Fearnley Securities. 28 th Annual Marine Money Week. New Issuance through the Norwegian Bond Market. June 2015
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1 Fearnley Securities New Issuance through the Norwegian Bond Market 28 th Annual Marine Money Week June 215 IMPORTANT / DISCLAIMER: This presentation is prepared by Fearnley Securities, an Astrup Fearnley company. For relevant definitions, methods, risks, disclosures on potential conflicts of interests etc. and disclaimers (including U.S. specific disclaimers) please see All research reports and investment recommendations should be reviewed in conjunction with the information therein.
2 The Astrup Fearnley Group A global group of companies dating back to 1869 with dedicated focus on Energy, Offshore and Shipping The Astrup Fearnley Global Network New York Capital Markets Shipping Services Offshore Services Fearnley Securities Fearnley Project Finance Fearnleys Fearnley Offshore Rig Fearnley Offshore Supply Investment Banking and Research Direct Investments in Shipping and Offshore Vessels Chartering and Sale & Purchase of Tankers, Bulk, LPG, LNG, RoRo and Car carriers Advisory, Research and Consultancy Chartering and Sale & Purchase of Drilling Rigs, Supply- and FPSO Vessels Advisory, Research and Consultancy 2
3 Fearnley Securities Independent, full-service investment bank with a global investor base, focused on Energy, Offshore and Shipping Equity Capital Markets Debt Capital Markets Advisory Research Sales Initial Public Offerings OTC Private Placements High Yield Bonds Convertible Bonds Mergers & Acquisitions Restructuring & Planning Equity Coverage Credit Coverage Equity / Stocks Fixed Income Selected Recent Transactions USD 4m Senior Unsecured Bond USD 15m Senior Unsecured Bond NOK 29m Bond Refinancing Financial Restructuring USD 1.5bn proposed merger of Golden Ocean and Knightsbridge USD 15m Follow-on Offering USD 15 Convertible bonds USD 683m Follow-on Offering USD 2m Sole Lead Financial Advisor to GOGL NOK 155m OSE IPO & NOK 15m Senior Unsecured Bond NOK 32m Block Trade USD 5m USD 95m NOK 9m Block Trade USD 15m USD 14m NYSE IPO Financial Advisor on USD 2m acquisition of Songa Offshore s Asia drilling business Sole Lead Sole Lead USD 25m & USD15m Convertible Bond USD 25m USD 31m USD 48m Follow-on Offering USD 262m NYSE IPO USD 225 USD 14m NYSE IPO USD 168m 3
4 Norwegian High Yield Market overview Total outstanding approx. USD 32bn Historical Volume Spread Development 8, 9, 14 7, 8, 12 6, 7, 1 NOKm 5, 6, 5, Z-Spread (bps) 8 4, 4, 6 3, 2, 3, 2, 4 1, 1, 2 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Oil and Gas Shipping Other Oil and Gas Shipping 4
5 Norwegian Bond market characteristics Flexible transaction structure tailor made solutions Industry Status Currency Drilling 16% Oil and Gas E&P 11% Oil and Gas services 23% Secured 2% Unsecured 8% USD 41.6 % DKK.3 % EUR 2.2 % GBP.8 % Other 29% NOK 53. % Shipping 21% SEK 2.1 % Sources: Stamdata Note: 5
6 Norwegian High Yield bond process benefits Offering can be completed in ~2-6 weeks Flexible Structure Light and Efficient Documentation Low Transaction Cost No Public Rating Requirement Limited Due Diligence Requirement 6
7 Process Norwegian Bond A high yield bond issue in the Norwegian market is both cost and time efficient Marketing material Investor Presentation Term Sheet Research Information Memo Process timeline Non-Public Period Public Period Preparation T+1 T+2 T+3 T+4 T+5 T+6 T+7 T+8 T+9 T+1 T+11 T+12 T+13 T+14 T+15 T+16 T+17 Draft Term Sheet Investor Presentation Application Form Credit Research Information Memo Presound / Non-Deal Roadshow GO NO Launch / Investor Meetings and Close of Books Finalize loan agreement and settlement 7
8 Norwegian High Yield Market for shipping Approx. USD 6bn outstanding within shipping Yearly Shipping Issuance Norwegian HY-market: Shipping issuance NOKm 16, 14, 12, 1, 8, 6, 4, 2, % Shipping Avg. Issue spread (rhs) Selected Issuers Norwegian issuers International issuers 8
9 Gas Shipping: Diversification of Capital Sources Overview of Selected Recent Equity and Bond Issues by LNG Shipping Companies Index 1 6 Oslo & NY Equity Markets 5 4 USD 162m 4 Apr 211 USD 184m 2 Nov 211 IPO USD 329m 29 Mar 212 USD 18m 7 Nov 212 USD 183m 5 Sep 212 USD 15m 5 Dec USD 225m 13 Nov USD 5m 25 Nov USD 145m 2 Oct USD 126m 12 Jun IPO USD 23m 8 May USD 11m 16 Apr USD 199m 22 Jan USD 14m 29 Sep USD 192m 7 Aug USD 683m 3 Jun 3 IPO USD 12m 3 Jun 211 IPO USD 239m 6 Sep 211 USD 2m 7 Mar 212 USD 223m 16 Jul 212 USD 13m 5 Feb USD 4m 3 Jul IPO USD 135m 21 Nov USD 141m 17 Jul Norwegian Bond Market 2 1 NOK.7bn Senior Unsec. Bond 17 April 212 NOK.75bn Unsec. Bond 3 October 212 NOK 1.3bn Unsec. Bond 28 Sept. 212 USD 25m, Convertible Bond 11 July 212 NOK.5bn S. Unsec. Bond 13 June NOK.9bn S. Unsec. Bond 3 Sept. Sources: FactSet, Clarksons, SEC, Fearnley Securities Notes: 1) LNG Index reflects the share price development of Golar LNG, Golar Partners, Hoegh LNG, Hoegh Partners, GasLog, GasLog Partners, Teekay LNG, Dynagas LNG NOK.5bn S. Unsec. Bond 24 April USD 25m S.Unsec. Bond 15 Sep. NOK.7bn S. Unsec. Bond 7 July Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 USD 13m Senior Unsec. Bond 28 May 215 USD 15m Unsec. Bond 12 May 215 NOK 1.bn Senior Unsec. Bond 6 May 215 9
10 Why the Norwegian bond market? Norwegian high yield bond market serves as an additional source of financing Efficient and cost beneficial issue process Investors underweighted in Shipping and continue to look for diversification 1
11 11
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