Daily Report - Bonds. Daily report. ABG SUNDAL COLLIER NORGE ASA PO Box 1444 Vika 0115 Oslo Tel: FIXED INCOME

Transcription

1 Daily Report - Bonds 23 June 2 Daily report Corporate and HY bonds traded on the Oslo Stock Exchange Price Time to Issuer Ticker Volume 22/6/2 Credit spread maturity Yield Aker Solutions ASA 12/19 FRN AKSO2 1.m % Albain Bidco Norw ay AS 13/2 FRN C ALBN1 7.m % Beerenberg Holdco II AS /18 FRN C BBERG1 16.m % BW Offshore Limited /19 FRN BWO3 1.m % Det Norske Oljeselskap ASA 13/2 FRN DETNOR2 1.m % 4,4% Eidsiva energi Holding 5/ EIEN2 39.m % Fred Olsen Energy ASA 11/16 FRN FOE4 1.m % Genel Energy Finance L /19 7,5% USD C GENEL1 PRO 1.4m % Hafslund ASA 11/16 FRN HNA m % Hafslund ASA 13/16 FRN HNA125 2.m % The North Alliance AS 13/18 FRN C NOA1 1.m % Salamander Energ Plc 13/2 9,75% USD C SMDR1 PRO 3.m % Stolt-Nielsen Limited /21 FRN SNI5 24.m % Songa Offshore SE 12/ FRN SONG5 1.m 8. 1, % Teekay Corporation 12/ FRN TKC1 4.m % Norsk Gjenvinning /19 FRN C VVH1 18.m % Source: Oslo Stock Exchange ABG Sundal Collier HY index HY index Z-spread, bps Sep- Dec- Mar- Source: ABG Sundal Collier Bps Today's level, bps 754 Pct Change in last day 1.2 % Change in last w eek % Change in last tw o w eeks % Change in last month % ABG SUNDAL COLLIER NORGE ASA PO Box 44 Vika 1 Oslo Tel: FIXED INCOME Jonas Kalve Førde Jon Erlend Arnesen Øivind Junior Viervoll Mikael Reinedahl Fabian Jacobsen Martin Lundberg Joachim Künstlicher Magnus Mivér Ola Sundman Fredrik Mattsson Erik Christian Borthen Øyvind Hagen Rikard Magnus Braaten Tel: Tel: Tel: Tel Tel Tel: Tel: Tel: Tel: Tel: Tel Tel Tel

2 Daily Report - Bonds 23 June 2 Today s news headlines DFDS: Offer for channel ferries accepted by Eurotunnel Odfjell SE : Odfjell exiting European regional trade GasLog Partners LP: Announces Acquisition of Three Vessels from GasLog Ltd. for $483 Million Source: Oslo Stock Exchange ABG SUNDAL COLLIER NORGE ASA PO Box 44 Vika 1 Oslo Tel: FIXED INCOME Jonas Kalve Førde Jon Erlend Arnesen Øivind Junior Viervoll Mikael Reinedahl Fabian Jacobsen Martin Lundberg Joachim Künstlicher Magnus Mivér Ola Sundman Fredrik Mattsson Erik Christian Borthen Øyvind Hagen Rikard Magnus Braaten Tel: Tel: Tel: Tel Tel Tel: Tel: Tel: Tel: Tel: Tel Tel Tel

3 PRICING REPORT ABGSC - NORWEGIAN HIGH YIELD BONDS Crayon /17, NIBOR3m+5, Secured CGH1 NO17595 Make whole: T+5bp NOK 65m NIBOR3M DNO International 11/16, LIBOR3m+75, Unsecured, neg pl DNO13 NO USD m LIBOR3M DNO International 11/16, NIBOR3m+75, Unsecured, neg pl DNO NO NOK 56m NIBOR3M DNO International /2, 8.75%, Unsecured To be listed NO USD 4m LIBOR6M Etrion Corp /19, 8%, 1st lien ETRION2 NO EUR 8m EURIBOR6M Fred Olsen Energy 11/16, NIBOR3m+425, Unsecured FOE4 NO NA NOK m NIBOR3M Hospitality Invest /19, NIBOR3m+6, Secured HOIN1 NO NA NOK 45m NIBOR3M Host Hoteleiendom 13/16, NIBOR3m+7, 1st/2nd lien HOST1 PRO NO NA NOK 12m NIBOR3M IGas Energy 13/18, 1%, 1st lien IGAS1 NO USD 165m LIBOR6M IGas Energy 13/18, 1%, Unsecured IGAS2 PRO NO USD 3m LIBOR6M IM Skaugen 12/, NIBOR3m+825, Unsecured IMSK12 NO NA NOK 4m n/a Jacob Holm & Sønner /19, Stibor3m+525, Secured To be listed NO Make whole: T+5bp SEK 65m STIB3M Norlandia Care Group 13/18, NIBOR3m+5, Unsecured NCG1 NO Make whole: NKSW5+5bp NOK 5m NIBOR3M Norshore Atlantic, /18, 12%, 1st lien Not listed NO USD m LIBOR3M North Alliance 13/18, NIBOR3m+7, Secured NOA1 NO Make whole: T+5bp NOK 12m NIBOR3M Norwegian Air Shuttle /17, NIBOR3m+375, Unsecured NAS4 NO NA NOK 4m NIBOR3M Polarcus 13/18, 8%, Unsecured PLCS2 NO USD 95m LIBOR6M Polarcus /19, NIBOR3m+725, Unsecured PLCS3 NO NOK 35m NIBOR3M Prosafe 11/16, NIBOR3m+35, Unsecured PRS7 NO16299 NA NOK 5m NIBOR3M Seabird Exploration PLC 11/, 6%, 1st lien SBX3 RET NO Make whole: T+5bp USD 9m LIBOR6M Seabird Exploration PLC /18, 6%, 1st lien (B series) To be listed 1 USD 24.34m LIBOR6M Seabird Exploration PLC /18, 12%, 1st lien (A series) Not listed 1 USD 5m LIBOR6M Selvaag Bolig 13/18, NIBOR3m+475, Unsecured SBO1 NO NOK 5m NIBOR3M Sparebanken Vest Perpetual, 8.5%, Tier 1, Subordinated SVEG58 NO NOK 4m Perp NIBOR12M ABGSC - SWEDISH HIGH YIELD BONDS Arise Windpower, /17, STIBOR3m+5, Unsecured To be listed SE62259 NA SEK 35m STIB3M Bayport, 12/17, 13%, Unsecured BATSJ13 SE SEK 7m STIB1Y Bayport, 13/17, 13%, Unsecured BAYP 3 SE SEK 8m STIB1Y Bayport, 1/, 13%, Unsecured Not listed SE SEK 7m STIB1Y Bayport, /19, %, Subordinated BAYP4S SE SEK 65m STIB1Y Black Earth Farming, 13/17, 9.4%, Unsecured BEFO 3 SE SEK 75m STIB3M Corem Property, 11/16, STIBOR3m+35, Unsecured CORESS SE SEK3m STIB3M European Energy, /18, EURIBOR+75, Unsecured Not listed SE EUR 45m EURIBOR6M Finance, /18, 11.75%, Unsecured To be listed SE Make 5bp SEK 225m EURIBOR6M Klövern Property, 12/17, STIBOR3m+4, Unsecured KLOVSS SE NA SEK 1m STIB3M Kungsleden Fastighets Ab, 13/16, STIBOR 3M+195, Unsecured KLED 4 SE NA SEK 7m STIB3M Kvalitena Property, 13/16, STIBOR3m+575, Unsecured KVALIT SE NA SEK 35m STIB3M Lauritz, /19, STIBOR3m+75, Secured LAU 1 SE Make whole: T+5bp SEK 375m STIB3M Nordax Finans, 13/16, STIBOR3m+3, Unsecured NORDAX SE NA SEK 5m STIB3M Nordlys, /18, STIBOR3m+575, Secured To be listed SE Make whole: T+5bp SEK 75m STIB3M Stendørren, /18, STIBOR3m+5, Unsecured To be listed SE SEK 575m STIB3M Telecare Service /18, STIBOR3m+725, Secured To be listed SE Make whole: T+5bp SEK 35m STIB3M OTHER HIGH YIELD BONDS Primorsk Int Shipping 7/, NIBOR3m+6 (PIK), 3rd lien, Redem: 1% Not listed NO , 111, etc NOK 35m NIBOR3M Primorsk Int Shipping 7/, LIBOR3m+6 (PIK), 3rd lien, Redem: 1% Not listed NO , 111, etc USD.2m NIBOR3M ABGSC CONVERTIBLE BONDS Name Ticker ISIN Conversion Price* Spot Price Maturity Coupon Bid Offer Mid BW Group 219 USD 25m Not listed NO USD USD 8.86 ** % Funcom 2 USD m Not listed NO USD 1.37 USD.282 ** % Golar Energy 217 USD 25m, Sr Secured Not listed NO USD USD 5.24 ** % Golden Ocean 219 USD 2m, Sr Unsecured Not listed NO17155 USD 2.74 USD 29.8 ** % Polarcus Limited 216 USD 125m, reset Oct'12, 1st lien Selma Not listed NO USD USD.39 ** % Ship Finance Int 216 USD 125m Not listed NO USD USD ** % Ship Finance Int 218 USD 35m Not listed USG8175AE63 USD 18.5 USD ** % Subsea 7 SA 217 USD 6m Not listed NO USD USD ** % OTHER CONVERTIBLE BONDS Source: ABGSC Credit Research * Strike at fixed exchange rate ** NOK/USD *** CAD/USD.8175 **** NOK/EUR.11 Name Ticker/listing ISIN Conversion Price* Spot Price Maturity Coupon Bid Offer Mid OAO TMK 2 USD 412.5m London XS USD USD 4.24 ** % * Strike at fixed exchange rate ** NOK/USD *** CAD/USD.8175 This report is not to be used or considered as an offer to sell, or a solicitation of an offer to buy. Bids and offers are indicative prices and no guarantees are given that these prices can be traded on. ABG Sundal Collier accepts no liability whatsoever for any losses arising from any use of this report or its contents. All opinions and prices herein reflect the judgment of ABG Sundal Collier on the date of this report and are subject to change without notice. 3(5)

4 MARKETS Jul- 17- Aug- 17- Jul- Aug IG CDS index Sep- 17- Sep- Oct- 17- Oct- Nov- 17- Dec- 17- Nov- Dec- Itraxx Main Itraxx Fin and Sov (bp to swap) Jan- 17- Jan- Feb- 17- Mar- 17- Feb- Mar- 17- Apr- May Apr- May May Jul- 19- May- Jul- Aug- 19- Aug- Sep- 19- Sep- Oct- 19- Oct- Nov- 19- Dec- 19- Nov- Dec- Jan- 19- Jan- Feb- 19- Mar- 19- Feb- Mar- 19- Apr- May- 19- Apr- May- 19- WE Sov index Itraxx Financials Sen Itraxx Financials Sub Jul- Aug May- 19- May- 19- Jul- 19- Aug- 19- Jul- Aug- NOK 5 yr swap and gov yields (%) Norway 5yr Gov Sep- Sep- 19- Oct- 19- Nov- 