Norway's Jan-Sept high-yield company bond sales rise to NOK 45 bln

Fjord Defence ASA

04/10/2017 06:01

OSLO, Oct 4 (Reuters) - Companies raised 45 billion 
Norwegian crowns ($5.63 billion) via high-yield bonds in Norway 
from January to September, more than twice the full-year 2016 
level, data from brokers DNB and financial service Stamdata 
showed on Wednesday. 
    Oslo's corporate bond market, a vital source of cash to many 
mid-size shipping and oil services firms both in Norway and 
overseas, has rebounded after nearly drying up last year when a 
series of debt restructurings drove high-yield investors away. 
    "We're closing in on previous highs in terms of issued 
volumes. There is more diversification than before, but shipping 
is a segment that has seen substantial growth," DNB Markets 
credit analyst Magnus Vie Sundal said. 
    Overall volumes in 2017 could eventually amount to between 
55 billion and 60 billion crowns, he added, far above the 21.6 
billion seen in 2016 and just below the record 65 billion crowns 
raised each year from high-yield bonds in 2013 and 2014. 
    Wallenius Wilhelmsen Logistics  WWLO.OL  and Songa Bulk 
 SBULK.OL  were among firms that raised cash in late September. 
    ($1 = 7.9949 Norwegian crowns) 
 
 (Reporting by Henrik Stolen, editing by Terje Solsvik) 
 ((henrik.stolen@thomsonreuters.com; +47 952 79 474; Reuters 
Messaging: henrik.stolen.thomsonreuters.com@reuters.net)) 
 
Keywords: NORWAY HIGHYIELD/