200 334


Sep-19 2.5 500 6.0 NIBOR 3 Month 103 103 104 470 28-Feb-17 103.300 465


Jan-21 3.8 700 5.3 NIBOR 3 Month 101 101 102 490 31-Mar 102.000 467

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview (3)



Top picks

Selected bonds – Shipping (2)

25





DateTTM (yrs)

Outstanding NOKm

Coupon (%)


Bid price

Mid price

Ask price

Mid spread

Last traded date

Last traded price

Last traded spread

NO0010661655 SFLN02Ship Finance International

Senior Unsecured

Oct-17 0.5 600 5.0 NIBOR 3 Month 101 101 101 279 27-Mar 100.800 366

NO0010705742 SFLN03Ship Finance International

Senior Unsecured

Mar-19 2.0 900 4.1 NIBOR 3 Month 100 100 101 407 28-Mar-17 100.200 401

NO0010640774 SNI03Stolt-Nielsen Limited

Senior Unsecured

Mar-18 1.0 1,000 4.8 NIBOR 3 Month 102 103 103 195 30-Mar 102.8 188


Senior Unsecured

Sep-19 2.4 1,000 5.0 NIBOR 3 Month 104 105 105 306 30-Mar 104.3 318


Senior Unsecured

Mar-21 4.0 1,450 3.4 NIBOR 3 Month 98 98 99 386 31-Mar-17 98.500 376


Senior Unsecured

Apr-20 3.0 1,250 4.1 NIBOR 3 Month 101 102 102 348 31-Mar 102 340

NO0010643257 TKLNG01Teekay LNG Partners L.P.

Senior Unsecured

May-17 0.1 409 5.3 NIBOR 3 Month 100 100 100 187 23-Mar 100.300 267


Senior Unsecured

Sep-18 1.4 900 4.4 NIBOR 3 Month 102 102 102 297 24-Mar-17 102.100 291


Senior Unsecured

May-20 3.1 1,000 3.7 NIBOR 3 Month 97 98 98 451 29-Mar-17 97.600 454


Senior Unsecured

Oct-21 4.6 1,200 6.0 NIBOR 3 Month 104 104 105 498 31-Mar-17 104.200 497

NO0010635329 TOP02TeekayOffshore Partn.

Senior Unsecured

Nov-18 1.7 420 5.8 NIBOR 3 Month 96 97 97 968 3-Apr 97.300 922


Senior Unsecured

Dec-18 1.7 800 5.8 NIBOR 3 Month 96 96 97 974 3-Apr-17 96.300 963


Senior Unsecured

Jan-19 1.8 1,000 4.3 NIBOR 3 Month 90 91 93 946 27-Mar 91.8 918

NO0010675572WBULK01 PRO

Western Bulk Chartering AS

Senior Unsecured

Apr-19 2.0 300 6.8 NIBOR 3 Month 88 90 91 1,263 15-Mar 90.100 1,216

NO0010351281 WWI19 PROWilh. Wilhelmsen

Senior Unsecured

Jan-22 4.8 300 1.1 NIBOR 3 Month 93 94 95 243 27-Mar-17 94.000 238

NO0010682404 WWI22Wilh. Wilhelmsen

Senior Unsecured

Jun-18 1.2 700 2.4 NIBOR 3 Month 101 101 101 151 30-Mar 100.8 173

NO0010709215 WWI23Wilh. Wilhelmsen

Senior Unsecured

Apr-19 2.0 800 1.8 NIBOR 3 Month 100 100 101 175 30-Mar 99.900 187

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview (4)



Top picks

Selected bonds – Industry (1)

26





DateTTM (yrs)

Outstanding NOKm

Coupon (%)


