Norwegian Bond Market

Transcription

1 Norwegian Bond Market Corporate Credit Report Lars Kirkeby Chief Analyst 26 June, 215

2 Spread to swap Yield NOKm Global number of defaults NOKm Nov-3 Nov-4 Nov-5 Nov-6 Nov Jan-6 Jul-6 Jan-7 Jul-7 Jan-8 Jul y BBB 5y BB 5y B Speculative grade defaults Investment Grade Speculative grade default rate High Yield 12% 1% 8% 6% 4% 2% % NOKm NOKm NOKm NOKm Number of corporate issuers Investment Grade High Yield AA A BBB BB B CCC Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec IT Market Update Page 3 Corporate Issuance Page 13 Shipping Page 19 Foods & Services Page 32 Primary Market Secondary Market Corporate Issuance Annual Volumes Indicative Price Levels Indicative Spread Levels Relative Value Indicative Price Levels Indicative Spread Levels Relative Value Credit Index Overview Page 5 Rating Distribution Page 14 Offshore Supply Page 22 Industrials Page 35 itraxx Crossover itraxx Europe Corporate Issuance Rating Distribution Indicative Price Levels Indicative Spread Levels Relative Value Indicative Price Levels Indicative Spread Levels Relative Value Credit Spread Overview Page 7 Monthly Issuance Page 15 Oil Service Page 24 Real Estate Page 37 Euro Industrial Spreads High Yield Investment Grade Corporate Issuance Monthly Levels Indicative Price Levels Indicative Spread Levels Relative Value Indicative Price Levels Indicative Spread Levels Relative Value Default Rates Page 9 Sector Issuance Page 16 Oil & Gas Page 26 Utilities Page 4 Norw ay Corporate Bonds Utility Industrials Oil Service Drilling Oil & Gas Shipping Telecom Real Estate Consumer Other Corporate Issuance Sector Distribution Indicative Price Levels Indicative Spread Levels Relative Value Indicative Price Levels Indicative Spread Levels Relative Value Top Corporate Issuers Page 1 Number of Issuers Page 17 High Yield Industrials Page 28 Rating Changes Page 45 BKK Posten Norge Hafslund Orkla MPU Offshore Lift Petrolia Drilling Master Marine Polarcus Statkraft Aker BioMarine Lyse Energi Roxar MPF Corp Statnett Bergen Oilfield Services IM Skaugen Villa Organic Viken Fibernett Marine Accurate Well FPS Ocean Norse Energy Corporation Fairstar Heavy Transport Estatia Resort IBB Byg Ziebel Top Corporate Issuers Corporate Issuance Number of issuers Indicative Price Levels Indicative Spread Levels Relative Value Public Ratings Shadow Ratings Nordea Markets Maturity Distribution Page 12 Credit Coverage Page 18 Other High Yield Page 3 Corporate Bonds Maturity Distribution Nordea Markets Corporate Credit Coverage Overview Indicative Price Levels Indicative Spread Levels Relative Value 2

3 Primary Market June 215 Bermuda-based oil service player BW Offshore issued a 5-year NOK 9m senior unsecured FRN Nibor +425bp. Norway-based oil & gas company DNO issued a 5-year USD 4m senior unsecured fixed rate bond with a coupon of 8.75% and an issue price of 87.5%. Norway-based CFI Stavanger Holdings issued a 1-year NOK 1,6m secured fixed rate bond with a coupon of 3.91%. Norway-based real estate company Entra Eiendom issued a 7-year NOK 4m senior unsecured fixed rate bond with a coupon of 2.45%. Norway-based utility Helgeland Kraft issued a 15-year NOK 1m senior unsecured fixed rate bond with a coupon of 3.35%. Bermuda-based shipping player Höegh LNG issued a 5-year USD 13m senior unsecured FRN Libor +5bp. Norway-based utility Statkraft (Moody s: Baa1/S&P: A-) completed a NOK 1,25m senior unsecured bond offering, comprising a 5-year NOK 8m FRN Nibor +6bp and a 1-year NOK 45m fixed rate bond with a coupon of 3.12%. Norway-based real estate player Steen & Strøm issued a 7-year NOK 4m senior unsecured fixed rate bond with a coupon of 2.62%. Norway-based utility Tafjord Kraft issued a 5-year NOK 3m senior unsecured FRN Nibor +58bp. Sweden-based real estate company Vasakronan completed a NOK 1,m senior unsecured bond offering, comprising a 4-year NOK 5m FRN Nibor +5bp and a 5-year NOK 5m fixed rate bond with a coupon of 2.18%. 3

4 NOKm NOKm Secondary Market Oslo Stock Exchange May State Guaranteed Covered Bonds Municipality Senior Financials Subordinated Financials Industry Industry Aggregated traded volume of listed bonds on OSE end-may amounted to NOK 28.bn NOK 323.bn for the same period in 214 and NOK 72.9bn for the full-year 214 Aggregated traded volume of listed corporate bonds on OSE end-may amounted to NOK 47.9bn NOK 56.5bn for the same period in 214 and NOK 129.8bn for the full-year 214 Aggregated traded volume of listed corporate bonds on OSE in May 215 amounted to NOK 7.5bn NOK 13.2bn in May 214 Source: Oslo Stock Exchange & Nordea Markets 4

5 Yield (bp) The itraxx 5-year Crossover Index All-time high March 1,15bp Collapse of Bear Stearns Sov ereign debt entered the stage 6 Subprime entered the stage Index of 5 European high-yield credit default swaps Average spread during Jun 215 was 35bp (May 215: 278bp), a 1% widening from last month The primary market for Euro high-yield credits softened considerably in June due to uncertainty surrounding Greece, as well as increased rates volatility Source: Reuters & Nordea Markets 5

6 Yield (bp) The itraxx 5-year Europe Index 25 2 All-time high Dec 217bp The Oct bp Index of 125 European investment-grade credit default swaps Average spread during Jun 215 was 69bp (May 215: 61bp), a 13% widening from last month The primary market for European investment-grade credits has slowed down following a long period with huge supply and available liquidity, and is expected to remain slow during the summer period Source: Reuters & Nordea Markets 6

7 Spread to swap High Yield Credit Spreads (Euro Industrial) y BBB 5y BB 5y B During Jun 215 the average 5-year BB and 5-year B industrial credit spreads widened to 233bp and 376bp (May 215: 22bp and 344bp) respectively The domestic primary market for high-yield corporate credits has also slowed down and we expect subdued market activity in July and August due to the summer break in Norway 7

8 Spread to swap Investment Grade Credit Spreads (Euro Industrial) y AA 5y A 5y BBB During Jun 215 the average 5-year A and 5-year BBB industrial credit spreads widened to 53bp and 9bp (May 215: 51bp and 85bp) respectively The domestic primary market for investment-grade credits is slow as usual, but some local utilities and real estate players found its way to the market during June 8

