Daily Report - Bonds. Daily report. Corporate and HY bonds traded by ABGSC on the Stockholm Stock Exchange

Transcription

1 Daily Report - Bonds January 20 Daily report Corporate and HY bonds traded on the Oslo Stock Exchange Price Time to % price Issuer Ticker Volume 13/01/20 Credit spread maturity Yield change Aker ASA /19 FRN SEK AKER12 5.0m % -2.3% Aker Solutions ASA 12/17 FRN C AKSO01 2.0m % 0.0% Aker Solutions ASA 12/19 FRN AKSO02 1.0m % 0.0% AS Tallink Grupp 13/18 FRN TLG01 8.0m % 0.1% Atea ASA 13/18 FRN ATEA01 7.0m % 1.6% Axis Offshore Pte. Ltd. 13/18 FRN USD C AXIS01 PRO 0.5m , % -0.5% Bonheur ASA 12/17 FRN BON04 3.0m % -0.1% Color Group AS 11/ FRN COLG09 PRO 61.0m % 0.2% Color Group AS 13/17 FRN COLG11 5.0m % -0.2% Color Group AS /20 FRN COLG12 4.0m % -0.5% Det Norske /22,% USD C TOGGLE SUB DETNOR03 0.6m , % -0.1% Fred Olsen Energy ASA 11/ FRN FOE04 2.0m , % -0.3% Fred Olsen Energy ASA /19 FRN FOE05 1.0m 40 3, % -7.1% Genel Energy Finance L /19 7,50% USD C GENEL01 PRO 0.2m , % -2.1% Jacktel AS /19 7,00% EUR C JACKT01 PRO 2.4m % 1.1% Norlandia Care Group AS 13/18 FRN C NCG01 1.0m % -0.2% Norsk Gjenvinning /19 FRN C VVH01 m % 0.3% North Atlantic Drilling Ltd 13/18 FRN NADL01 3.0m 34. 4, % -4.9% Norwegian Air Shuttl ASA /19 7,% EUR NAS07 1.2m % 0.5% Norw egian Air Shuttle ASA /17 FRN NAS04 3.5m % -0.2% Norw egian Air Shuttle ASA /18 FRN NAS06 1.0m % 0.8% P/F Bakkafrost 13/18 FRN BAKKA01 2.0m % 0.2% Polarcus Limited /19 FRN C PLCS03 1.0m , % 3.8% Prosafe SE 12/17 FRN PRS08 5.0m % 3.7% Prosafe SE 13/18 FRN PRS 8.0m , % -1.9% Seadrill Ltd. 13/18 FRN SDRL07 1.0m , % -.0% Stolt-Nielsen Limited /21 FRN SNI05 7.0m n.a % -3.8% Teekay LNG Partners L.P. 13/18 FRN TKLNG02 1.0m % -2.3% Veidekke ASA 13/18 FRN VEI m % 0.1% Yara International ASA 09/ 8,80% YAR m % -0.1% Source: Oslo Stock Exchange ABG Sundal Collier HY index HY index Z-spread, bps 1,200 1,0 1, Jul- Source: ABG Sundal Collier Bps Today's level, bps 1,078 Pct Change in last day % Change in last w eek % Change in last tw o w eeks % Change in last month % Corporate and HY bonds traded by ABGSC on the Stockholm Stock Exchange Time to Issuer Volume Price High Low Credit spread maturity Yield NRDLYS Float 09/12/ % Source: ABG Sundal Collier ABG Sundal Collier - Fixed income Jon Erlend Arnesen Sales Tel: Jonas Kalve Førde Sales Tel: Øivind Junior Viervoll Sales Tel: Mikael Reinedahl Sales Tel Fabian Jacobsen Sales Tel: Martin Lundberg Sales Tel: Joachim Künstlicher Sales Tel: Magnus Mivér Sales Tel: Ola Sundman Sales Tel: Fredrik Mattsson Sales Tel: Erik Chr. Borthen Credit Analyst Tel Rikard M. Braaten Credit Analyst Tel Haakon Amundsen Credit/Equity Analyst Tel

