Norwegian high yield bond market and its applicability to Greek shipping

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1 Norwegian high yield bond market and its applicability to Greek shipping Knut Eivind Haaland, Global head of Fixed Income Origination, DNB Markets Marine Money, Athens 14 October 2015

2 DNB Markets offers tailored services to customers globally DNB Bank DNB Markets - Investment Banking Division Assets: ~NOK 2,200bn / $275bn Investment Banking Division Market cap: ~NOK 200bn / $25 bn Employees: ~13,000 Strategic Advisory Fixed Income Origination LBO and Loan Origination Capital Markets Ratings: Customers: Moody s: A1 (stable) S&P: A+ (stable) 2.1m retail clients 200,000 corporates 600,000 mutual funds 1m insurances holders M&A Capital structure advisory and origination High yield bonds Investment grade bonds USPP US Term loan B Preferred equity LBO Corporate loans Loan syndication Bond syndicate desk Equity syndicate desk Execution Project sales Ownership: 34% owned by Norwegian government DNB Markets is represented in all the major financial hubs with a broad investment banking product portfolio 2

3 Unique global network and a leading distribution platform More than 100 investment banking professionals Oslo (HQ) Stockholm 100 fixed income and equity sales professionals New York London 50 credit and equity research professionals Houston Athens Mumbai Shanghai Singapore Strong focus on the shipping, offshore and energy sectors Backed by DNB Bank, the leading lender to the shipping and offshore sectors Santiago Rio de Janeiro DNB Investment Banking Division DNB offices DNB s global fixed income capabilities and reach enable issuers to access debt markets around the world 3

4 Volume (USDm) DNB is the #1 bookrunner of global maritime shipping & offshore bonds League table maritime bonds H , ,600 2, ,200 2, ,800 1,600 1,400 1,200 1, Number of tranches Pareto Citi HSBC JPM GS DB BoA Swedbank RS Platou 0 Volume (USDm, lhs) #tranches (rhs) Note: Includes Bookrunners on shipping and offshore bond issues in the USD, EUR, NOK, SEK and SGD markets. Equally divided volume credited to all Bookrunners in an issue Sources: Bloomberg, Stamdata, DNB Markets 4

5 DNB Markets has led USD 2.2bn of shipping HY bonds since 2014 (~70% of total) DNB Markets shipping high yield bonds H2015 Select DNB Markets led high yield bond transactions Trade Date Issuer Amount (m) Market DNB Jun 15 BW Offshore NOK 900 NO USD 400 mill USD 300 mill NOK 1,000 mill DNB May 15 Höegh LNG USD 130 NO DNB May 15 Color Group AS NOK 700 NO DNB May 15 Golar LNG USD 150 NO Senior Unsecured Bonds Subordinated Senior Unsecured Bonds DNB May 15 Teekay LNG NOK 1,000 NO DNB May 15 Exmar NOK 300 NO 2015 Joint Lead Manager 2015 Joint Lead Manager 2015 Joint Lead Manager DNB Apr 15 Ocean Yield NOK 1,000 NO DNB Mar 15 Stolt-Nielsen NOK1,100 NO USD 210 mill USD 400 mill USD 90 mill DNB Sep 14 Dynagas USD 250 US DNB Jun 14 Exmar NOK 700 NO DNB Jun 14 Odfjell SE NOK 300 NO Senior Secured Bonds Senior Secured Bonds Senior Secured Bonds DNB May 15 Teekay Offshore USD 300 US DNB Apr 14 GasLog Ltd. NOK 500 NO 2014 Sole Manager 2014 Joint Lead Manager 2014 Sole Manager DNB Mar 14 Ocean Yield NOK 600 NO DNB Mar 14 Klaveness NOK 400 NO NOK 2,235 mill USD 500 mill SEK 1,000 mill DNB Mar 14 Ridgebury USD 210 NO DNB Mar 14 Ship Finance NOK 900 NO DNB Mar 14 Stolt-Nielsen NOK 1;250 NO Senior Secured Bonds Senior Unsecured Bonds Senior Unsecured Bonds DNB Jan 14 Teekay Offshore NOK 1,000 NO DNB Jan 14 Eletson Holdings USD 300 US 2014 Joint Lead Manager 2014 Joint Lead Manager 2014 Sole Manager 5

6 The bond market provides flexible financing to optimize the capital structure Conventional bank financing Bond market Structure: Flexible Flexible Assets: Variety, focus on corporate balance sheet and sponsor Delayed drawdown for newbuilds Opportunistic approach, high focus on asset type and quality Vessels on water or near term newbuild deliveries Gearing (LTV): Low/Moderate Moderate/High Covenants: Typically quite restrictive Less restrictive Amortization: Steep Bullet / low Cost of borrowing: Low Higher Cash Flow: High debt service (interest + amortization) Lower debt service Sponsor/relationship driven: Relationship driven and long term focus Less attracted by PE/ financial sponsors Opportunistic approach Positive to both industrial and private equity sponsors Timing: Bank loans are typically time consuming; negotiations, syndication, documentation, follow-up Swift process; typically 2-6 weeks The bond market provides diversification of funding sources and attractive financing structures 6