9 NOK bn Corporate Bond Default Rates Norway % 4% 35% 3% 25% % 15% 1% 5% % Volume of Corporate Bond Defaults Corporate Default Rate (12-months rolling) Annual HY Default Rate Three corporate bond issuers in Norway have defaulted so far in 215, affecting debt worth NOK 1.1bn By comparison, three corporate bond issuers defaulted in 214, affecting debt worth NOK 4.1bn The annual high yield default rate ended at 1.9% in 214, down from 3.1% in 213 The 12-months trailing corporate default rate remained unchanged at 1.1% in June 215 9

10 NOKm Largest Corporate Issuers

11 NOKm Largest Corporate Issuers

12 NOKm Maturity Distribution Corporate Bonds Investment Grade High Yield Source: Stamdata & Nordea Markets 12

13 NOKm Corporate Bond Issuance Investment Grade High Yield The statistics include all bond issuance by corporates, including convertibles and tap issues Total issuance year-to-date amounts to NOK 35.6bn, compared to NOK 67.7bn for the same period in 214 and NOK 14.3bn for the full-year 214 The high yield segments account for 55% of total corporate issuance so far in 215 (full-year 214: 62%) 13

14 NOKm NOKm Rating Distribution Corporate Bond Issuance AA A BBB BB B CCC Low market activity in the high-grade space so far in 215. The market is slow, apart from moderate issuance levels from local utilities Total investment-grade issuance amount to NOK 16.1bn year-to-date 215, compared to NOK 39.2bn for the full-year 214 Issuance within the BBB segment amounted to NOK 33.3bn in 214, compared to NOK 28.7bn in 213 The domestic primary high-yield market slowed down in June, with only three high yield bond offerings completed Supply of high-yield bonds amounted to NOK 5.1bn in June, compared to NOK 8.8bn in May Total high-yield issuance amount to NOK 19.5bn year-to-date 215, compared to NOK 65.bn for the full-year 214 The BB segment has increased its relative size during 215, according to the below rating distribution in the high-yield space: BB: 5% YTD 215 vs 27% in 214 B: 49% YTD 215 vs 39% in 214 CCC: 1% YTD 215 vs 34% in

15 NOKm Monthly Volume Corporate Bond Issuance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total corporate issuance in Jun 215 amounted to NOK 1.2bn, compared to NOK 1.6bn in Jun 214 Top 3 list monthly volume of corporate bond issuance in Norway: March 214: NOK 16.3bn, October 212: NOK 15.5bn and May 214: 15.4bn 15

16 NOKm Sector Distribution Corporate Bond Issuance Utility Oil & Gas Real Estate Shipping Foods & Services Industrials IT Oil Service Drilling Telecom Total bond issuance in the shipping, oil & gas and oil service sectors amount to approximately 41% of the aggregated corporate bond issuance so far in 215 (full-year 214: 44%) The utility, oil & gas, real estate and shipping segments have been the most active sectors so far in 215 During June, the first bond issue in the oil service segment (BW Offshore) found its way to the market 16

17 Number of corporate issuers Number of Corporate Bond Issuers corporate issuers have been active in the market so far this year, of which 9 are new to the market As of year-end 214, there were 257 corporate issuers with outstanding bond debt in the market These 257 corporate issuers had oustanding bond debt (excluding commercial papers) of approximately NOK 377bn as of year-end 214 (up from 233 issuers and NOK 342bn as of year-end 213) 17

18 Nordea Markets Corporate Credit Coverage Norway Shipping Corp Bond Oil & Gas Corp Bond Real Estate Corp Bond Color Group AS B+ B- Det norske oljeselskap ASA BB BB Entra Eiendom AS BBB+ BBB+ DFDS A/S BBB- BBB- Norwegian Property ASA BBB- BBB- GasLog Ltd B+ B Seafood Corp Bond OBOS BBL BBB BBB- Golar LNG Partners LP BB BB- Bakkafrost P/F BB BB- Olav Thon Eiendomsselskap ASA BBB+ BBB Höegh LNG Holdings Ltd B+ B Marine Harvest ASA BB BB- Steen & Strøm ASA BBB+ BBB J. Lauritzen A/S B+ B- Thon Holding AS BBB BBB- Navigator Holdings Ltd BB- B+ Foods & Services Corp Bond Ocean Yield ASA BB- B+ Avinor AS A+ A+ Utilities Corp Bond Odfjell SE B+ B- Curato Holding AS B+ B+ Agder Energi AS BBB+ BBB+ Ship Finance International Ltd BB- B+ Felleskjøpet Agri SA BB+ BB+ BKK AS BBB+ BBB+ Stolt-Nielsen Limited BB+ BB- NorgesGruppen ASA A- A- E-CO Energi AS BBB+ BBB+ Teekay LNG Partners LP BB BB- Norsk Gjenvinning AS B+ B+ Eidsiva Energi AS BBB BBB Wilh. Wilhelmsen ASA BBB- BB+ Nortura SA BBB- BBB- Energiselskapet Buskerud AS BBB- BBB- Norwegian Air Shuttle ASA B B- Fredrikstad Energi AS BBB- BBB- Offshore Supply Corp Bond Posten Norge AS A A Hafslund ASA BBB+ BBB+ DOF ASA B+ B- TINE SA A- A- Helgeland Kraft AS BBB+ BBB+ DOF Subsea AS B+ B- Lyse Energi AS BBB+ BBB+ Farstad Shipping ASA B+ B- Industrials Corp Bond Nord-Trøndelag Elektrisitetsverk Holding BBB- BBB- Havila Shipping ASA B- CCC A.P. Møller - Mærsk A/S BBB+ BBB+ Sogn og Fjordane Energi AS BBB BBB Olympic Ship AS B CCC+ Kongsberg Gruppen ASA BBB+ BBB+ Statkraft AS A- A- Rem Offshore ASA B CCC+ MøllerGruppen AS BBB- BBB- Sunnhordland Kraftlag AS BBB+ BBB+ Solstad Offshore ASA B+ B Norsk Hydro ASA BBB BBB Tafjord Kraft AS BBB- BBB- Orkla ASA A- A- TrønderEnergi AS BBB BBB Offshore Drilling Corp Bond Pharmaq AS B+ B+ Tussa Kraft AS BBB- BBB- Fred Olsen Energy ASA BB- B+ REC Silicon ASA B- B- Vardar AS BB+ BB+ North Atlantic Drilling Ltd B CCC+ Yara International ASA BBB+ BBB+ Østfold Energi AS BBB- BBB- Ocean Rig UDW Inc. B CCC+ Seadrill Ltd BB- B IT, Media & Telecom Corp Bond Songa Offshore SE B- CCC Atea ASA BBB- BBB- Schibsted ASA BBB BBB Oil Service Corp Bond Aker ASA BB BB Aker Solutions ASA BB+ BB+ BW Offshore Limited BB BB- Harkand Finance Inc B B Prosafe SE BB B+ Teekay Offshore Partners LP BB B+ Note: The bond rating refer to unsecured debt, the rating on pledged bond issues may deviate Note: Shadow Ratings from Nordea Markets 18