2 Daily Report - Bonds January 20 Today s news headlines Western Bulk ASA - Monthly Net TC Margin Report, December 20 Etrion Announces Operational Update and Preliminary 20 Production. Polarcus: Amendments to application agreement and notice of coupon payment to bondholders in connection with the restructuring proposal. Det Norske Oljeselskap: Fourth quarter 20 production Source all: Oslo Stock Exchange ABG Sundal Collier is acting as financial advisor to Polarcus in connection with the contemplated restructuring of the Company's balance sheet ABG Sundal Collier - Fixed income Jon Erlend Arnesen Sales Tel: Jonas Kalve Førde Sales Tel: Øivind Junior Viervoll Sales Tel: Mikael Reinedahl Sales Tel Fabian Jacobsen Sales Tel: Martin Lundberg Sales Tel: Joachim Künstlicher Sales Tel: Magnus Mivér Sales Tel: Ola Sundman Sales Tel: Fredrik Mattsson Sales Tel: Erik Chr. Borthen Credit Analyst Tel Rikard M. Braaten Credit Analyst Tel Haakon Amundsen Credit/Equity Analyst Tel

3 PRICING REPORT ABGSC - NORWEGIAN HIGH YIELD BONDS B2 Holding /20, EURIBOR3m+750 Unsecured To be listed NO Make whole: T+50bp EUR 0m EUR003M Crayon /17, NIBOR3m+500, Secured CGH01 NO Make whole: T+50bp NOK 650m NIBOR3M DNO International /20, 8.75%, Unsecured To be listed NO USD 400m LIBOR6M Etrion Corp /19, 8%, 1st lien ETRION02 NO EUR 80m EURIBOR6M Fred Olsen Energy 11/, NIBOR3m+4, Unsecured FOE04 NO NA NOK 00m NIBOR3M Hospitality Invest /19, NIBOR3m+600, Secured HOIN01 NO NA NOK 450m NIBOR3M Host Hoteleiendom 13/, NIBOR3m+700, 1st/2nd lien HOST01 PRO NO NA NOK 120m NIBOR3M IGas Energy 13/18, %, 1st lien IGAS01 NO USD 5m LIBOR6M IGas Energy 13/18, %, Unsecured IGAS02 PRO NO USD 30m LIBOR6M IM Skaugen 12/, NIBOR3m+8, Unsecured IMSK12 NO NOK 400m NIBOR3M Jacob Holm & Sønner /19, Stibor3m+5, Secured To be listed NO Make whole: T+50bp SEK 650m STIB3M Norlandia Care Group 13/18, NIBOR3m+500, Unsecured NCG01 NO Make whole: NKSW5+50bp NOK 500m NIBOR3M Norshore Atlantic BondCo, /20, 12%, 1st lien Not listed NO USD 0m LIBOR3M North Alliance 13/18, NIBOR3m+700, Secured NOA01 NO Make whole: T+50bp NOK 120m NIBOR3M Norwegian Air Shuttle /17, NIBOR3m+375, Unsecured NAS04 NO NA NOK 400m NIBOR3M Polarcus 13/18, 8%, Unsecured PLCS02 NO USD 95m LIBOR6M Polarcus /19, NIBOR3m+7, Unsecured PLCS03 NO NOK 0m NIBOR3M Prosafe 11/, NIBOR3m+0, Unsecured PRS07 NO NA NOK 500m.02. NIBOR3M Seabird Exploration PLC /18, 6%, 1st lien (B series) SBEF02 PRO 0 USD 24.34m LIBOR6M Seabird Exploration PLC /18, 12%, 1st lien (A series) SBEF01 PRO 0 USD 5m LIBOR6M Selvaag Bolig 13/18, NIBOR3m+475, Unsecured SBO01 NO NOK 500m NIBOR3M Sparebanken Vest Perpetual, 8.05%, Tier 1, Subordinated SVEG58 NO NOK 400m Perp NIBOR12M ABGSC - SWEDISH HIGH YIELD BONDS Arise Windpower, /17, STIBOR3m+500, Unsecured AWPO 3 SE NA SEK 0m STIB3M Bayport, 12/17, 13%, Unsecured BATSJ13 SE SEK 700m STIB1Y Bayport, 13/17, 13%, Unsecured BAYP 003 SE SEK 800m STIB1Y Bayport, /18, 12%, Unsecured To be listed SE Make 50bp SEK 1,0m STIB6M Bayport, /19, %, Subordinated BAYP004S SE SEK 650m STIB1Y Black Earth Farming, 13/17, 9.4%, Unsecured BEFO 3 SE SEK 750m STIB3M European Energy, /18, EURIBOR+750, Unsecured EEA 2018 SE EUR 45m EURIBOR6M Finance, /18, 11.75%, Unsecured 4FIN 1 SE Make 50bp SEK 375m EURIBOR6M Klövern Property, 12/17, STIBOR3m+400, Unsecured KLOVSS0 SE NA SEK 10m STIB3M Kungsleden Fastighets Ab, 13/, STIBOR 3M+195, Unsecured KLED 004 SE NA SEK 700m STIB3M Kvalitena AB, /18, STIBOR3m+650, Secured To be listed SE Make 50bp SEK 600m STIB3M Lauritz, /19, STIBOR3m+750, Secured LAU 001 SE Make whole: T+50bp SEK 375m STIB3M Nordax Finans, 13/, STIBOR3m+300, Unsecured NORDAX0 SE NA SEK 500m STIB3M Nordlys, /18, STIBOR3m+575, Secured To be listed SE Make whole: T+50bp SEK 750m STIB3M Stendørren, /18, STIBOR3m+500, Unsecured STEN 001 SE SEK 575m STIB3M Telecare Service /18, STIBOR3m+7, Secured MOBY 001 SE Make whole: T+50bp SEK 282m STIB3M OTHER HIGH YIELD BONDS Danske Andelskassers Bank Perpetual, CIBOR3m+975, Tier 1, Jr. Subordinated Not listed DK DKK 232m Perp CIBO03M Primorsk Int Shipping 07/, NIBOR3m+600 (PIK), 3rd lien, Redem: 1% Not listed NO , 111, etc NOK 0m.05. NIBOR3M ABGSC CONVERTIBLE BONDS Name Ticker ISIN Conversion Price* Spot Price Maturity Coupon Bid Offer Mid BW Group 2019 USD 0m Not listed NO USD.72 USD ** % Golar Energy 2017 USD 0m, Sr Secured Not listed NO USD USD ** % Golden Ocean 2019 USD 200m, Sr Unsecured Not listed NO USD 2.74 USD 6.90 ** % Marine Harvest ASA 2020 EUR 340m Not listed NO EUR.2877 EUR **** % Polarcus Limited 20 USD 1m, reset Oct'12, 1st lien Selma Not listed NO USD 476 USD.174 ** % Ship Finance Int 20 USD 1m Not listed NO USD USD.190 ** % Ship Finance Int 2018 USD 0m Not listed USG875AE63 USD 18.5 USD.190 ** % Subsea 7 SA 2017 USD 600m Not listed NO USD USD ** % * Strike at fixed exchange rate ** NOK/USD.113 *** CAD/USD.697 **** NOK/EUR.42 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. Source: ABGSC Credit Research 3(5)

