Nordic Corporate Bonds Oslo Børs. Lars Jacob Braarud, Vice President Listing Oslo Børs NCMF
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1 Nordic Corporate Bonds Oslo Børs Lars Jacob Braarud, Vice President Listing Oslo Børs NCMF
2 Oslo Børs milestones 1819: Christiania Børs commodities and foreign exchange 1829: The exchange building opens 1881: Securities exchange: shares and bonds 1988: Electronic trade 1999: Trade desentralised the brokers left the building 2001: Oslo Børs privatised 2007: Merged with VPS (the Norwegian CSD) 2009: The only independent exchange in the Nordics, strategic and technological cooperation with the London Stock Exchange 2
3 European exchange groups 3
4 An international exchange International rules and regulations based on EU standards. Same trading platform as the London Stock Exchange. Many international investment banks are direct members. The Norwegian stock and bond markets are both extremely efficient in terms of listing process and capital-raising. 4
5 Leading market positions in certain sectors Energy 2ndlargest in Europe (number of companies) 2nd largest worldwide in oil service (number of companies) Shipping Number 1 worldwide in marine transportation (number of companies) Seafood Number 1 worldwide (number of companies and market cap) 5
6 Oslo Børs: Products and market places Equities Equity Certificates ETF s and ETN s Warrants Derivatives Bonds Equities Bonds Equities ETF s ETN s Market Data 6
7 Two marketplaces for bonds Regulated by the Stock Exchange Act and EU rules Bonds traded since issuers / 600 loans / NOK 600 bn (ex. Government) IFRS financial reporting EEA prospectuses Organised and operated by Oslo Børs Established issuers / 1000 loans / NOK 400 bn No IFRS requirement Simplified prospectus requirements
8 Nordic ABM Key factors -Nordic ABM - Not required to prepare a full EEA prospectus or financial accounts in IFRS - Issuers continuing obligations and market surveillance similar to regulated market - Denomination in SEK, DKK,EUR, USD and GBP is accepted - Registration in Euroclear and VP Securities is accepted 8
9 Oslo Børs - sectors represented(bonds) 1% Government 21% Local governm. & guar. 1% 5% 34% Covered bonds Bank & insurance Mortgage banks 35% 3% Industry Perpetual Hybrid Tier 1 9 Basedonvolume
10 Nordic ABM sectors represented(bonds) 1% 1% 3% 14% 13% 68% Bank & Insurance Covered bonds Foreign Industry Local gov. & guar Mortgage banks 10 Basedonvolume
11 Nordic countries well represented Examples Nordic issuers with bonds listed on Oslo Børs and Nordic ABM: 11
12 Access to bondcapital(newloans+ tap issues), excluding government bonds(nok bn) Oslo Børs Nordic ABM 12 Pr
13 Numberofbondslistedper end ofyear Oslo Børs Nordic ABM Pr
14 Numberofnewbondslistedper year Pr
15 Market shareofbondsin CSD (VPS) High portion of bonds registered in Norwegian CSD (VPS) is listed - Number of bonds: 67% - Volume: 83% 15
16 Daily average traded volum Oslo Børs and Nordic ABM jan.12 mar.12 mai.12 jul.12 sep.12 nov.12 jan.13 mar.13 mai.13 jul.13 sep.13 nov.13 jan.14 mar.14 mai.14 jul.14 sep.14 Daily avg volume (MNOK) Finance Corporate bonds Lineær (Finance) Lineær (Corporate bonds) 16
17 Covered Bond Benchmark List Implemented 16. June 2014 Purpose is to increase liquidity in covered bonds Bonds must satisfy certain criteria, among which: - Amount outstanding of minimum NOK 2.5 billion - Continuous pricing in the trading system - Minimum 10 investors - Cover pool must consist of Norwegian residential loans 24 bonds issued by 5 issuers listed representing NOK 161 billion Prices posted by 6 members 17
18 Nibor - Norwegian InterBank Offerd Rate As of December 2013 Niborhas been calculated by Oslo Børs on behalf of Finance Norway The six panel banks quotes Niborin an interface commonly used for fixed income trading at Oslo Børs. Niboris distributed broadly by Oslo Børs s marked data channels, and is now available in many information vendor systems and trading applications. Indicative deposit rates are distributed during the day, Nibor is calculated at 12:00 CET. Niboris surveillancedby Oslo Børs Find Nibor at: 18
19 Selected Corporate Bond issues in Oslo One of the world s most efficient High yield Bond markets Selected issues 2013/2014 Issuer MNOK Statoil ASA 3,000 Genel Energy 3,000 Bluewater 2,400 Seadrill Ltd 1,800 Iona Energy 1,650 Harkand 1,380 Sterling Resources 1,350 Dof Subsea AS 1,300 IGas Energy PLC 1,100 Shamaran Petroleum 900 Salamander Energy 950 Xcite Energy
20 Bloomberg News 20 Jan, 2014 Richest Scandinavian Nation Extends Its Junk Boom Norway s record corporate debt binge last year is set to continue as the junk bond market in Scandinavia s richest nation becomes a magnet for companies seeking ready cash 20
21 Marine Money Public DebtDealOfThe Year 21
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