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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.
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview
International spreads
Sr. bank and covered
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview
International spreads
Sr. bank and covered
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview
International spreads
Sr. bank and covered
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview
International spreads
Sr. bank and covered
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview
International spreads
Sr. bank and covered
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview
International spreads
Sr. bank and covered
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
NO0010789407 Golden Close Maritime Corp Ltd
51 51 USD Mar-17 Sep-21 Super Senior Secured 0.00 Zero Coupon Bonds
NO0010789456 Golden Close Maritime Corp Ltd
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview
International spreads
Sr. bank and covered
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview
International spreads
Sr. bank and covered
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
Source: Oslo Børs, Danske Bank Markets (all charts)
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview
International spreads
Sr. bank and covered
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
Source: Oslo Børs, Danske Bank Markets (all charts)
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)
Traded volumes (NOKm)
Average spread (bps)
Average Spread
Traded volumes (NOKm)
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)
Traded volumes (NOKm)
Average spread (bps)
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)
Traded volumes (NOKm)
Average spread (bps)
Average Spread
Traded volumes (NOKm)
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
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
Source: Oslo Børs, Danske Bank Markets (all charts)
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview
International spreads
Sr. bank and covered
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing (1)
Bond overview
International spreads
Sr. bank and covered
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.
Source: Bloomberg, Oslo Børs, Danske Bank Markets
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing (2)
Bond overview
International spreads
Sr. bank and covered
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
Source: Bloomberg, Oslo Børs, Danske Bank Markets
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing (3)
Bond overview
International spreads
Sr. bank and covered
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
Source: Bloomberg, Oslo Børs, Danske Bank Markets
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing (4)
Bond overview
International spreads
Sr. bank and covered
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing (5)
Bond overview
International spreads
Sr. bank and covered
Top picks
Relative value in the shipping industry – leverage ratio vs cash price
LTM NIBD/EBITDA over cash price – shipping industry
19
Source: Bloomberg, Oslo Børs, Stamdata, Danske Bank Markets
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing (6)
Bond overview
International spreads
Sr. bank and covered
Top picks
Relative value in the shipping industry – profitability vs cash price
LTM EBITDA margin over spreads – shipping industry
20
Source: Bloomberg, Oslo Børs, Stamdata, Danske Bank Markets
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing (7)
Bond overview
International spreads
Sr. bank and covered
Top picks
Relative value in the shipping industry – equity ratio vs cash price
LTM equity ratio over spreads – shipping industry
21
Source: Bloomberg, Oslo Børs, Stamdata, Danske Bank Markets
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing (8)
Bond overview
International spreads
Sr. bank and covered
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
NO0010714520 BON05 Bonheur ASASenior Unsecured
9-Jul-19 2.3 900 3.1 NIBOR 3 Month 100 100 101 309 30-Mar 100.000 310
NO0010714538 BON06 Bonheur ASASenior Unsecured
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
NO0010673841 BWO02BW Offshore Limited
Senior Unsecured
21-Sep-20 3.5 500 4.2 NIBOR 3 Month 91 92 93 667 16-Mar-17 92.400 662
NO0010705361 BWO03BW Offshore Limited
Senior Unsecured
11-Mar-21 3.9 750 3.5 NIBOR 3 Month 90 91 92 618 3-Apr 90.000 642
NO0010740111 BWO04BW Offshore Limited
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview (1)
International spreads
Sr. bank and covered
Top picks
Selected bonds - Oil service (2)
23
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
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview (2)
International spreads
Sr. bank and covered
Top picks
Selected bonds – Shipping (1)
24
Note: Data from 4 March
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
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
Oct-17 0.5 750 6.0 NIBOR 3 Month 102 102 103 132 30-Mar-17 102.400 122
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
NO0010734965 OCY03Ocean Yield ASA
Senior Unsecured
Apr-20 3.1 1,000 4.0 NIBOR 3 Month 99 100 100 402 30-Mar-17 100.000 400
NO0010774417 OCY04Ocean Yield ASA
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
NO0010664758 ODF06 Odfjell SESenior Unsecured
Dec-18 1.7 800 6.5 NIBOR 3 Month 105 105 106 332 30-Mar-17 105.200 334
NO0010774276 ODF07 Odfjell SESenior Unsecured
Sep-19 2.5 500 6.0 NIBOR 3 Month 103 103 104 470 28-Feb-17 103.300 465
NO0010782584 ODF08 Odfjell SESenior Unsecured
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview (3)
International spreads
Sr. bank and covered
Top picks
Selected bonds – Shipping (2)
25
Note: Data from 4 March
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
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
NO0010657406 SNI04Stolt-Nielsen Limited
Senior Unsecured
Sep-19 2.4 1,000 5.0 NIBOR 3 Month 104 105 105 306 30-Mar 104.3 318
NO0010705551 SNI05Stolt-Nielsen Limited
Senior Unsecured
Mar-21 4.0 1,450 3.4 NIBOR 3 Month 98 98 99 386 31-Mar-17 98.500 376
NO0010733819 SNI06Stolt-Nielsen Limited
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
NO0010686835 TKLNG02Teekay LNG Partners L.P.