19- Sep- Oct- Nov- US 5yr sw ap spread (bp to gov) Oct- Nov- Dec- Jan- Dec- 19- Dec- Jan- 19- Jan- Feb- 19- Feb- Mar- 19- Apr- 19- Mar- Apr- Norway 5yr swap rates Feb- Mar- Apr- May- itraxx Crossover and CDX HY (Gen) Jul- 5- Aug- 5- Jul- Aug- Sep- 5- Sep- Oct- 5- Oct- Nov- 5- Nov- Dec- 5- Dec- Jan- 5- Jan- Feb- 5- Mar- 5- Feb- Mar Jul- 16- Aug- 16- Sep- 16- Oct- 16- Nov- 16- Dec- 16- Jan- 16- Feb- 16- Mar- 16- Apr- 16- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- 16- May- Itraxx XO CDX HY.NA 4 3 VIX - volatility Jul- 9- Aug- 9- Sep- 9- Oct- 9- Nov- 9- Dec- 9- Jan- 9- Feb- 9- Mar- 9- Apr- 9- May Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- VIX index 2.5 Loan and bond reference rates (%) Jul- 5- Aug- 5- Jul- Aug- Sep- 5- Sep- Oct- 5- Oct- Nov- 5- Nov- Dec- 5- Dec- Jan- 5- Jan- Feb- 5- Feb- Mar- 5- Mar- Apr- 5- Apr- May- 5- May- 5- NIBOR3m EURIBOR3m US LIBOR3m Moody's Corporate BAA Index, Yield (%) Apr- 5- Apr- May- 5- May Jul- Aug- Sep- Oct- Nov- S&P 5 Dec- Jan- Feb- Mar- Apr- May Jul- 4- Aug- 4- Jul- Aug- Oslo Børs Benchmark Index Sep- 4- Oct- 4- Sep- Oct- Nov- 4- Dec- 4- Nov- Dec- Jan- 4- Jan- Feb- 4- Mar- 4- Feb- Mar- Apr- 4- Apr- May- 4- May- 4- Source: Bloomberg 4(5)

5 Important Company Specific Disclosure For company specific disclosures including employee, partner and ABGSC holdings, Corporate Finance services, market making, conflicts of interest of each company mentioned in this report for which ABG Sundal Collier provides coverage (unless it is initiating coverage), please refer to the research section of our website located at All prices are as of market close on 22/6/2 unless otherwise noted. Stock price, company ratings and target price history For company specific disclosures, stock price, company ratings and target history of each company mentioned in this report for which ABG Sundal Collier provides coverage (unless it is initiating coverage), please refer to the research section of our website located at Disclaimer This document has been prepared by ABG Sundal Collier which is the marketing name referring to all or any of ABG Sundal Collier Norge ASA, ABG Sundal Collier AB or ABG Sundal Collier Partners LLP and any of their affiliated or associated companies and their directors, officers, representatives and employees. This document is provided solely for the information and use of professional investors, who are expected to make their own investment decisions without undue reliance on this document. The information contained herein does not apply to, and should not be relied upon by, retail clients. This document is for distribution only under such circumstances as may be permitted by applicable law. This document is a marketing communication that has been prepared by ABG Sundal Collier for information purposes only, is provided purely on a factual basis and does not constitute investment research as described in European Union legislation. Any recommendation(s) in this publication is (are) has/have no regard to specific investment objectives and the financial situation or needs of any specific recipient. The views expressed in this document may not reflect the views of the firm, which means that they may differ from the views of our fundamental research analysts. For information on the opinions and estimates of our research analysts, please visit the research section of our website located at All opinions herein reflect the judgment of the author of the document on the date it was issued and are subject to change without notice. The material in this document has not been prepared in accordance with legal requirements designed to promote the independence of investment research. ABG Sundal Collier accepts no liability whatsoever for any losses arising from any use of this document or its