The Norwegian High Yield Bond Market. Marine Finance Forum New York, Nov 9, 2010

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1 The Norwegian High Yield Bond Market Marine Finance Forum New York, Nov 9, 2010

2 Highlights The international high yield bond markets are active with record issuance volumes and decreasing yields The traditional shipping and offshore banks continue to be constrained with regards to new lending Consequently, the bond market is becoming an important source of refinancing and capex funding for the shipping and offshore sectors The Norwegian bond market is an attractive alternative funding source 2

3 Cost of capital is returning towards pre-financial crisis levels 4000 bp 3500 bp 3000 bp 2500 bp Recent shipping bonds performance OSG Teekay GenMar Offering Date Mar 2010 Jan 2010 Nov 2009 Amount $300mm $450mm $300mm Offer Yield 8.375% 8.625% % Yield to Maturity - Nov % 6.800% % 2000 bp 1500 bp 1000 bp 500 bp Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Spread BB B CCC Pareto High Yield (Series 1) Pareto High Yield (Series 2) Pareto High Yield (Series 1) contains mainly oil and offshore bonds, including distressed/default credits Pareto High Yield (Series 2) includes a larger sample of Norwegian shipping and offshore bonds with no distressed/default credits Source: Credit Suisse and Pareto Securities AS 3

4 while banks funding costs are still at historic high levels Itraxx Europe Sen. Financials Series Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10

5 contributing to record US high yield bond issuance volumes USD bn Source: Credit Suisse and Pareto Securities AS 5

6 The Norwegian bond market An attractive alternative to the US bond market Total market size of approximately $11 billion + $5 billion in convertible bonds Flexible deal size between $20 million and $1 billion Tenors of 2-7 years, with a mix of floating and fixed rates 55% of transactions denominated in NOK and 45% in USD No or limited amortization until maturity Shadow credit ratings from banks Higher Loan-to-Value ( LTV ) than typically available in the bank market Repeat issuance is common 6

7 Norwegian High high Yield yield is bond a $11bn market market overview Approximately 145 bonds and 33 convertible bonds outstanding Oil, Offshore and Shipping sectors account for 83% of total volume USDbn 12 New HY Issues Volume % 29 % % % 13 % 20 % Rig FPSO Oil Service E&P Shipping Other Source: Pareto research

8 An international bond market - both in terms of issuers and investors Wide spread of Issuers from all over the world Main Investors Geographically located in London, US, Scandinavia, Continental Europe, Hong Kong and Singapore Hedge Funds Proprietary trading desks of International Investment Banks Global Asset Management & High Yield Credit funds Nordic banks Distressed / Special Situation Funds PE and Equity Funds High net worth individuals 8

9 Shipping and offshore bonds - Typical Structure SENIOR UNSEC. Larger, well established companies Shipfinance, Seadrill, Prosafe, Acergy, Subsea 7 1. Lien 2. Lien Project financing or take out financing Mortgage in assets following delivery from yard Sevan, DDI Holding (Aban), Skeie Drilling & Production, Rubicon, Sea Production, Remedial Offshore, Petrojack and more.. Asset focused market Newbuilding financing is an important component Structurally: Bond issued in parent (often listed company) with mortgage in assets owned by operating company and guarantees from operating company (or vice versa) 9

10 Secured rig bonds Spread to LTV diagram 16,0 % 14,0 % Jasper Explorer BassDrill Alpha Ltd 12,0 % PSOS Finance Ltd MEJACK 10,0 % Issuer Spread 8,0 % 6,0 % DDI Holding FRN DDI Holding Jan DDI Holding April DDI Holding 10% Type of asset Corporate guarantees Structure 4,0 % LTV Contracts 2,0 % 0,0 % 0 % 10 % 20 % 30 % 40 % 50 % 60 % 70 % 80 % 1. Lien Security 2. Lien Security Loan to current price (Charter Free) Tenors are 2-4 years 10

11 Illustrative recent Norwegian bond transactions Sector Offering Date Offshore Drilling Ship and Rig Leasing E+P 10% stake in producing offshore Brazilian gas field October 2010 September 2010 October 2010 Security Description Senior Unsecured Bonds due 2015 Senior Unsecured Bonds due 2014 Senior Secured 1 st Lien Bonds due 2018 Offering Size Coupon Use of Proceeds USD 350 million NOK 500 million USD 105 million NOK 205 million 6.50% Fixed rate 3m NIBOR bps Swapped to USD with a 5.32% p.a. fixed rate General Corporate Purposes General Corporate Purposes Fixed rate 12.00% NOK tranche 13.50% USD tranche Refinance existing bank and bond loans to better align amortization profile with company s cash flow Pareto Role Joint Lead Manager Sole Lead Manager Joint Lead Manager 11