Senior Unsecured
Sep-18 1.4 900 4.4 NIBOR 3 Month 102 102 102 297 24-Mar-17 102.100 291
NO0010735731 TKLNG03Teekay LNG Partners L.P.
Senior Unsecured
May-20 3.1 1,000 3.7 NIBOR 3 Month 97 98 98 451 29-Mar-17 97.600 454
NO0010777089 TKLNG04Teekay LNG Partners L.P.
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
NO0010670128 TOP04TeekayOffshore Partn.
Senior Unsecured
Dec-18 1.7 800 5.8 NIBOR 3 Month 96 96 97 974 3-Apr-17 96.300 963
NO0010700909 TOP05TeekayOffshore Partn.
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview (4)
International spreads
Sr. bank and covered
Top picks
Selected bonds – Industry (1)
26
Note: Data from 4 March
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
NO0010682370 SMF02 PROAB Stena Metall Finans
Senior Unsecured
Jun-18 1.2 300 3.5 NIBOR 3 Month 101 101 102 228 30-Mar 101.300 245
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
NO0010657398 AKER09 Aker ASASenior Unsecured
Sep-22 5.4 1,000 5.0 NIBOR 3 Month 107 108 109 337 24-Mar-17 108.100 334
NO0010680309 AKER11 Aker ASASenior Unsecured
Jun-18 1.2 1,300 3.5 NIBOR 3 Month 102 102 102 180 30-Mar 101.9 189
NO0010680317 AKER10 Aker ASASenior Unsecured
Jun-20 3.2 700 4.0 NIBOR 3 Month 103 104 104 273 31-Mar 103.900 272
NO0010701105 AKER12 Aker ASASenior Unsecured
Jul-19 2.3 1,427 3.3STIBOR 3 Month
103 103 104 217 3-Apr-17 104.300 183
NO0010737158 AKER13 Aker ASASenior Unsecured
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview (5)
International spreads
Sr. bank and covered
Top picks
Selected bonds – Industry (2)
27
Note: Data from 4 March
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
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
NO0010657349 KOG07Kongsberg Gruppen ASA
Senior Unsecured
Sep-19 2.4 250 4.8 Fixed 107 107 107 47 1-Dec-16 107.300 69
NO0010766504 KOG08Kongsberg Gruppen ASA
Senior Unsecured
Jun-21 4.2 1,000 1.3 NIBOR 3 Month 100 100 101 116 6-Mar 101.500 88
NO0010766512 KOG09Kongsberg Gruppen ASA
Senior Unsecured
Jun-26 9.2 1,000 3.2 Fixed 102 103 103 103
NO0010779770 KOG10Kongsberg Gruppen ASA
Senior Unsecured
Mar-20 2.9 550 0.9 NIBOR 3 Month 101 101 101 66 13-Mar 100.6 69
NO0010779788 KOG11Kongsberg Gruppen ASA
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
Nov-17 0.6 650 5.3 NIBOR 3 Month 97 98 99 841 17-Mar-17 98.200 808
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview (6)
International spreads
Sr. bank and covered
Top picks
Selected bonds – Consumer goods and services
28
Note: Data from 4 March
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
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
NO0010683634 NORG73NorgesGruppen ASA
Senior Unsecured
Jun-18 1.2 800 1.1 NIBOR 3 Month 101 101 101 41 31-Mar-17 100.800 38
NO0010695109 NORG79NorgesGruppen ASA
Senior Unsecured
Nov-20 3.6 650 3.8 Fixed 107 107 107 43 21-Aug-15 109.1 61
NO0010709512 NORG84NorgesGruppen ASA
Senior Unsecured
May-21 4.1 700 0.8 NIBOR 3 Month 100 101 101 67 1-Mar-17 100.600 65
NO0010720683 NORG92NorgesGruppen ASA
Senior Unsecured
Sep-24 7.5 300 3.3 Fixed 104 104 105 83
NO0010758477 NORG110NorgesGruppen ASA
Senior Unsecured
Mar-22 4.9 500 1.5 NIBOR 3 Month 103 103 104 77 10-Feb-17 103.900 71
NO0010787823 NORG111NorgesGruppen ASA
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
NO0010709678 NORT11 PRO Nortura SASenior Unsecured