19 Shipping Indicative Price & Spread Levels (1/2) Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank COLG8 PRO Color Group AS B+ B- N3M NOK 9 Senior unsecured COLG9 PRO Color Group AS B+ B- N3M NOK 5 Senior unsecured COLG11 Color Group AS B+ B- N3M NOK 7 Senior unsecured COLG1 PRO Color Group AS B+ B- N3M NOK 7 Senior unsecured COLG12 Color Group AS B+ B- N3M NOK 7 Senior unsecured DFDS1 DFDS A/S BBB- BBB- N3M NOK 5 Senior unsecured DFDS2 DFDS A/S BBB- BBB- N3M NOK 7 Senior unsecured GLOG1 GasLog Ltd B+ B N3M NOK 1 Senior unsecured GOLP1 Golar LNG Partners LP BB BB- N3M NOK 1 3 Senior unsecured GOLP 5/2 Golar LNG Partners LP BB BB- L3M USD 15 Senior unsecured HLNG1 Höegh LNG Holdings Ltd B+ B N3M NOK 75 Senior unsecured HLNG 6/2 Höegh LNG Holdings Ltd B+ B L3M USD 13 Senior unsecured JLA2 J. Lauritzen A/S B+ B- N3M NOK 5 Senior unsecured KSH1 PRO Klaveness Ship Holding AS N3M NOK 3 Senior unsecured KSH2 PRO Klaveness Ship Holding AS N3M NOK 4 Senior unsecured NAVIG1 PRO Navigator Holdings Ltd BB- B+ 9. % USD 125 Senior unsecured OCY2 Ocean Yield AS BB- B+ N3M NOK 1 Senior unsecured OCY3 Ocean Yield AS BB- B+ N3M NOK 1 Senior unsecured ODF5 Odfjell SE B+ B- N3M NOK 6 Senior unsecured ODF4 Odfjell SE B+ B- N3M NOK 6 Senior unsecured ODF6 Odfjell SE B+ B- N3M NOK 8 Senior unsecured RCT1 PRO Ridgebury Crude Tankers LLC 7.63 % USD 2 1st priority pledge SFLN2 Ship Finance International Ltd BB- B+ N3M NOK 6 Senior unsecured SFLN3 Ship Finance International Ltd BB- B+ N3M NOK 9 Senior unsecured SNI1 Stolt-Nielsen Limited BB+ BB- N3M NOK 1 6 Senior unsecured SNI3 Stolt-Nielsen Limited BB+ BB- N3M NOK 8 Senior unsecured SNI4 Stolt-Nielsen Limited BB+ BB- N3M NOK 5 Senior unsecured SNI6 Stolt-Nielsen Limited BB+ BB- N3M NOK 1 1 Senior unsecured SNI5 Stolt-Nielsen Limited BB+ BB- N3M NOK 1 25 Senior unsecured TLG1 Tallink Grupp AS N3M NOK 9 Senior unsecured TKC1 Teekay Corporation N3M NOK 7 Senior unsecured TKLNG1 Teekay LNG Partners LP BB BB- N3M NOK 7 Senior unsecured TKLNG2 Teekay LNG Partners LP BB BB- N3M NOK 9 Senior unsecured TKLNG 5/2 Teekay LNG Partners LP BB BB- N3M NOK 1 Senior unsecured WBULK1 PRO Western Bulk ASA N3M NOK 3 Senior unsecured Note: Shadow Ratings from Nordea Markets 19

20 Shipping Indicative Price & Spread Levels (2/2) Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank WWI15 Wilh. Wilhelmsen ASA BBB- BB+ N3M NOK 7 Senior unsecured WWI21 PRO Wilh. Wilhelmsen ASA BBB- BB+ 9. % NOK 6 Senior unsecured WWI22 Wilh. Wilhelmsen ASA BBB- BB+ N3M NOK 7 Senior unsecured WWI23 Wilh. Wilhelmsen ASA BBB- BB+ N3M NOK 8 Senior unsecured WWI9 Wilh. Wilhelmsen ASA BBB- BB+ N3M NOK 3 Senior unsecured WWI19 PRO Wilh. Wilhelmsen ASA BBB- BB+ N3M NOK 3 Senior unsecured Note: Shadow Ratings from Nordea Markets 2

21 Spread to swap Shipping Relative Value Comparison ODF4 B+/B- JLA2 B+/B- NAVIG1 PRO BB-/B+ 5 4 HLNG 6/2 B+/B KSH2 PRO / COLG12 B+/B- SFLN3 BB-/B+ GOLP 5/2 BB/BB- SNI5 BB+/BB- B 3 TKLNG1 BB/BB- SNI3 BB+/BB- 2 SNI1 BB+/BB- WWI23 BBB-/BB+ WWI9 BBB-/BB+ 1 DFDS2 BBB-/BBB- BBB DFDS1 BBB-/BBB Maturity Note: Shadow Ratings from Nordea Markets Euribor Industrial Rating Curves 21

22 Offshore Supply Indicative Price & Spread Levels Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank ATOFF3 Atlantic Offshore AS N3M NOK 5 Senior unsecured BOAO2 PRO Boa Offshore AS N3M NOK 5 Senior unsecured BOAO 5/2 Boa Offshore AS N3M NOK 5 Senior unsecured BOAS1 PRO Boa SBL AS N3M NOK 37 1st priority pledge DOF9 DOF ASA B+ B- N3M NOK 7 Senior unsecured DOF11 DOF ASA B+ B- N3M NOK 7 Senior unsecured DOF1 DOF ASA B+ B- N3M NOK 7 Senior unsecured DOFSUB6 DOF Subsea AS B+ B- N3M NOK 7 Senior unsecured DOFSUB5 DOF Subsea AS B+ B- N3M NOK 75 Senior unsecured DOFSUB7 DOF Subsea AS B+ B- N3M NOK 1 3 Senior unsecured EFOR1 PRO E Forland AS N3M NOK 434 1st priority pledge EIOF1 Eidesvik Offshore ASA N3M NOK 3 Senior unsecured FAR3 Farstad Shipping ASA B+ B- N3M NOK 4 Senior unsecured FAR4 Farstad Shipping ASA B+ B- N3M NOK 1 Senior unsecured HAVI8 PRO Havila Shipping ASA B- CCC N3M NOK 5 Senior unsecured HAVI4 Havila Shipping ASA B- B- N3M NOK 176 1st priority pledge HAVI6 Havila Shipping ASA B- B- 8.6 % NOK 255 1st priority pledge HAVI7 Havila Shipping ASA B- B- N3M NOK 255 1st priority pledge IOSH1 PRO Island Offshore Shipholding LP N3M NOK 7 Senior unsecured OLSH2 PRO Olympic Ship AS B CCC+ N6M NOK 3 Senior unsecured OLSH 6/19 Olympic Ship AS B CCC+ N3M NOK 5 Senior unsecured REM4 PRO Rem Offshore ASA B CCC+ N3M NOK 35 Senior unsecured REM5 Rem Offshore ASA B CCC+ N3M NOK 5 Senior unsecured SIOFF1 Siem Offshore Inc N3M NOK 6 Senior unsecured SIOFF2 Siem Offshore Inc N3M NOK 7 Senior unsecured SOFF3 Solstad Offshore ASA B+ B N3M NOK 7 Senior unsecured SOFF4 Solstad Offshore ASA B+ B N3M NOK 1 Senior unsecured VEOF1 PRO Vestland Offshore Invest AS N3M NOK 15 1st priority pledge VSS1 PRO Viking Supply Ships A/S N3M NOK 385 Senior unsecured VOLS1 PRO Volstad Shipping AS N3M NOK 275 1st priority pledge VOSUB1 PRO Volstad Subsea AS N3M NOK 63 1st priority pledge Note: Shadow Ratings from Nordea Markets 22

