Oslo bond market proving hot for owners

Oslo bond market proving hot for owners

High-yield bonds are very much in vogue among shipowners circling the Oslo financial markets. In the first nine months of the year shipping companies have raised around NOK16bn, according to data from DNB Markets, which is roughly four times as much as in all of 2016.

Wallenius Wilhelmsen Logistics (WWL) has been among the most recent firms to take advantage of strong high-yield investor interest, raising NOK1bn in unsecured debt on September 28. Arne Blystad’s Songa Bulk has also raised significant funds for fleet growth via the Oslo bond market in recent weeks.

Commenting on the buoyant Oslo finance scene, former head of shipping at DVB and regular Splash finance columnist, Dagfinn Lunde said: “At the moment the Oslo bond market is the most interesting market for shipping and offshore companies who need leverage and have utilised their bank limits.”

Lunde referred to Songa Bulk’s recent prospectus, the details of which he described as “at least as good as a bank loan”.

 

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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