Bid price

Mid price

Ask price

Mid spread

Last traded date

Last traded price

Last traded spread

NO0010682370 SMF02 PROAB Stena Metall Finans

Senior Unsecured


NO0010736895 SMF03 PROAB Stena Metall Finans

Senior Unsecured

Oct-19 2.6 458 2.9STIBOR 3 Month

102 103 103 224 21-Mar 103.3 209

NO0010752710 SMF04AB Stena Metall Finans

Senior Unsecured

Nov-20 3.7 994 3.5STIBOR 3 Month

103 103 104 256 30-Mar 103.400 255

NO0010764095AB Stena Metall Finans

Senior Unsecured

May-22 5.1 605 4.4STIBOR 3 Month

104 104 105 345

NO0010766157AB Stena Metall Finans

Senior Unsecured

Jun-22 5.2 201 4.4STIBOR 3 Month

105 105 105 329

NO0010635212 AKER07 Aker ASASenior Unsecured

Apr-17 0.0 500 5.0 NIBOR 3 Month 104 104 104 225 3-Apr-17 104.300 258


Sep-22 5.4 1,000 5.0 NIBOR 3 Month 107 108 109 337 24-Mar-17 108.100 334


Jun-18 1.2 1,300 3.5 NIBOR 3 Month 102 102 102 180 30-Mar 101.9 189




Jul-19 2.3 1,427 3.3STIBOR 3 Month

103 103 104 217 3-Apr-17 104.300 183


May-20 3.2 1,000 3.5 NIBOR 3 Month 102 103 103 263 31-Mar 102.800 259

NO0010647431 AKSO01Aker Solutions ASA

Senior Unsecured

Jun-17 0.2 1,500 4.3 NIBOR 3 Month 100 101 101 130 3-Apr-17 100.400 219

NO0010661051 AKSO02Aker Solutions ASA

Senior Unsecured

Oct-19 2.5 1,000 4.2 NIBOR 3 Month 104 105 105 225 22-Mar 105 218

NO0010709272 ETRION02Etrion Corporation

Senior Secured

Apr-19 2.1 331 8.0 Fixed 99 100 101 762 24-Jan-17 98.500 868

NO0010713274HYARD01 PRO

Havyard Group ASA

Senior Unsecured

Jun-20 3.2 131 8.3 NIBOR 3 Month 95 96 97 971 6-Mar 95.200 1,000

NO0010711153 INFRA01 Infratek Group Senior Secured

May-19 2.1 650 5.0 NIBOR 3 Month 102 103 103 338 14-Mar 102.800 370

NO0010708332 JAHO01Jacob Holm & Sønner Holding

Senior Secured

Apr-19 2.0 597 5.3STIBOR 3 Month

104 104 104 1,107 29-Mar 104.1 431

NO0010788920Jacob Holm & Sønner Holding

Senior Secured

31-Mar-22 5.0 917 3.8EURIBOR 3 Month

101 101 101

NO0010789076Jacob Holm & Sønner Holding

Senior Secured

31-Mar-22 5.0 0 3.8EURIBOR 3 Month

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview (5)



Top picks

Selected bonds – Industry (2)

27





DateTTM (yrs)

Outstanding NOKm

Coupon (%)