23 Spread to swap Offshore Supply Relative Value Comparison 25 2 IOSH1 PRO / VSS1 PRO / BOAS1 PRO / 15 DOF9 HAVI4 B+/B- B-/B-DOF11 B+/B- 1 VEOF1 PRO / 5 FAR4 B+/B- HAVI7 B-/B- OLSH 6/19 B/CCC+ REM5 B/CCC+ DOF1 B+/B- DOFSUB7 B+/B- SIOFF1 / SOFF4 B+/B B BB Maturity BBB Note: Shadow Ratings from Nordea Markets Euribor Industrial Rating Curves 23

24 Oil Service Indicative Price & Spread Levels Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank BBERG1 Beerenberg Holdco II AS N3M NOK 1 1 1st priority pledge BLH2 PRO Bluewater Holding BV 1. % USD 4 Senior unsecured BON4 Bonheur ASA N3M NOK 7 Senior unsecured BON3 Bonheur ASA N3M NOK 3 Senior unsecured BON5 Bonheur ASA N3M NOK 9 Senior unsecured BON6 Bonheur ASA N3M NOK 6 Senior unsecured BWO1 BW Offshore Limited BB BB- N3M NOK 5 Senior unsecured BWO2 BW Offshore Limited BB BB- N3M NOK 5 Senior unsecured BWO3 BW Offshore Limited BB BB- N3M NOK 75 Senior unsecured BWO 6/2 BW Offshore Limited BB BB- N3M NOK 9 Senior unsecured DEED1 RET Deep Drilling 1 Pte Ltd 12. % USD 1 1st priority pledge DOLP1 Dolphin Group ASA N3M NOK 4 Senior unsecured DOLP2 Dolphin Group ASA N3M NOK 5 Senior unsecured EMGS2 Electromagnetic Geoservices ASA N3M NOK 35 Senior unsecured FOE4 Fred Olsen Energy ASA BB- B N3M NOK 1 4 Senior unsecured FOE5 Fred Olsen Energy ASA BB- B N3M NOK 1 1 Senior unsecured GCMC1 PRO Golden Close Maritime Corp Ltd 9. % USD 4 2nd priority pledge HARK1 Harkand Finance Inc B B 7.5 % USD 23 1st priority pledge NADL1 North Atlantic Drilling Ltd B B N3M NOK 1 5 Senior unsecured PLCS2 Polarcus Ltd 8. % USD 95 Senior unsecured PLCS3 Polarcus Ltd N3M NOK 35 Senior unsecured PRS7 Prosafe SE BB B+ N3M NOK 5 Senior unsecured PRS8 Prosafe SE BB B+ N3M NOK 5 Senior unsecured PRS1 Prosafe SE BB B+ N3M NOK 7 Senior unsecured PRS11 Prosafe SE BB B+ N3M NOK 7 Senior unsecured PRS9 Prosafe SE BB B+ N3M NOK 5 Senior unsecured SDRL5 Seadrill Ltd BB- B 6.5 % USD 35 Senior unsecured SDRL7 Seadrill Ltd BB- B N3M NOK 1 8 Senior unsecured SDRL8 Seadrill Ltd BB- B S3M SEK 1 5 Senior unsecured SONG5 Songa Offshore SE B- CCC 7.75 % NOK 75 Senior unsecured SONG4 Songa Offshore SE B- CCC 8.4 % NOK 1 4 Senior unsecured TOP3 Teekay Offshore Partners LP BB B+ N3M NOK 5 Senior unsecured TOP2 Teekay Offshore Partners LP BB B+ N3M NOK 6 Senior unsecured TOP4 Teekay Offshore Partners LP BB B+ N3M NOK 8 Senior unsecured TOP5 Teekay Offshore Partners LP BB B+ N3M NOK 1 Senior unsecured Note: Shadow Ratings from Nordea Markets 24

25 Spread to swap Oil Service Relative Value Comparison SONG4 B-/CCC HARK1 B/B 12 SONG5 B-/CCC 1 NADL1 B/B SDRL8 BB-/B 8 FOE5 BB-/B 6 TOP5 BB/B+ BON6 / 4 2 BON4 / TOP2 BB/B+ BWO1 BB/BB- PRS1 BB/B+ PRS9 BB/B+ B BB BBB Maturity Note: Shadow Ratings from Nordea Markets Euribor Industrial Rating Curves 25

26 Oil & Gas Indicative Price & Spread Levels Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank DETNOR2 Det Norske Oljeselskap ASA BB BB N3M NOK 1 9 Senior unsecured DNO 6/2 DNO ASA 8.75 % USD 4 Senior unsecured GENEL1 PRO Genel Energy Finance Ltd 7.5 % USD 73 Senior unsecured IGAS1 IGas Energy Plc 1. % USD 153 Senior unsecured SMDR1 PRO Salamander Energy Plc 9.75 % USD 15 Senior unsecured Note: Shadow Ratings from Nordea Markets 26

27 Spread to swap Oil & Gas Relative Value Comparison IGAS1 / DNO 6/2 / 1 GENEL1 PRO / 8 SMDR1 PRO / 6 DETNOR2 BB/BB 4 B 2 BB BBB Maturity Note: Shadow Ratings from Nordea Markets Euribor Industrial Rating Curves 27

28 High Yield Industrials Indicative Price & Spread Levels Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank AKER5 Aker ASA BB BB N3M NOK 85 Senior unsecured AKER8 Aker ASA BB BB N3M NOK 5 Senior unsecured AKER11 Aker ASA BB BB N3M NOK 1 3 Senior unsecured AKER7 Aker ASA BB BB N3M NOK 5 Senior unsecured AKER12 Aker ASA BB BB S3M SEK 1 5 Senior unsecured AKER 5/2 Aker ASA BB BB N3M NOK 1 Senior unsecured AKER1 Aker ASA BB BB N3M NOK 7 Senior unsecured AKER9 Aker ASA BB BB N3M NOK 1 Senior unsecured AKSO1 Aker Solutions ASA BB+ BB+ N3M NOK 1 5 Senior unsecured AKSO2 Aker Solutions ASA BB+ BB+ N3M NOK 1 Senior unsecured FKOV8 PRO Felleskjøpet Agri SA BB+ BB+ N3M NOK 175 Senior unsecured FKOV7 PRO Felleskjøpet Agri SA BB+ BB+ N3M NOK 4 Senior unsecured FKOV9 PRO Felleskjøpet Agri SA BB+ BB % NOK 4 Senior unsecured REC2 REC Silicon ASA B- B- N3M NOK 713 Senior unsecured REC3 REC Silicon ASA B- B % NOK 913 Senior unsecured TIZ1 PRO TiZir Ltd 9. % USD 275 1st priority pledge Note: Shadow Ratings from Nordea Markets 28