7 USD per day Bond vs. bank financing Cash break-even illustration 70,000 60,000 50,000 40,000 Cash break-even vs historical Suezmax rates A non-amortizing bond will significantly reduce cash break-even providing companies with a debt runway, preserving cash in weaker markets and enabling growth in stronger markets 30,000 20,000 10, y TC Suezmax Bond cash b/e Bank cash b/e 23,493 16,014 Cash b/e assumptions: - 5y old Suez, $60m - 65% LTV - Opex USD 8,000pd - Bank interest 4.5%, - Bank amortization profile 10 years - Bond interest 7.5% 7

8 The Norwegian bond market is an efficient platform for raising debt financing 1 Market overview 4 Efficient documentation Outstanding HY volume USD ~27bn Well established platform with the Nordic Trustee as bond trustee Oslo is a global hub for shipping financing (banks, analysts, brokers, lawyers, etc) International issuers 6 1 Market overview No public rating requirement No listing requirements (but common to list on OSE) Standardized Norwegian law bond agreement 2 Flexible structures Tailor made structures to allow for operational and financial flexibility Secured / unsecured Project / corporate structures Bullet / amortizations / cash sweep NOK, USD, SEK, EUR 3 Swift process Time to market of 2-6 weeks, depending on complexity Frequent issuers tap the market in 1 to 2 days Global investors 5 Efficient documentation 4 Swift process 3 2 Flexible structures 5 Global investor base Nordics, UK, Continental Europe, US, Singapore, Hong Kong Investor base with strong industry knowledge 6 International issuers Growing number of international issuers Both corporates and projects 8

9 USD billion The market has grown significantly last 5 years Norwegian high yield bond market, amount outstanding Oil service Shipping Other corporates Source: Stamdata (Nordic Trustee) as of August 2015, DNB Markets 9

10 USD bn USD bn The Norwegian high yield bond market characteristics 2014 YTD 2015 rating breakdown YTD 2015 tenor breakdown CCC+ B- B B+ BB- BB BB YTD 2015 coupon breakdown 2014 YTD 2015 security breakdown Secured 2 21% 28% 1st Lien Fixed 46% Subordinated 2% 54% Floating ("FRN") 1% 2nd Lien 0% Zero 47% Unsecured Source: Stamdata, DNB Markets 1 Only includes bonds rated by DNB Markets Credit Research 2 Share pledged securities 10

11 Increasing number of international issuers The Norwegian market is used by issuers worldwide International issuers in the Norwegian HY bond market Currency breakdown of H 2015 issue volume EUR 2% 48% USD NOK 50% Sources: Stamdata, DNB Markets 11

12 International issuers using the Norwegian market due to speed, flexibility and cost Overview of different Norwegian bond structures NOK Sr. Unsecured USD Sr. Unsecured USD 1st Lien USD 2nd Lien Teekay companies have Issued 9 unsecured bonds since 2010 totalling USD ~1 billion equivalent Swaps NOK exposure to USD International owner and operator of LNG infrastructure vessels Issued 2 senior unsecured bonds - NOK 1.3bn in Sep USD 150m in May 2015 Crude tanker company established in 2013 Backed by energy PE group Riverstone Issued USD 210m 1 st Lien bonds in March 2014 to fund 7 Suezmax crude tankers Chloe Marine (Deepsea Metro II) is a 6 th generation UDW vessel Raised USD 150m of 2 nd lien bonds Bonds proceeds used to finance rig delivery from yard in

13 USD/day Case Study: Secured bond issue for acquisition of second-hand Suezmax tankers st Lien Senior Secured USD 210 million Sole Manager Transaction overview Transaction: 1 st Lien Senior Secured Bonds Issuer: Ridgebury Crude Tankers LLC Principal amount: USD 210m Settlement Date: 20 March 2014 Maturity Date: 20 March 2017 Coupon: 7.625% Amortization: Bullet Documentation : Norwegian Listing: Nordic ABM DNB Markets role: Sole Manager Key transaction highlights Company information Owns 7 Suezmax crude tankers with an avg. age of 6.5 years, built at top Korean and Japanese yards Vessels operate in Heidmars Blue Fin pool Part of the Ridgebury Group (founded in 2013), owning an additional 6 MRs, age 5.5 years Backed by Riverstone, a USD 27bn power and energy focused private equity fund Suezmax 1y TC rate versus cash-break-even cost Bonds secured by 7 modern Suezmax tankers, LTV of ~70% Transaction marketed to a broad range of investors globally through a 4 day roadshow Substantially oversubscribed with demand from more than 70 high quality investors Broadly distributed - 75% of demand from UK and US with the remaining from Nordics and Asia) Priced at 7.625%, below initial price indication of 8% 60,000 50,000 40,000 30,000 20,000 10, y TC rate Cash-break-even cost 13