Bid price

Mid price

Ask price

Mid spread

Last traded date

Last traded price

Last traded spread

NO0010705643 Jotun A/SSenior Unsecured

Mar-19 2.0 600 0.9 NIBOR 3 Month 101 101 101 49

NO0010705650 Jotun A/SSenior Unsecured

Mar-21 4.0 400 3.9 Fixed 106 106 106 91

NO0010657331 KOG06Kongsberg Gruppen ASA

Senior Unsecured

Sep-17 0.4 257 1.8 NIBOR 3 Month 101 101 101 31 30-Mar 100.6 48


Senior Unsecured

Sep-19 2.4 250 4.8 Fixed 107 107 107 47 1-Dec-16 107.300 69


Senior Unsecured

Jun-21 4.2 1,000 1.3 NIBOR 3 Month 100 100 101 116 6-Mar 101.500 88


Senior Unsecured

Jun-26 9.2 1,000 3.2 Fixed 102 103 103 103


Senior Unsecured

Mar-20 2.9 550 0.9 NIBOR 3 Month 101 101 101 66 13-Mar 100.6 69


Senior Unsecured

Dec-23 6.7 450 2.9 Fixed 102 102 102 95 27-Feb 100.800 107

NO0010746852LM Group 2020

LM Group Holding A/S

Senior Secured

Oct-20 3.5 475 8.8 NIBOR 3 Month 109 109 110 66

NO0010650203 NHY05Norsk Hydro ASA

Senior Unsecured

Jul-19 2.3 1,500 5.4 Fixed 107 107 108 76 16-Jan-17 108.500 58

NO0010607476 REC03REC silicon ASA

Senior Unsecured

May-18 1.1 913 9.8 Fixed 95 96 97 1,148 20-Mar 95.9 1,209

NO0010713522Sanjel Corporation

Senior Unsecured

Jun-19 2.2 1,831 7.5 Fixed 0 0 0

NO0010752298 SSO01 GScatec Solar ASA

Senior Unsecured

Nov-18 1.6 500 6.5 NIBOR 3 Month 105 106 106 284 30-Mar-17 105.800 290

NO0010662356 SOLBIO01Solör Bioenergi Holding AB

Senior Secured


NO0010660400 TIZ01 PRO TiZir LtdSenior Secured

Sep-17 0.5 1,634 9.0 Fixed 99 99 100 800 31-Mar-17 99.000 960

NO0010680135 VEI05 Veidekke ASASenior Unsecured

Jun-18 1.2 750 1.8 NIBOR 3 Month 101 102 102 49 14-Mar-17 101.600 51

NO0010708506 VEPE01Veritas Petroleum Serv

Senior Secured

Apr-19 2.0 418 7.0 Fixed 98 98 98 675 28-Mar-17 97.600 650

NO0010727977 YAR09YaraInternational

Senior Unsecured

Dec-19 2.7 2,200 0.7 NIBOR 3 Month 100 100 100 63 29-Mar 100.2 62

NO0010727985 YAR10YaraInternational

Senior Unsecured

Dec-21 4.7 700 2.6 Fixed 101 102 102 70 13-Feb 101.5 66

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview (6)



Top picks

Selected bonds – Consumer goods and services

28





DateTTM (yrs)

Outstanding NOKm

Coupon (%)


Bid price

Mid price

Ask price

Mid spread

Last traded date

Last traded price

Last traded spread

NO0010637259 Circle K ASSenior Unsecured

Feb-19 1.9 13 5.3 Fixed

NO0010705999 FKOV09 PROFelleskjøpet Agri SA

Senior Unsecured

Mar-21 4.0 400 4.1 Fixed 107 107 108 78 6-Oct-15 102.400 228

NO0010706005 FKOV10 PROFelleskjøpet Agri SA

Senior Unsecured

Mar-26 9.0 325 5.2 Fixed 116 116 116 126

NO0010663651 NORG65NorgesGruppen ASA

Senior Unsecured

Dec-19 2.7 500 4.4 Fixed 107 107 107 44


Senior Unsecured



Senior Unsecured

Nov-20 3.6 650 3.8 Fixed 107 107 107 43 21-Aug-15 109.1 61


Senior Unsecured



Senior Unsecured

Sep-24 7.5 300 3.3 Fixed 104 104 105 83


Senior Unsecured

Mar-22 4.9 500 1.5 NIBOR 3 Month 103 103 104 77 10-Feb-17 103.900 71


Senior Unsecured

Feb-23 5.9 300 0.8 NIBOR 3 Month 100 100 100 75

NO0010683691 NORT05 PRO Nortura SASenior Unsecured

Jan-19 1.8 600 1.7 NIBOR 3 Month 102 102 102 70 28-Mar-17 101.700 71


Apr-21 4.1 400 4.0 Fixed 107 107 107 79 31-Mar-17 106.4 94


29-Apr-24 7.1 225 4.4 Fixed 109 110 110 111 13-Jan-16 107.100 184


Sep-20 3.5 463 1.1 NIBOR 3 Month 100 101 101 89 3-Apr-17 100.500 89


Feb-22 4.9 300 1.2 NIBOR 3 Month 101 101 101 96

NO0010790363 Nortura SASenior Unsecured

Apr-23 6.0 0 1.2 NIBOR 3 Month 100 100 100 112

NO0010694680 ORK80 Orkla ASASenior Unsecured

Jan-24 6.8 1,000 4.4 Fixed 112 112 112 76 6-Jun-16 115.000 94


Feb-22 4.9 1,500 0.7 NIBOR 3 Month 100 100 100 64 10-Feb-17 99.900 71


Mar-23 6.0 1,000 0.9 NIBOR 3 Month 101 101 101 72 3-Apr-17 101 68


Sep-26 9.5 1,000 2.4 Fixed 97 97 97 82 4-Jan-17 96.200 82

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview (7)



Top picks

Selected bonds – Transportation

29





DateTTM (yrs)

Outstanding NOKm

Coupon (%)