29 Spread to swap High Yield Industrials Relative Value Comparison 7 6 REC2 B-/B- 5 AKER9 BB/BB B 4 AKER7 BB/BB AKSO2 BB+/BB+ 3 AKSO1 BB+/BB+ AKER8 BB/BB AKER12 BB/BB BB 2 FKOV9 PRO BB+/BB+ FKOV7 PRO BB+/BB+ 1 AKER5 BB/BB BBB Maturity Note: Shadow Ratings from Nordea Markets Euribor Industrial Rating Curves 29

30 Other High Yield Indicative Price & Spread Levels Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank ALBN1 Albain Bidco Norway AS N3M NOK 1 81 Senior unsecured AUSS6 PRO Austevoll Seafood ASA N3M NOK 4 Senior unsecured AUSS7 Austevoll Seafood ASA N3M NOK 5 Senior unsecured AUSS 5/21 Austevoll Seafood ASA N3M NOK 5 Senior unsecured BAKKA1 Bakkafrost P/F BB BB- N3M NOK 5 Senior unsecured CRH1 Curato Holding AS B+ B+ N3M NOK 48 1st priority pledge GSF1 Grieg Seafood ASA N3M NOK 4 Senior unsecured KIST1 PRO Kistefos AS N3M NOK 498 Senior unsecured KIST2 PRO Kistefos AS N3M NOK 75 Senior unsecured LOCK1 Lock AS N3M NOK st priority pledge MHG1 Marine Harvest ASA BB BB- N3M NOK 1 25 Senior unsecured NAS4 Norwegian Air Shuttle ASA B B- N3M NOK 4 Senior unsecured NAS5 Norwegian Air Shuttle ASA B B- N3M NOK 225 1st priority pledge NAS6 Norwegian Air Shuttle ASA B B- N3M NOK 1 Senior unsecured PHQ1 Pharmaq Holding AS B+ B+ N3M NOK 725 Senior unsecured SBO1 Selvaag Bolig ASA N3M NOK 5 Senior unsecured SMF1 PRO Stena Metall Finans AB N3M NOK 69 Senior unsecured SMF2 PRO Stena Metall Finans AB N3M NOK 3 Senior unsecured SMF3 PRO Stena Metall Finans AB S3M SEK 5 Senior unsecured VVH1 VV Holding AS B+ B+ N3M NOK st priority pledge Note: Shadow Ratings from Nordea Markets 3

31 Spread to swap Other High Yield Relative Value Comparison 6 NAS6 B/B- VVH1 B+/B+ 5 4 ALBN1 / LOCK1 / PHQ1 B+/B+ CRH1 B+/B+ AUSS 5/21 / B 3 BB 2 AUSS6 PRO / MHG1 BB/BB- BAKKA1 BB/BB- 1 BBB Maturity Note: Shadow Ratings from Nordea Markets Euribor Industrial Rating Curves 31

32 Foods & Services Indicative Price & Spread Levels (1/2) Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank AVINOR3 Avinor AS A+ A % NOK 4 Senior unsecured AVINOR22 Avinor AS A+ A+ N3M NOK 7 Senior unsecured AVINOR11 Avinor AS A+ A % NOK 45 Senior unsecured DSB3 PRO DSB 6.2 % NOK 31 Senior unsecured FJELL1 PRO Fjellinjen AS N3M NOK 7 Senior unsecured FJELL2 PRO Fjellinjen AS 4.4 % NOK 3 Senior unsecured FJELL1 PRO Fjellinjen AS N3M NOK 4 Senior unsecured FJELL11 PRO Fjellinjen AS N3M NOK 5 Senior unsecured FJELL9 PRO Fjellinjen AS N3M NOK 5 Senior unsecured FJELL4 PRO Fjellinjen AS 4.96 % NOK 6 Senior unsecured FJELL3 PRO Fjellinjen AS 4.7 % NOK 4 Senior unsecured NSB 4/16 Norges Statsbaner AS 4.94 % NOK 55 Senior unsecured NSB 2/19 Norges Statsbaner AS N3M NOK 6 Senior unsecured NSB 4/19 Norges Statsbaner AS 3.1 % NOK 4 Senior unsecured NSB 4/191 Norges Statsbaner AS N3M NOK 3 Senior unsecured NSB 2/21 Norges Statsbaner AS 3.8 % NOK 3 Senior unsecured NSB 1/22 Norges Statsbaner AS 4.25 % NOK 35 Senior unsecured NORG37 NorgesGruppen ASA A- A- N3M NOK 9 Senior unsecured NORG64 NorgesGruppen ASA A- A- N3M NOK 8 Senior unsecured NORG73 NorgesGruppen ASA A- A- N3M NOK 7 Senior unsecured NORG65 NorgesGruppen ASA A- A % NOK 5 Senior unsecured NORG79 NorgesGruppen ASA A- A- 3.8 % NOK 45 Senior unsecured NORG84 NorgesGruppen ASA A- A- N3M NOK 7 Senior unsecured NORG92 NorgesGruppen ASA A- A % NOK 3 Senior unsecured NORT3 PRO Nortura SA BBB- BBB- N3M NOK 575 Senior unsecured NORT5 PRO Nortura SA BBB- BBB- N3M NOK 55 Senior unsecured NORT11 PRO Nortura SA BBB- BBB % NOK 4 Senior unsecured NORT12 PRO Nortura SA BBB- BBB % NOK 2 Senior unsecured ORK9 Orkla ASA A- A- N6M NOK 1 3 Senior unsecured ORK1 Orkla ASA A- A- 5.7 % NOK 1 2 Senior unsecured ORK82 Orkla ASA A- A- N3M NOK 1 5 Senior unsecured ORK8 Orkla ASA A- A % NOK 1 Senior unsecured POSTEN3 Posten Norge AS A A N3M NOK 5 Senior unsecured TLE22 Tele2 AB N3M NOK 1 Senior unsecured TINE18 PRO TINE SA A- A- N3M NOK 4 Senior unsecured Note: Shadow Ratings from Nordea Markets 32

33 Foods & Services Indicative Price & Spread Levels (2/2) Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank TINE8 PRO TINE SA A- A- N3M NOK 6 Senior unsecured TINE9 PRO TINE SA A- A- N3M NOK 5 Senior unsecured TINE19 PRO TINE SA A- A- N3M NOK 5 Senior unsecured Note: Shadow Ratings from Nordea Markets 33

34 Spread to swap Foods & Services Relative Value Comparison BBB 1 NORT11 PRO BBB-/BBB- 8 ORK8 A-/A- A 6 ORK82 A-/A- NORG92 A-/A- AA 4 TINE19 PRO A-/A- TLE22 / NORG65 A-/A- NSB 2/21 / NORG64 A-/A- AVINOR11 A+/A+ 2 FJELL2 PRO / Maturity Note: Shadow Ratings from Nordea Markets Euribor Industrial Rating Curves 34