4 MARKETS () Feb- Mar- Feb- Mar- IG CDS index Jun- Jul- Aug- 07- Jun- Jul- Aug- Itraxx Main Itraxx Fin and Sov (bp to swap) Feb- Feb- 11-Mar- Mar Jun- 11-Jul- WE Sov index Itraxx Financials Sen Itraxx Financials Sub itraxx Crossover and CDX HY (Gen) Feb- 12- Mar Jun- 12- Jul- 12- Aug Feb- Mar- Jun- Jul- Aug Feb- 28- Mar Feb- Mar- Jun- 30- Jul- 31- Aug- 31- Jun- Jul- Aug- Itraxx XO CDX HY.NA VIX - volatility VIX index NOK 5 yr swap and gov yields (%) Norway 5yr Gov Feb- 13- Feb- Mar- 13- Mar Jun- 13- Jul- 13- Aug- 13- Jun- Jul- Aug- US 5yr sw ap spread (bp to gov) Norway 5yr swap rates Loan and bond reference rates (%) Feb- 28- Mar- 31- Feb- Mar Jun- 30- Jul- 31- Aug- 31- Jun- Jul- Aug- NIBOR3m NIBOR3m EURIBOR3m EURIBOR3m US LIBOR3m US LIBOR3m STIBOR3m Moody's Corporate BAA Index, Yield (%) Feb- Mar- Jun- Jul- Aug Feb- 24- Mar- 24- Feb- Mar Jun- 24- Jul- 24- Aug- 24- Jun- Jul- Aug Feb- Mar- S&P 500 Jun- Jul- Aug Feb- 23- Mar- 23- Feb- Mar- Oslo Børs Benchmark Index Jun- 23- Jul- 23- Aug- 23- Jun- Jul- Aug Source: Bloomberg 4(5)

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