contents. This document is not to be used or considered as an offer to sell, or a solicitation of an offer to buy. The information herein has been obtained from, and any opinions herein are based upon, sources believed reliable, but ABG Sundal Collier makes no representation as to its accuracy or completeness and it should not be relied upon as such. Past performance is not indicative of future results. The compensation of persons contributing to this document is not based on specific investment banking revenues, however, it is determined from the profitability of the ABG Sundal Collier Group, which includes earnings from investment banking operations and other business. Investors should assume that ABG Sundal Collier is seeking or will seek investment banking or other business relationships with the companies in this report. From time to time, ABG Sundal Collier and its affiliates and any shareholders, directors, officers or employees thereof may (I) have a position in, or otherwise be interested in, any securities directly or indirectly connected to the subject of this document, or (II) perform investment banking or other services for, or solicit investment banking or other services from, a company mentioned herein. ABG Sundal Collier relies on information barriers to control the flow of information contained in one or more areas of ABG Sundal Collier, into other areas, units, groups or affiliates of ABG Sundal Collier. Norway: ABG Sundal Collier Norge ASA is regulated by the Financial Supervisory Authority of Norway (Finanstilsynet); Sweden: ABG Sundal Collier AB is regulated by the Swedish Financial Supervisory Authority (Finansinspektionen); UK: This document is a communication made, or approved for communication in the UK, by ABG Sundal Collier Partners LLP, authorised and regulated by the Financial Conduct Authority in the conduct of its business. US: This document is being distributed in the United States in accordance with FINRA Rule 15(f)(3)(B) by ABG Sundal Collier Inc., a FINRA member which accepts responsibility for its content. Research analysts are not registered/qualified as research analysts with FINRA or the NYSE, and are not associated persons of ABG Sundal Collier Inc. and therefore not subject to FINRA Rule 2711 and NYSE Rule 472, the research analyst conflict rules. Research reports distributed in the U.S are intended solely for major institutional investors, as defined under Rule a-6 of the Securities Exchange Act of Each U.S major institutional investor that receives a copy of this document by its acceptance represents that it agrees it will not distribute this document to any other person. Any U.S. major institutional investor receiving this document who wishes to effect transactions in any securities referred to herein should contact ABG Sundal Collier Inc., not its affiliates. Further information on the securities referred to herein may be obtained from ABG Sundal Collier Inc., on request. This document may not be reproduced, distributed or published by any recipient for any purpose whatsoever without the prior written express permission of ABG Sundal Collier. Additional information available upon request. If reference is made in this report to other companies and ABG Sundal Collier provides research coverage for those companies details regarding disclosures may be found on our website Copyright 2 ABG Sundal Collier Norge ASA Norway (Oslo) Sweden (Stockholm) Denmark United Kingdom USA Germany Pb. 44 Vika Box 7269 Forbindelsesvej 12, 1 Paternoster Row, 5th fl 535 Madison Avenue, 17th fl. Schillerstrasse 2, 5. OG NO-1 OSLO Norway SE STOCKHOLM Sweden DK-21 COPENHAGEN Denmark LONDON EC4M 7EJ UK NEW YORK, NY 122 USA DE-6313 FRANKFURT Germany Tel: Tel: Tel: Tel: Tel Tel Fax: Fax: Fax: Fax: Fax Fax (5)