35 Industrials Indicative Price & Spread Levels Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank MAERSK 12/16 A.P. Møller - Mærsk A/S BBB+ BBB % NOK 2 Senior unsecured MAERSK 3/17 A.P. Møller - Mærsk A/S BBB+ BBB+ N3M NOK 3 Senior unsecured ATEA1 Atea ASA BBB- BBB- N3M NOK 3 Senior unsecured KOG6 Kongsberg Gruppen ASA BBB+ BBB+ N3M NOK 5 Senior unsecured KOG7 Kongsberg Gruppen ASA BBB+ BBB+ 4.8 % NOK 25 Senior unsecured MOLLG1 PRO MøllerGruppen AS BBB- BBB- N3M NOK 4 Senior unsecured NHY5 Norsk Hydro ASA BBB BBB 5.4 % NOK 1 5 Senior unsecured SCH1 Schibsted ASA BBB BBB N3M NOK 4 Senior unsecured SCH3 Schibsted ASA BBB BBB N3M NOK 5 Senior unsecured SCH4 Schibsted ASA BBB BBB 5.9 % NOK 3 Senior unsecured SCH7 Schibsted ASA BBB BBB N3M NOK 6 Senior unsecured SCH5 Schibsted ASA BBB BBB 5.4 % NOK 25 Senior unsecured SCH6 Schibsted ASA BBB BBB N3M NOK 15 Senior unsecured VEI5 Veidekke ASA N3M NOK 75 Senior unsecured YAR5 Yara International ASA BBB+ BBB+ 8.8 % NOK 1 Senior unsecured YAR9 Yara International ASA BBB+ BBB+ N3M NOK 2 2 Senior unsecured YAR1 Yara International ASA BBB+ BBB % NOK 7 Senior unsecured YAR11 Yara International ASA BBB+ BBB+ 3. % NOK 6 Senior unsecured Note: Shadow Ratings from Nordea Markets 35

36 Spread to swap Industrials Relative Value Comparison 14 BBB SCH4 BBB/BBB YAR1 BBB+/BBB+ YAR11 BBB+/BBB+ A AA 6 VEI5 / YAR9 BBB+/BBB+ KOG7 BBB+/BBB+ SCH3 BBB/BBB NHY5 BBB/BBB 4 MAERSK 3/17 BBB+/BBB+ 2 SCH1 BBB/BBB Maturity Note: Shadow Ratings from Nordea Markets Euribor Industrial Rating Curves 36

37 Real Estate Indicative Price & Spread Levels (1/2) Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank ENEID59 Entra Eiendom AS BBB+ BBB+ N3M NOK 1 2 Senior unsecured ENEID55 Entra Eiendom AS BBB+ BBB+ N3M NOK 1 1 Senior unsecured ENEID41 Entra Eiendom AS BBB+ BBB+ 4.7 % NOK 5 Senior unsecured ENEID64 Entra Eiendom AS BBB+ BBB+ N3M NOK 1 2 Senior unsecured ENEID79 Entra Eiendom AS BBB+ BBB+ N3M NOK 5 Senior unsecured ENEID29 Entra Eiendom AS BBB+ BBB % NOK 5 Senior unsecured ENEID69 Entra Eiendom AS BBB+ BBB % NOK 7 Senior unsecured ENEID 6/22 Entra Eiendom AS BBB+ BBB % NOK 4 Senior unsecured ENEID6 Entra Eiendom AS BBB+ BBB+ 5. % NOK 5 Senior unsecured NPRO1 Norwegian Property ASA BBB- BBB N3M NOK 5 1st priority pledge NPRO2 Norwegian Property ASA BBB- BBB N3M NOK 25 1st priority pledge NPRO3 Norwegian Property ASA BBB- BBB 3.7 % NOK 25 1st priority pledge NPRO5 Norwegian Property ASA BBB- BBB N3M NOK 35 1st priority pledge OBOS16 PRO OBOS BBL BBB BBB- N3M NOK 75 Senior unsecured OBOS17 PRO OBOS BBL BBB BBB- N3M NOK 7 Senior unsecured OBOS19 PRO OBOS BBL BBB BBB- N3M NOK 3 Senior unsecured OBOS18 PRO OBOS BBL BBB BBB- 4.4 % NOK 2 Senior unsecured OBOS2 PRO OBOS BBL BBB BBB- 2.8 % NOK 2 Senior unsecured OLT16 Olav Thon Eiendomsselskap ASA BBB+ A- N3M NOK 6 1st priority pledge OLT33 Olav Thon Eiendomsselskap ASA BBB+ A- 4. % NOK 35 1st priority pledge OLT56 Olav Thon Eiendomsselskap ASA BBB+ A- N3M NOK 57 1st priority pledge OLT45 Olav Thon Eiendomsselskap ASA BBB+ A- N3M NOK 375 1st priority pledge OLT46 Olav Thon Eiendomsselskap ASA BBB+ A- 3.4 % NOK 3 1st priority pledge OLT71 Olav Thon Eiendomsselskap ASA BBB+ BBB S3M SEK 6 Senior unsecured OLT54 Olav Thon Eiendomsselskap ASA BBB+ A- N3M NOK 55 1st priority pledge OLT55 Olav Thon Eiendomsselskap ASA BBB+ A- 3.9 % NOK 55 1st priority pledge OLT59 Olav Thon Eiendomsselskap ASA BBB+ A- N3M NOK 1 2 1st priority pledge OLT63 Olav Thon Eiendomsselskap ASA BBB+ A- N3M NOK 635 1st priority pledge SST32 Steen & Strøm AS BBB+ A- N3M NOK 625 1st priority pledge SST43 Steen & Strøm AS BBB+ BBB N3M NOK 3 Senior unsecured SST38 Steen & Strøm AS BBB+ A- N3M NOK 39 1st priority pledge SST52 Steen & Strøm AS BBB+ BBB N3M NOK 5 Senior unsecured SST44 Steen & Strøm AS BBB+ A- N3M NOK 725 1st priority pledge SST59 Steen & Strøm AS BBB+ BBB S3M SEK 5 Senior unsecured SST48 Steen & Strøm AS BBB+ BBB N3M NOK 4 Senior unsecured Note: Shadow Ratings from Nordea Markets 37

38 Real Estate Indicative Price & Spread Levels (2/2) Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank SST49 Steen & Strøm AS BBB+ BBB N3M NOK 3 Senior unsecured SST 6/22 Steen & Strøm AS BBB+ BBB 2.62 % NOK 4 Senior unsecured THOL16 PRO Thon Holding AS BBB BBB+ N3M NOK 4 1st priority pledge THOL23 PRO Thon Holding AS BBB BBB+ N3M NOK 35 1st priority pledge THOL19 PRO Thon Holding AS BBB BBB+ 3.7 % NOK 1 1 1st priority pledge THOL41 PRO Thon Holding AS BBB BBB+ N3M NOK 2 1st priority pledge THOL42 PRO Thon Holding AS BBB BBB % NOK 35 1st priority pledge Note: Shadow Ratings from Nordea Markets 38