Bid price

Mid price

Ask price

Mid spread

Last traded date

Last traded price

Last traded spread

NO0010682255 TLG01 AS Tallink GruppSenior Unsecured


NO0010675903 AVINOR10 Avinor ASSenior Unsecured

May-28 11.1 2,000 4.5 Fixed 115 116 116 85

NO0010675911 AVINOR11 Avinor ASSenior Unsecured

May-20 3.1 450 3.8 Fixed 100 100 100 242 13-Mar-17 106.3 23

XS1046812712 Avinor ASSenior Unsecured

Mar-21 4.0 2,511 1.8 Fixed 107 107 107 -9

NO0010657919 COLG10 PRO Color Group ASSenior Unsecured


NO0010737133 COLG12 Color Group ASSenior Unsecured


NO0010767635 COLG13 Color Group ASSenior Unsecured


NO0010673528 DFDS02 DFDS A/SSenior Unsecured


NO0010589336 FJELL02 PRO Fjellinjen ASSenior Unsecured

Sep-17 0.5 300 4.4 Fixed 102 102 102 -4 28-Feb-17 101.800 -9


Sep-23 6.5 600 5.0 Fixed 115 116 116 67


Dec-24 7.7 400 4.7 Fixed 114 115 115 82








Sep-20 3.5 500 0.7 NIBOR 3 Month 101 101 101 44

NO0010746506 FJELL15 PRO Fjellinjen ASMunicipality Guaranteed

Sep-22 5.5 700 2.8 Fixed 102 102 103 75


Dec-20 3.7 500 1.1 NIBOR 3 Month 101 101 101 79 14-Feb-17 102.100 48

NO0010776982ICELANDAIR01

Icelandair Group Hf.

Senior Unsecured

Oct-21 4.6 1,583 3.5US-LIBOR 3 Month

100 100 101 341

NO0010736549 NAS06Norwegian Air Shuttle ASA

Senior Unsecured

May-18 1.1 1,250 5.8 NIBOR 3 Month 102 103 103 334 29-Mar-17 102.800 325

NO0010753437 NAS07Norwegian Air Shuttle ASA

Senior Unsecured

Dec-19 2.7 1,664 7.3 Fixed 106 107 107 444 3-Apr-17 106.9 470

NO0010783459Norwegian Air Shuttle ASA

Senior Unsecured

Aug-20 3.3 961 5.0STIBOR 3 Month

100 101 101 518

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview (8)



Top picks

Selected bonds – Real estate (1)

30





DateTTM (yrs)

Outstanding NOKm

Coupon (%)


Bid price

Mid price

Ask price

Mid spread

Last traded date

Last traded price

Last traded spread

NO0010720766 BOR03 Borgestad ASASenior Secured


NO0010744121 CITYT01Citycon Treasury B.V

Senior Unsecured

Mar-21 3.9 1,250 1.6 NIBOR 3 Month 102 102 102 97 2-Feb-17 102.300 98

NO0010744139 CITYT02Citycon Treasury B.V

Senior Unsecured

Sep-25 8.4 1,400 3.9 Fixed 105 105 106 138

NO0010605322Eiendomsspar AS

Senior Secured

Apr-18 1.0 700 5.4 Fixed 104 104 104 33

NO0010552466 ENEID29 Entra ASASenior Unsecured

Nov-19 2.6 500 5.6 Fixed 110 110 110 36 25-Jan-16 112.500 113


Feb-23 5.9 500 5.0 Fixed 115 115 115 61 3-Dec-15 108.4 213




Sep-20 3.4 700 4.3 Fixed 108 108 108 43 6-Jan-17 108.100 56


Aug-19 2.3 1,200 0.6 NIBOR 3 Month 100 100 100 53 31-Mar-17 100.200 54


Jun-22 5.2 1,200 2.5 Fixed 102 102 102 51 30-Mar-17 101.300 63

NO0010766363 ENTRA09 Entra ASASenior Unsecured

Jun-21 4.2 1,000 1.1 NIBOR 3 Month 100 101 101 89 30-Mar-17 101.600 66

NO0010766389 ENTRA10 Entra ASASenior Unsecured

Jun-23 6.2 1,100 2.5 Fixed 101 102 103 36 22-Feb-17 100.300 71

NO0010774797 ENTRA12 G Entra ASASenior Unsecured


NO0010789464 Entra ASASenior Unsecured

Mar-24 7.0 750 0.9 NIBOR 3 Month 100 100 100 85

NO0010659907Fram Eiendom AS

Senior Secured

Oct-27 10.5 400 5.5 Fixed 123 124 124 95

NO0010635469Frogner Boligeiendom AS

Senior Secured

Feb-22 4.8 1,000 5.6 Fixed

NO0010741317FrysjaveienEiendomsinvest

Senior Secured

Nov-26 9.7 211 4.1 Fixed

NO0010703655 HOIN01Hospitality Invest AS

Senior Secured

Feb-19 1.9 800 6.0 NIBOR 3 Month 101 101 102 504 21-Mar-17 101.4 525

NO0010777162IB Bostad 18 AB (publ)