Apr-21 4.1 400 4.0 Fixed 107 107 107 79 31-Mar-17 106.4 94
NO0010709686 NORT12 PRO Nortura SASenior Unsecured
29-Apr-24 7.1 225 4.4 Fixed 109 110 110 111 13-Jan-16 107.100 184
NO0010744600 NORT19 PRO Nortura SASenior Unsecured
Sep-20 3.5 463 1.1 NIBOR 3 Month 100 101 101 89 3-Apr-17 100.500 89
NO0010778236 NORT21 PRO Nortura SASenior Unsecured
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
NO0010731730 ORK82 Orkla ASASenior Unsecured
Feb-22 4.9 1,500 0.7 NIBOR 3 Month 100 100 100 64 10-Feb-17 99.900 71
NO0010774383 ORK83 Orkla ASASenior Unsecured
Mar-23 6.0 1,000 0.9 NIBOR 3 Month 101 101 101 72 3-Apr-17 101 68
NO0010774391 ORK84 Orkla ASASenior Unsecured
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview (7)
International spreads
Sr. bank and covered
Top picks
Selected bonds – Transportation
29
Note: Data from 4 March
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
NO0010682255 TLG01 AS Tallink GruppSenior Unsecured
Oct-18 1.5 900 5.0 NIBOR 3 Month 104 104 105 208 30-Mar-17 104.300 221
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
Sep-19 2.5 700 5.3 NIBOR 3 Month 105 105 106 300 30-Mar-17 105.300 303
NO0010737133 COLG12 Color Group ASSenior Unsecured
Jun-20 3.2 700 4.9 NIBOR 3 Month 105 105 106 317 15-Mar-17 105.400 309
NO0010767635 COLG13 Color Group ASSenior Unsecured
Dec-20 3.7 500 4.8 NIBOR 3 Month 104 105 105 336 30-Mar-17 105.300 322
NO0010673528 DFDS02 DFDS A/SSenior Unsecured
Mar-18 1.0 700 2.9 NIBOR 3 Month 102 102 103 54 22-Mar-17 102.4 50
NO0010589336 FJELL02 PRO Fjellinjen ASSenior Unsecured
Sep-17 0.5 300 4.4 Fixed 102 102 102 -4 28-Feb-17 101.800 -9
NO0010624620 FJELL04 PRO Fjellinjen ASSenior Unsecured
Sep-23 6.5 600 5.0 Fixed 115 116 116 67
NO0010630775 FJELL03 PRO Fjellinjen ASSenior Unsecured
Dec-24 7.7 400 4.7 Fixed 114 115 115 82
NO0010727753 FJELL09 PRO Fjellinjen ASSenior Unsecured
Dec-19 2.7 500 0.4 NIBOR 3 Month 100 100 100 37 23-Mar-17 100.100 37
NO0010733538 FJELL10 PRO Fjellinjen ASSenior Unsecured
Mar-18 1.0 400 0.3 NIBOR 3 Month 100 100 100 18 30-Mar-17 100.100 18
NO0010733611 FJELL11 PRO Fjellinjen ASSenior Unsecured
Sep-18 1.5 500 0.3 NIBOR 3 Month 100 100 100 24 3-Mar-17 100.100 25
NO0010745037 FJELL14 PRO Fjellinjen ASSenior Unsecured
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
NO0010753031 FJELL16 PRO Fjellinjen ASSenior Unsecured
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview (8)
International spreads
Sr. bank and covered
Top picks
Selected bonds – Real estate (1)
30
Note: Data from 4 March
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
NO0010720766 BOR03 Borgestad ASASenior Secured
Oct-18 1.5 300 7.0 NIBOR 3 Month 101 101 101 665 22-Mar-17 100.5 666
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
NO0010670995 ENEID60 Entra ASASenior Unsecured
Feb-23 5.9 500 5.0 Fixed 115 115 115 61 3-Dec-15 108.4 213
NO0010673700 ENEID64 Entra ASASenior Unsecured
Sep-18 1.5 1,200 1.3 NIBOR 3 Month 101 101 101 44 31-Mar-17 101.200 43
NO0010686660 ENEID69 Entra ASASenior Unsecured
Sep-20 3.4 700 4.3 Fixed 108 108 108 43 6-Jan-17 108.100 56
NO0010715931 ENEID79 Entra ASASenior Unsecured
Aug-19 2.3 1,200 0.6 NIBOR 3 Month 100 100 100 53 31-Mar-17 100.200 54
NO0010740061 ENEID88 Entra ASASenior Unsecured
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
Sep-23 6.5 1,000 0.9 NIBOR 3 Month 100 100 101 87 3-Mar-17 100.9 80