39 Spread to swap Real Estate Relative Value Comparison 14 BBB SST 6/22 BBB+/BBB NPRO2 BBB-/BBB OBOS17 PRO BBB/BBB- THOL41 PRO BBB/BBB+ OLT63 BBB+/A- ENEID29 BBB+/BBB+ NPRO1 BBB-/BBB ENEID41 BBB+/BBB+ A AA 2 OLT33 BBB+/A- OLT16 BBB+/A Maturity Note: Shadow Ratings from Nordea Markets Euribor Industrial Rating Curves 39

40 Utilities Indicative Price & Spread Levels (1/4) Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank AEN18 Agder Energi AS BBB+ BBB % NOK 5 Senior unsecured AEN34 Agder Energi AS BBB+ BBB+ N3M NOK 7 Senior unsecured AEN45 Agder Energi AS BBB+ BBB+ N3M NOK 6 Senior unsecured AEN49 Agder Energi AS BBB+ BBB+ N3M NOK 5 Senior unsecured AEN41 Agder Energi AS BBB+ BBB+ N3M NOK 7 Senior unsecured AEN4 Agder Energi AS BBB+ BBB+ N3M NOK 7 Senior unsecured AEN39 Agder Energi AS BBB+ BBB+ 4.1 % NOK 3 Senior unsecured AEN47 Agder Energi AS BBB+ BBB+ N3M NOK 5 Senior unsecured AEN5 Agder Energi AS BBB+ BBB+ N3M NOK 6 Senior unsecured AEN51 Agder Energi AS BBB+ BBB+ N3M NOK 4 Senior unsecured AEN31 Agder Energi AS BBB+ BBB+ 5.1 % NOK 4 Senior unsecured AEN48 Agder Energi AS BBB+ BBB % NOK 2 Senior unsecured BKK18 BKK AS BBB+ BBB+ N3M NOK 1 5 Senior unsecured BKK8 BKK AS BBB+ BBB+ 5. % NOK 1 Senior unsecured BKK21 BKK AS BBB+ BBB+ N3M NOK 1 5 Senior unsecured BKK4 BKK AS BBB+ BBB+ N3M NOK 2 Senior unsecured BKK17 BKK AS BBB+ BBB+ N3M NOK 2 Senior unsecured BKK82 BKK AS BBB+ BBB+ 5.9 % NOK 1 Senior unsecured BKK23 BKK AS BBB+ BBB+ N3M NOK 2 Senior unsecured BKK2 BKK AS BBB+ BBB+ N3M NOK 2 Senior unsecured BKK93 BKK AS BBB+ BBB % NOK 1 5 Senior unsecured BKK26 BKK AS BBB+ BBB+ N3M NOK 2 Senior unsecured BKK24 BKK AS BBB+ BBB+ N3M NOK 1 5 Senior unsecured BKK25 G BKK AS BBB+ BBB+ N3M NOK 2 Senior unsecured BKK22 BKK AS BBB+ BBB % NOK 1 5 Senior unsecured ECEN11 PRO E-CO Energi Holding AS BBB+ BBB % NOK 5 Senior unsecured ECEN1 PRO E-CO Energi Holding AS BBB+ BBB % NOK 1 Senior unsecured ECEN21 PRO E-CO Energi Holding AS BBB+ BBB % NOK 5 Senior unsecured EIEN2 Eidsiva Energi AS BBB BBB 4.4 % NOK 48 Senior unsecured EIEN5 Eidsiva Energi AS BBB BBB 5.61 % NOK 5 Senior unsecured EIEN6 Eidsiva Energi AS BBB BBB N3M NOK 4 Senior unsecured EIEN1 Eidsiva Energi AS BBB BBB 4.8 % NOK 55 Senior unsecured EIEN3 Eidsiva Energi AS BBB BBB 4.85 % NOK 7 Senior unsecured EIEN14 Eidsiva Energi AS BBB BBB 2.6 % NOK 2 Senior unsecured EIEN15 Eidsiva Energi AS BBB BBB 2.98 % NOK 15 Senior unsecured Note: Shadow Ratings from Nordea Markets 4

41 Utilities Indicative Price & Spread Levels (2/4) Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank ENBU6 Energiselskapet Buskerud AS BBB- BBB- 5.7 % NOK 3 Senior unsecured ENBU13 Energiselskapet Buskerud AS BBB- BBB- N3M NOK 2 Senior unsecured ENBU22 Energiselskapet Buskerud AS BBB- BBB- N3M NOK 36 Senior unsecured ENBU3 Energiselskapet Buskerud AS BBB- BBB % NOK 2 Senior unsecured ENBU8 Energiselskapet Buskerud AS BBB- BBB- 5.5 % NOK 5 Senior unsecured ENBU21 Energiselskapet Buskerud AS BBB- BBB- 4.1 % NOK 1 Senior unsecured ENBU19 Energiselskapet Buskerud AS BBB- BBB- N3M NOK 275 Senior unsecured ENBU2 Energiselskapet Buskerud AS BBB- BBB % NOK 225 Senior unsecured ENBU9 Energiselskapet Buskerud AS BBB- BBB % NOK 25 Senior unsecured FEAS2 PRO Fredrikstad Energi AS BBB- BBB- N3M NOK 4 Senior unsecured FEAS3 PRO Fredrikstad Energi AS BBB- BBB % NOK 3 Senior unsecured FEAS4 PRO Fredrikstad Energi AS BBB- BBB % NOK 1 Senior unsecured HNA13 Hafslund ASA BBB+ BBB+ N3M NOK 5 Senior unsecured HNA122 Hafslund ASA BBB+ BBB+ N3M NOK 35 Senior unsecured HNA125 Hafslund ASA BBB+ BBB+ N3M NOK 5 Senior unsecured HNA66 Hafslund ASA BBB+ BBB+ 5.1 % NOK 5 Senior unsecured HNA69 Hafslund ASA BBB+ BBB+ 6. % NOK 7 Senior unsecured HNA127 Hafslund ASA BBB+ BBB+ N3M NOK 5 Senior unsecured HNA118 Hafslund ASA BBB+ BBB % NOK 3 Senior unsecured HNA75 Hafslund ASA BBB+ BBB % NOK 74 Senior unsecured HNA87 Hafslund ASA BBB+ BBB+ 6.3 % NOK 5 Senior unsecured HNA13 Hafslund ASA BBB+ BBB+ N3M NOK 5 Senior unsecured HNA131 Hafslund ASA BBB+ BBB+ N3M NOK 3 Senior unsecured HNA85 Hafslund ASA BBB+ BBB % NOK 4 Senior unsecured HNA133 Hafslund ASA BBB+ BBB+ N3M NOK 3 Senior unsecured HNA123 Hafslund ASA BBB+ BBB % NOK 3 Senior unsecured HNA19 Hafslund ASA BBB+ BBB+ 5.5 % NOK 4 Senior unsecured HNA119 Hafslund ASA BBB+ BBB+ 4.9 % NOK 3 Senior unsecured HNA128 Hafslund ASA BBB+ BBB % NOK 45 Senior unsecured HELK15 PRO Helgeland Kraft AS BBB+ BBB+ N3M NOK 3 Senior unsecured HELK14 PRO Helgeland Kraft AS BBB+ BBB+ 2.6 % NOK 2 Senior unsecured HELK12 PRO Helgeland Kraft AS BBB+ BBB % NOK 6 Senior unsecured HELK13 PRO Helgeland Kraft AS BBB+ BBB+ 3.4 % NOK 1 Senior unsecured LYSK7 Lyse Energi AS BBB+ BBB+ N3M NOK 15 Senior unsecured LYSK71 Lyse Energi AS BBB+ BBB % NOK 4 Senior unsecured Note: Shadow Ratings from Nordea Markets 41