Senior Secured

Oct-18 1.5 185 7.0 NIBOR 3 Month 104 105 105 396

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview (9)



Top picks


31





DateTTM (yrs)

Outstanding NOKm

Coupon (%)


Bid price

Mid price

Ask price

Mid spread

Last traded date

Last traded price

Last traded spread

NO0010787617Koggbron Projekt AB (publ)

Senior Secured

Mar-19 2.0 120 11.5 Fixed 100 101 101 926


Senior Secured

Mar-19 2.0 22 11.5 Fixed


Subordinate Mar-19 2.0 25 18.0 Fixed


Subordinate Mar-19 2.0 4 18.0 Fixed

NO0010659857Merkantilbygg Holding AS

Senior Secured

Sep-22 5.5 700 5.5 Fixed

NO0010720600 NPRO05Norwegian Property ASA

Senior Secured


NO0010768195 NPRO06Norwegian Property ASA

Senior Secured

Jul-20 3.3 1,335 1.5 NIBOR 3 Month 101 101 101 114 6-Feb-17 101.400 111

NO0010763451Nye Statens Hus AS

Senior Secured

Apr-31 14.1 500 4.2 Fixed

NO0010695166 OBOS17 PRO OBOS BBLSenior Unsecured

Nov-18 1.6 700 1.6 NIBOR 3 Month 101 101 102 67 3-Apr-17 101.600 59


Dec-20 3.7 200 4.4 Fixed 108 108 108 72


Dec-19 2.7 300 0.9 NIBOR 3 Month 100 100 100 77 23-Nov-16 99.800 92


Dec-21 4.7 200 2.8 Fixed 102 102 102 81 4-Jun-15 98.600 97


Apr-26 9.1 130 3.3 Fixed 100 100 100 137 5-Sep-16 103.300 149


Apr-21 4.1 600 1.5 NIBOR 3 Month 102 102 102 93 30-Mar-17 102.000 95


Apr-23 6.1 325 2.8 Fixed 100 101 101 106

NO0010708480 OBFB03 PROOBOS Forretningsbygg AS

Senior Secured

Apr-24 7.0 475 4.5 Fixed 114 114 114 58

NO0010788979OBOS Forretningsbygg AS

Senior Secured

Mar-22 5.0 580 2.6 Fixed 101 101 101 93

NO0010735509OBOS Nye Hjem AS

Senior Secured

May-25 8.1 930 3.3 Fixed 103 104 104 92

NO0010678659 OLT45Olav Thon Eiendomsselskap ASA

Senior Secured


Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview (10)



Top picks


32





DateTTM (yrs)

Outstanding NOKm

Coupon (%)