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview (9)
International spreads
Sr. bank and covered
Top picks
Selected bonds – Real estate (2)
31
Note: Data from 4 March
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
NO0010787617Koggbron Projekt AB (publ)
Senior Secured
Mar-19 2.0 120 11.5 Fixed 100 101 101 926
NO0010787625Koggbron Projekt AB (publ)
Senior Secured
Mar-19 2.0 22 11.5 Fixed
NO0010787633Koggbron Projekt AB (publ)
Subordinate Mar-19 2.0 25 18.0 Fixed
NO0010787641Koggbron Projekt AB (publ)
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
Oct-19 2.5 350 1.0 NIBOR 3 Month 100 100 100 98 29-Mar-17 100.200 89
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
NO0010697519 OBOS18 PRO OBOS BBLSenior Unsecured
Dec-20 3.7 200 4.4 Fixed 108 108 108 72
NO0010725229 OBOS19 PRO OBOS BBLSenior Unsecured
Dec-19 2.7 300 0.9 NIBOR 3 Month 100 100 100 77 23-Nov-16 99.800 92
NO0010725237 OBOS20 PRO OBOS BBLSenior Unsecured
Dec-21 4.7 200 2.8 Fixed 102 102 102 81 4-Jun-15 98.600 97
NO0010763733 OBOS21 PRO OBOS BBLSenior Unsecured
Apr-26 9.1 130 3.3 Fixed 100 100 100 137 5-Sep-16 103.300 149
NO0010763741 OBOS23 PRO OBOS BBLSenior Unsecured
Apr-21 4.1 600 1.5 NIBOR 3 Month 102 102 102 93 30-Mar-17 102.000 95
NO0010763758 OBOS22 PRO OBOS BBLSenior Unsecured
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
May-18 1.1 375 1.3 NIBOR 3 Month 101 101 101 42 13-Mar-17 101.100 43
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 (10)
International spreads
Sr. bank and covered
Top picks
Selected bonds – Real estate (3)
32
Note: Data from 4 March
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
NO0010678659 OLT45Olav Thon Eiendomsselskap
Senior Secured
May-18 1.1 375 1.3 NIBOR 3 Month 101 101 101 42 13-Mar-17 101.100 43
NO0010678667 OLT46Olav Thon Eiendomsselskap
Senior Secured
May-18 1.1 300 3.4 Fixed 102 102 102 26 6-Feb-17 102.200 37
NO0010692213 OLT54Olav Thon Eiendomsselskap
Senior Secured
Oct-18 1.6 550 1.2 NIBOR 3 Month 101 101 101 51 24-Mar-17 101.1 49
NO0010692221 OLT55Olav Thon Eiendomsselskap
Senior Secured
Oct-18 1.6 550 3.9 Fixed 104 104 104 34 20-Mar-17 103.700 36
NO0010713506 OLT59Olav Thon Eiendomsselskap
Senior Secured
Jun-19 2.2 1,200 0.7 NIBOR 3 Month 100 100 100 59 23-Mar-17 100.300 55
NO0010724735 OLT63Olav Thon Eiendomsselskap
Senior Secured
Nov-19 2.6 635 0.6 NIBOR 3 Month 100 100 100 66 29-Mar-17 100.200 57
NO0010736762 OLT71Olav Thon Eiendomsselskap
Senior Unsecured
May-18 1.1 550 0.8STIBOR 3 Month
100 100 100 66 29-Mar-17 100.100 65
NO0010764871 OLT84Olav Thon Eiendomsselskap
Senior Secured
May-20 3.1 600 1.1 NIBOR 3 Month 101 101 101 72 5-Jan-17 101 75
NO0010776073 OLT91Olav Thon Eiendomsselskap
Senior Secured
Oct-21 4.5 1,200 0.9 NIBOR 3 Month 100 100 101 80 25-Jan-17 100.200 86
NO0010776081 OLT90Olav Thon Eiendomsselskap
Senior Secured
Oct-19 2.5 700 0.7 NIBOR 3 Month 100 100 100 64 13-Mar-17 100.400 57
NO0010782899 OLT93Olav Thon Eiendomsselskap
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
NO0010782782 RHEM 135 Rikshem ABSenior Unsecured
Jan-22 4.8 500 0.9 NIBOR 3 Month 100 100 101 79
NO0010787252 RHEM 136 Rikshem ABSenior Unsecured
Mar-27 9.9 500 3.0 Fixed 100 100 100 113
NO0010788003 RHEM 137 Rikshem ABSenior Unsecured
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
NO0010739907 SST66Steen & Strøm AS