14 1 Applicability for Greek shipping Key parameters for a ship owner s successful access to the bond market Assets (Pure play) fleet of modern and attractive vessels 2 Management Experienced management with significant industrial and operational experience 3 Structure Transparent and prudent corporate and vessel management set-up 4 Sponsor Committed sponsor, alignment of interest and a bond structure that gives the issuer sufficient flexibility and the bond investors an attractive risk vs reward 14

15 Spread (bps) Index points Spread (bps) Current market conditions Development in HY market indices LTM (index=100) Credit spreads for European corporates (itraxx Crossover) mai-14 jul-14 sep-14 nov-14 jan-15 mar-15 mai-15 jul-15 sep US HY secondary market trading level nov-14 jan-15 mar-15 mai-15 jul-15 sep Norway (1) USD HY (iboxx) EUR HY (iboxx) Shipping 300 nov-14 jan-15 mar-15 mai-15 jul-15 sep-15 Source: DNB Markets, Bloomberg 1 DNB High Yield (DNB Hedged) 2 The itraxx Crossover index is an indicator of credit risk pricing of HY credits and includes the credit default swaps for 50 European B and BB credits. The index was rebalanced every 6 months 15

16 Summary 1 The bond markets can provide attractive financing for shipping companies 2 Norwegian platform provides time and cost efficient access to the market 3 Global investor base with flexible mandates seeking relative value 4 Greek shipping companies can access the market with the right structure 5 DNB Markets is the leading arranger of bonds for the maritime sectors 16

17 Appendix: Norwegian vs. US high yield bond market Norwegian high yield bond US high yield bond Issue size: USD 50m 700m+ USD 150m 2bn+ Currency: NOK, SEK, DKK, USD, EUR USD Market size: USD 30 billion USD 1.6 trillion Tenor: 3-7 years 5 to 10 years Coupon type: Floating or fixed Fixed; semi-annual Amortization: Bullet / amortizing Bullet Security: Secured and unsecured Secured and unsecured Optional redemption: NC for a portion of life; pre-payable at a premium thereafter NC for a portion of life; pre-payable at a premium thereafter Public rating: Not required Moody's and S&P required Covenants: Maintenance or incurrence Incurrence Modification ease: Remedy consents not uncommon Consents difficult Investors: Scandinavian, European, American and Asian US and global; various types Reporting requirements: Conforms with existing reporting style SEC style; can be less cumbersome for foreign private issuers Market depth: Less liquid than the US and EUR HY markets Deep and liquid; active credit research following Law: Norwegian Law US Law Execution ease: 3-6 weeks depending on complexity, efficient 6-8 weeks; extensive documentation 17

18 Disclaimer This presentation is strictly confidential and prepared exclusively for the benefit and internal use of our client to whom it is directly addressed and delivered (including such client s subsidiaries, the Company ) and not for distribution or publication. The information may not be reproduced without the consent of DNB Markets. The information in this presentation is based upon any management forecasts supplied to us by the Company and publicly available information. We have relied upon and assumed, without independent verification, the accuracy and completeness of all information available. DNB Markets opinions and estimates constitute DNB Markets judgment and should be regarded as indicative, preliminary and for illustrative purposes only. Statements in the presentation reflect prevailing conditions and DNB Markets opinion at the date the presentation was prepared, all of which are accordingly subject to change. DNB Markets does not warrant that the information in the presentation is exact, correct or complete. The presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, oral briefing provided by DNB Markets. Our analyses are not and do not purport to be appraisals of the assets, shares, or business of the Company or any other entity. DNB Markets makes no representation as to the actual value which may be received in connection with a transaction nor the legal, tax or accounting effects of consummating a transaction. Unless expressly contemplated hereby, the information in this presentation does not take into account the effects of a possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other effects. This presentation is not an offer or a recommendation to purchase or sell financial instruments or assets, and does not constitute a commitment by DNB Markets to underwrite, subscribe for or place any securities or to extend or arrange credit to or to provide any other services. DNB Markets does not accept any responsibility for direct or indirect losses that are due to the interpretation, and/or use, of this presentation. DNB Bank ASA and/or other companies in the DNB group or employees and/or officers in the group may be market makers, trade or hold positions in instruments referred to or connected therewith, or provide financial advice and banking services in this connection. Rules regarding confidentiality and other internal rules limit the exchange of information between different units in DNB Bank. Employees in DNB Markets who have prepared this presentation are therefore prevented from using, or being aware of, information in DNB Bank and other companies in the DNB group which may be relevant to this presentation. This presentation has been prepared in accordance with the general business terms of DNB Markets, a division of DNB Bank ASA, available at dnb.no/markets. 18

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