Bid price

Mid price

Ask price

Mid spread

Last traded date

Last traded price

Last traded spread

NO0010678659 OLT45Olav Thon Eiendomsselskap

Senior Secured



Senior Secured

May-18 1.1 300 3.4 Fixed 102 102 102 26 6-Feb-17 102.200 37


Senior Secured



Senior Secured

Oct-18 1.6 550 3.9 Fixed 104 104 104 34 20-Mar-17 103.700 36


Senior Secured

Jun-19 2.2 1,200 0.7 NIBOR 3 Month 100 100 100 59 23-Mar-17 100.300 55


Senior Secured



Senior Unsecured

May-18 1.1 550 0.8STIBOR 3 Month

100 100 100 66 29-Mar-17 100.100 65


Senior Secured

May-20 3.1 600 1.1 NIBOR 3 Month 101 101 101 72 5-Jan-17 101 75


Senior Secured

Oct-21 4.5 1,200 0.9 NIBOR 3 Month 100 100 101 80 25-Jan-17 100.200 86


Senior Secured



Senior Secured

Jan-27 9.8 250 2.9 Fixed 104 105 105 46

NO0010767619 PPU01Pioneer Public Properties AS

Senior Unsecured

May-21 4.2 1,000 5.3 NIBOR 3 Month 104 105 105 393 4-Jan-17 104.800 405

NO0010768534 RHEM 129 Rikshem ABSenior Unsecured

Jun-21 4.2 700 1.3 NIBOR 3 Month 103 103 104 44


Jan-22 4.8 500 0.9 NIBOR 3 Month 100 100 101 79


Mar-27 9.9 500 3.0 Fixed 100 100 100 113


Mar-24 6.9 400 2.6 Fixed 100 100 100 88

NO0010683725 SBO01Selvaag Bolig ASA

Senior Unsecured

Jun-18 1.2 500 4.8 NIBOR 3 Month 103 103 103 124 3-Apr-17 102.800 249

NO0010703960 SST49Steen & Strøm AS

Senior Unsecured

Feb-19 1.9 300 1.2 NIBOR 3 Month 101 101 101 61 15-Feb-17 101.200 62


Senior Unsecured

Jun-22 5.2 450 2.6 Fixed 102 102 102 64 17-Feb-17 101.1 75


Senior Unsecured



Senior Unsecured

Nov-23 6.6 500 2.4 Fixed 100 100 101 66 3-Feb-17 97.700 96

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview (11)



Top picks


33





DateTTM (yrs)

Outstanding NOKm

Coupon (%)


Bid price

Mid price

Ask price

Mid spread

Last traded date

Last traded price

Last traded spread

NO0010732399 THOL41 PRO Thon Holding ASSenior Secured



Mar-20 3.0 350 1.9 Fixed 100 100 100 54 12-Oct-15 97.900 109



NO0010764277 TRYGG_NOKTryggHem Projekt 1 AB

Senior Secured

May-20 3.1 50 10.5 Fixed 100 101 101 N.A

NO0010739873 VASA02Vasakronan AB (publ)

Senior Unsecured

Jun-20 3.2 500 2.2 Fixed 101 101 102 40 20-Dec-16 100.400 63


Senior Unsecured



Senior Unsecured

Mar-21 4.0 1,100 1.4 NIBOR 3 Month 102 102 103 74 14-Feb-17 102.400 79


Senior Unsecured

May-23 6.1 400 2.5 Fixed 101 101 102 66


Senior Unsecured

Aug-21 4.4 700 1.0 NIBOR 3 Month 100 100 101 92 14-Feb-17 101.000 79


Senior Unsecured

Oct-26 9.5 200 2.5 Fixed 97 97 98 96


Senior Unsecured

Nov-26 9.7 500 2.9 Fixed 100 100 101 97


Senior Unsecured

Jan-22 4.8 1,000 0.9 NIBOR 3 Month 100 100 101 82 28-Feb-17 100.400 82


Senior Unsecured

Jan-24 6.8 450 2.5 Fixed 100 100 101 73 25-Jan-17 99.500 77

NO0010790272Vasakronan AB (publ)

Senior Unsecured

Apr-23 6.0 200 0.9 NIBOR 3 Month 100 100 100 83

NO0010786213 WPH01 PROWenaas Plaza Hotell AS

Senior Secured

Mar-20 2.9 1,000 0.9 NIBOR 3 Month 100 100 100 90

Fund flows

Primary IG activity

Primary HY activity

Secondary activity

Trade by industry


Liquidity

Spreads and oil

Relative pricing

Bond overview (12)



Top picks

3434

Fixed Income Credit Research team

Find the latest Credit Research: :

Danske Bank Markets: http://www.danskebank.com/danskemarketsresearch Bloomberg: DNSK<GO>

Thomas Hovard

Head of Credit Research

+45 45 12 85 05

[email protected]

Gabriel Bergin

Strategy, Financials

+46 8 568 80602

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Katrine Jensen

Financials

+45 45 12 80 56

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Utilities, Energy

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Credit Portfolios

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Bendik Engebretsen

Industrials

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Brian Børsting

Industrials

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Niklas Ripa

Credit Portfolios

+45 45 12 80 47

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Louis Landeman

Industrials, Real Estate

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Mads Rosendal

Industrials, TMT

+45 45 14 88 79

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August Moberg

Industrials & Construction

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Haseeb Syed

Industrials

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Jonas Meyer

Shipping

+47 85 40 70 79

[email protected]

35

This research report has been prepared by Danske Bank Markets, a division of Danske Bank A/S ('Danske Bank'). The authors of this research report are Haseeb

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Documents

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