Senior Unsecured
Jun-22 5.2 450 2.6 Fixed 102 102 102 64 17-Feb-17 101.1 75
NO0010774813 SST71Steen & Strøm AS
Senior Unsecured
Mar-23 6.0 500 1.1 NIBOR 3 Month 101 101 101 95 28-Feb-17 100.700 98
NO0010777824 SST73Steen & Strøm AS
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview (11)
International spreads
Sr. bank and covered
Top picks
Selected bonds – Real estate (3)
33
Note: Data from 4 March
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
NO0010732399 THOL41 PRO Thon Holding ASSenior Secured
Mar-20 3.0 200 0.6 NIBOR 3 Month 100 100 100 70 22-Feb-17 99.800 68
NO0010732407 THOL42 PRO Thon Holding ASSenior Secured
Mar-20 3.0 350 1.9 Fixed 100 100 100 54 12-Oct-15 97.900 109
NO0010767502 THOL52 PRO Thon Holding ASSenior Secured
Jun-20 3.2 700 1.0 NIBOR 3 Month 100 100 100 90 29-Mar-17 101.1 64
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
NO0010740491 VASA03Vasakronan AB (publ)
Senior Unsecured
Jun-19 2.2 500 0.5 NIBOR 3 Month 100 100 100 56 29-Mar-17 99.700 63
NO0010760283 VASA04Vasakronan AB (publ)
Senior Unsecured
Mar-21 4.0 1,100 1.4 NIBOR 3 Month 102 102 103 74 14-Feb-17 102.400 79
NO0010764459 VASA05Vasakronan AB (publ)
Senior Unsecured
May-23 6.1 400 2.5 Fixed 101 101 102 66
NO0010770258 VASA06Vasakronan AB (publ)
Senior Unsecured
Aug-21 4.4 700 1.0 NIBOR 3 Month 100 100 101 92 14-Feb-17 101.000 79
NO0010776032 VASA07Vasakronan AB (publ)
Senior Unsecured
Oct-26 9.5 200 2.5 Fixed 97 97 98 96
NO0010779630 VASA08Vasakronan AB (publ)
Senior Unsecured
Nov-26 9.7 500 2.9 Fixed 100 100 101 97
NO0010781933 VASA10Vasakronan AB (publ)
Senior Unsecured
Jan-22 4.8 1,000 0.9 NIBOR 3 Month 100 100 101 82 28-Feb-17 100.400 82
NO0010782535 VASA09Vasakronan AB (publ)
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
Nor. vs Eur. spreads
Liquidity
Spreads and oil
Relative pricing
Bond overview (12)
International spreads
Sr. bank and covered
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
Gabriel Bergin
Strategy, Financials
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Katrine Jensen
Financials
+45 45 12 80 56
Jakob Magnussen
Utilities, Energy
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Henrik René Andresen
Credit Portfolios
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Bendik Engebretsen
Industrials
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Brian Børsting
Industrials
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Niklas Ripa
Credit Portfolios
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Louis Landeman
Industrials, Real Estate
+46 8 568 80524
Mads Rosendal
Industrials, TMT
+45 45 14 88 79
August Moberg
Industrials & Construction
+46 8 568 80593
Haseeb Syed
Industrials
+47 85 40 54 19
Jonas Meyer
Shipping
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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
Syed (Senior Analyst), Bendik Engebretsen (Analyst) and Jonas Meyer (Analyst).
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the compensation of the research analyst was, is or will be, directly or indirectly, related to the specific recommendations expressed in the research report.
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Report completed: 6 April 2017 at 08:20 GMT
Report disseminated: 6 April 2017 at 09:00 GMT
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