42 Utilities Indicative Price & Spread Levels (3/4) Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank LYSK85 Lyse Energi AS BBB+ BBB+ N3M NOK 5 Senior unsecured LYSK74 Lyse Energi AS BBB+ BBB % NOK 35 Senior unsecured LYSK93 PRO Lyse Energi AS BBB+ BBB+ N3M NOK 25 Senior unsecured LYSK58 Lyse Energi AS BBB+ BBB % NOK 45 Senior unsecured LYSK97 Lyse Energi AS BBB+ BBB % NOK 2 Senior unsecured LYSK94 Lyse Energi AS BBB+ BBB % NOK 3 Senior unsecured LYSK88 Lyse Energi AS BBB+ BBB+ 5.4 % NOK 25 Senior unsecured LYSK91 Lyse Energi AS BBB+ BBB+ 4.8 % NOK 5 Senior unsecured LYSK13 Lyse Energi AS BBB+ BBB % NOK 25 Senior unsecured NTE3 PRO G Nord-Trøndelag E-Verk Holding AS BBB- BBB- N3M NOK 25 Senior unsecured NTE4 PRO G Nord-Trøndelag E-Verk Holding AS BBB- BBB- N3M NOK 4 Senior unsecured NTE5 PRO G Nord-Trøndelag E-Verk Holding AS BBB- BBB- N3M NOK 1 Senior unsecured SFEN35 PRO Sogn og Fjordane Energi AS BBB BBB N3M NOK 15 Senior unsecured SFEN21 PRO Sogn og Fjordane Energi AS BBB BBB 5.1 % NOK 4 Senior unsecured SFEN23 PRO Sogn og Fjordane Energi AS BBB BBB N3M NOK 2 Senior unsecured SFEN25 PRO Sogn og Fjordane Energi AS BBB BBB N3M NOK 25 Senior unsecured SFEN3 PRO Sogn og Fjordane Energi AS BBB BBB 4.95 % NOK 3 Senior unsecured STAKR27 Statkraft AS A- A- 5. % NOK 1 55 Senior unsecured STAKR31 Statkraft AS A- A- 5.4 % NOK 1 1 Senior unsecured STAKR1 Statkraft AS A- A- N3M NOK 2 2 Senior unsecured STAKR11 Statkraft AS A- A- 5. % NOK 2 6 Senior unsecured STAKR29 Statkraft AS A- A- 6.3 % NOK 1 Senior unsecured STAKR37 Statkraft AS A- A- N3M NOK 2 2 Senior unsecured STAKR38 Statkraft AS A- A- 2.3 % NOK 8 Senior unsecured STAKR12 Statkraft AS A- A % NOK 1 5 Senior unsecured STANE4 Statnett SF 4. % NOK 6 Senior unsecured STANE46 Statnett SF N3M NOK 7 Senior unsecured STANE47 Statnett SF 2.95 % NOK 3 Senior unsecured STANE25 Statnett SF 5.55 % NOK 3 Senior unsecured STANE5 Statnett SF 4.15 % NOK 46 Senior unsecured STANE14 Statnett SF 4.96 % NOK 6 Senior unsecured TAK2 PRO Tafjord Kraft AS BBB BBB N3M NOK 3 Senior unsecured TAK1 PRO Tafjord Kraft AS BBB BBB N3M NOK 6 Senior unsecured TAK3 PRO Tafjord Kraft AS BBB BBB 4.1 % NOK 3 Senior unsecured TAK4 PRO Tafjord Kraft AS BBB BBB N3M NOK 3 Senior unsecured Note: Shadow Ratings from Nordea Markets 42

43 Utilities Indicative Price & Spread Levels (4/4) Ticker Issuer Company Bond Coupon Maturity Price Spread 1mth 3mth Size (m) Rank TAK5 PRO Tafjord Kraft AS BBB BBB N3M NOK 3 Senior unsecured TROEN16 TrønderEnergi AS BBB BBB N3M NOK 2 Senior unsecured TROEN11 PRO TrønderEnergi AS BBB BBB 4.96 % NOK 3 Senior unsecured TUSK1 PRO Tussa Kraft AS BBB- BBB- N3M NOK 6 Senior unsecured VARD3 Vardar AS BB+ BB+ N3M NOK 1 Senior unsecured VARD4 Vardar AS BB+ BB+ 4.3 % NOK 1 Senior unsecured VARD6 Vardar AS BB+ BB+ N3M NOK 25 Senior unsecured VARD7 Vardar AS BB+ BB+ N3M NOK 3 Senior unsecured VARD8 G Vardar AS BB+ BB+ N3M NOK 3 Senior unsecured OSEN7 Østfold Energi AS BBB- BBB- 5.5 % NOK 35 Senior unsecured Note: Shadow Ratings from Nordea Markets 43

44 Spread to swap Utilities Relative Value Comparison 14 BBB LYSK88 BBB+/BBB+ A 6 TAK5 PRO BBB/BBB TUSK1 PRO BBB-/BBB- HNA19 BBB+/BBB+ ENBU3 BBB-/BBB- STANE14 / AA 4 2 SFEN21 PRO BBB/BBB BKK82 BBB+/BBB+ EIEN6 BBB/BBB STAKR1 A-/A- STANE4 / STANE5 / Maturity Note: Shadow Ratings from Nordea Markets Euribor Industrial Rating Curves 44

45 Norwegian Bond Market Public Rating Corporates Issuer S&P Outlook Moody's Outlook Fitch Outlook A. P. Møller Mærsk A/S BBB+ Stable Baa1 Positive - - Avinor AS AA- Stable A1 Stable - - BW Group Ltd BB Stable Ba2 Stable - - EWOS AS B Stable B3 Stable - - Fjellinjen AS AA- Stable Lindorff AB B+ Stable B2 Stable - - Norges Statsbaner AS AA- Negative Aa2 Stable - - Norsk Hydro ASA BBB Stable Baa2 Stable - - Norske Skogindustrier ASA CCC+ Negative Caa2 Negative - - Petroleum Geo-Services ASA B+ Negative Ba3 Negative - - Statkraft AS A- Stable Baa1 Stable BBB+ Stable Statnett SF A+ Stable A2 Stable - - Statoil ASA AA- Stable Aa2 Stable - - Teekay Corporation B+ Stable B1 Negative - - Telenor ASA A Stable A3 Stable - - Teollisuuden Voima Oyj BBB- Negative - - BBB Stable Yara International ASA BBB Positive Baa2 Stable - - On 17 June Moody s revised the outlook on Maersk to Positive from Stable. The revised outlook reflects the reduction in adjusted debt due to changes in Moody s approach for capitalizing operating leases. Source: S&P, Moody s & Fitch 45