12 Where will we see the demand for new high yield issuance? Refinancing of bank debt partly or entirely Refinancing Refinancing of bond debt Focus on assets becoming available for encumbrance from old facility Newbuild financing (Secured bonds) Take out financing to pay last yard installment (shipping and offshore) Limited willingness to take construction risk unless equity upside LTV of up to 70-80% depending on assets and contract situation Amortization schedule and strong call protection may be required Corporate financing (Unsecured bonds) To be considered more on a case by case basis Name recognition and market reputation is important Cash flow cases depending on cash flow visibility, leverage, legal- and financial structures For well established cash flow positive companies it s a matter of price 12

13 A structured process is key to achieve a successful bond placement Preparation phase Pre-launch phase Execution phase Indicative proposal from Pareto Securities Discussion regarding structure Final term sheet to be agreed Mandate agreement signed Preparation of sales material (company presentation etc.) Discussions and meetings with key investors if necessary Public launch in the market Closing of sales period and allocation Signing of loan agreement Disbursement date 1-2 weeks ~2 week ~2-3 weeks The whole process can be completed in four to six weeks 13

14 Pareto is dominating the Nordic high yield market Pareto has been manager for a total issue volume of about USD 15 billion, representing 62% of all Norwegian high yield issues over the last 5 years The majority of the volume is from asset backed deals in the oil & offshore sector Largest high yield trading desk in the Nordic region providing invaluable market intelligence Global sales force with offices in Oslo, New York and Singapore Market share Norwegian high yield issues ( YTD 2010) 70 % 62 % 60 % 50 % 40 % 30 % 20 % 14 % 7 % 10 % 6 % 5 % 5 % 0 % Pareto Other Dnb NOR First Fearnley Nordea Source: Pareto Securities / Norsk Tillitsmann Undisputed #1 secondary market bond broker Estimated share of relevant market (12 months rolling) 100% 80% 73% 70% 67% 61% 63% 65% 60% 58% 60% 40% 20% 0% 1Q '08 2Q '08 3Q '08 4Q '08 1Q '09 2Q '09 3Q '09 4Q '09 Source: Finanstilsynet / Pareto Securities. Share of Norwegian debt brokerage revenues 14

15 Pareto Securities contact details and disclaimer Oslo (Norway) Pareto Securities AS Dronning Mauds gate 3 PO Box 1411 Vika N-0115 Oslo NORWAY Stavanger (Norway) Pareto Securities AS Haakon VIIs gate 8 PO Box 163 N-4001 Stavanger NORWAY Bergen (Norway) Pareto Securities AS Olav Kyrres gate 22 PO Box 933 N-5808 Bergen NORWAY Kristiansand (Norway) Pareto Securities AS Vestre Strandgate 19A N-4611 Kristiansand NORWAY Trondheim (Norway) Pareto Securities AS Nordre gate 11 PO Box 971 Sentrum N-7410 Trondheim NORWAY Tel: Fax: Tel: Fax: Tel: Fax: Tel: Fax: Tel: Fax: New York (US) Pareto Securities Inc 150 East 52nd Street, 29th Floor New York NY USA Tel: Fax: Singapore Pareto Securities Asia Pte Ltd 16 Collyer Quay #27-02 Hitachi Tower Singapore SINGAPORE Tel: Fax: Pareto Offshore AS Dronning Mauds gate 3 PO Box 1411 Vika N-0115 Oslo NORWAY Tel: Fax: Pareto Shipbrokers AS Dronning Mauds gate 3 PO Box 1411 Vika N-0115 Oslo NORWAY Tel: Fax: Website: Bloomberg: PASE (go) Reuters: PARETO Disclaimer These materials have been prepared by Pareto Securities AS and/or its affiliates (together Pareto ) exclusively for the benefit and internal use of the client named on the cover in order to indicate, on a preliminary basis, the feasibility of one or more potential transactions. The materials may not be used for any other purpose and may not be copied or disclosed, in whole or in part, to any third party without the prior written consent of Pareto. The materials contain information which has been sourced from third parties, without independent verification. The information reflects prevailing conditions and Pareto s views as of the date of hereof, and may be subject to corrections and change at any time without notice. Pareto does not intend to, and the delivery of these materials shall not create any implication that Pareto assumes any obligation to, update or correct the materials. Pareto, its directors and employees or clients may have or have had positions in securities or other financial instruments referred to herein, and may at any time make purchases/sales of such securities or other financial instruments without notice. Pareto may have or have had or assume relationship(s) with or engagement(s) for or related to the relevant companies or matters referred to herein. The materials are not intended to be and should not replace or be construed as legal, tax, accounting or investment advice or a recommendation. No investment, divestment or other financial decisions or actions should be based solely on the material, and no representations or warranties are made as to the accuracy, correctness, reliability or completeness of the material or its contents. Neither Pareto, nor any of its affiliates, directors and employees accept any liability relating to or resulting from the reliance upon or the use of all or parts of the materials. 15

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