openPR Logo
Press release

DNB Have A More “Balanced View” After New Norway Bond Agreements

07-27-2016 09:05 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Orix Capital Trading

Norway’s largest bank, DNB ASA, have said their outlook is much more balanced after ‘bondholder friendly’ agreements were reached on Thursday regarding the nation’s oil service debt.

Paris, France, July 19, 2016 -- After a difficult year where a drop in crude prices forced satellite oil firms to completely restructure their businesses, DNB now see the current market as a lot safer after the latest round of junk bond negotiations.

Ottar Ertzeid, Group Executive Vice President of Markets at DNB, said in an interview that recent talks had resulted in “significantly better recovery rates” for oil service bondholders than predicted.

“In previous weeks our outlook has been fairly negative to say the least,” he said. “Looking at the agreements made last week we can confidently say that we now have more of a balanced view.”

Many Norwegian businesses on the periphery of the crude industry have been having a hard time coping with the decline in the sector, including offshore service and supply companies and drilling vessel operators.

One of the most heavily debt laden, Seadrill Ltd, reached a refinancing agreement with banks last week in a bond-for-equity scheme. Other firms like Seismic surveyor Polarcus Ltd. and shipowner Songa Offshore SE made favourable agreements with their bondholders in 2016 in the first step of further negotiations.

As worries that further massive defaults would be forthcoming due to the decline in oil, Norway’s crude-focused junk bond market has virtually ground to a halt. After prices reached basement level they are currently recovering, good news for Scandinavia’s biggest bond market.

Steve Rogers, Director of Asset Allocation at Orix Capital Trading commented on developments, “From a 27 percent low after Q1 we’re seeing high yield returns pared to about 20 percent over the last few months. It seems as if the storm has passed,” he said.

Ertzeid added in his interview in Oslo that the continued glut in crude, and oversupply from service companies will see the sector continue to work through some tough times.

“On the bond side of things we can be a bit more positive even if there is some way to go to get the physical side of the industry back on its feet,” he said.

Established since 2012 to provide preferred, corporate and institutional investors access to the ever growing east-west opportunities. Privately held and independent, fee only full service providers beholden only to their clients.

Contact:
Ichiro Hoshi
Orix Capital Trading
Tokyo, Japan
+81-345781539
marketing@orixtrading.com
https://www.orixtrading.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release DNB Have A More “Balanced View” After New Norway Bond Agreements here

News-ID: 350206 • Views:

More Releases from Orix Capital Trading

China - Index Without A Shares Would “Make No Sense”
The exact components of the MSCI Inc. index are due to be announced soon, and a Chinese official has said that if the index excludes yuan-dominated A shares it would “make no sense.” Paris, France, July 19, 2016 -- “We believe that the MSCI will eventually include A shares. It is an absolute certainty, it’s just a matter of time,” said Qi Bin, head of the China Securities Regulatory Commission international
Eurozone Recovery Picks up Speed According to Official Statistics
According to the official statistics, the economy of the Eurozone grew by an unexpected 0.6 percent in the first quarter of the year. Paris, France, July 12, 2016 -- Despite analysts predicting a 0.4% growth in the 19-nation bloc, the Eurozone managed to double the 0.3% rate that was recorded in the last quarter of 2015. This increase was above the expectations of the analysts. However, data from Eurostat showed that the

More Releases for DNB

DNB Construction, LLC Enlarged Its Team
Two new roofing technicians joined DNB Construction, LLC Rockville, MD (June 2022) - DNB Construction, LLC is a 5-star provider of commercial and residential roofing services for the Rockville, MD area. The business policy of this roofing contractor in Rockville is to listen to clients' plans and objectively assess the roof's condition before the start of any roofing works. The roofing materials, tools, and techniques used by well-coordinated roofers are combined
DNB Construction LLC Presented The Newest Portfolio
Rockville, MD (May 2022) - DNB Construction, LLC uses a special methodology that ensures keeping up with the strict installation schedules. What is more, this trustworthy roofing contractor brings the highest quality of all roofing services through the use of a computerized sheet metal fabrication facility. DNB Construction, LLC guarantees that its materials are created timely and prioritized for the client's needs at competitive prices. DNB Construction, LLC brings more
DNB Construction Got Its 18th Certification
DNB Construction has reached 18th Professional Certification Rockville MD (February 2021) - DNB Construction uses top-of-the-line roofing equipment and the best materials to finalize the clients’ roofing projects in Rockville. Its staff has proven to be friendly and knowledgeable and do everything with the utmost perfection. As a roofing contractor, DNB Construction’s standards are high and carried out by a team of roofing experts. These days, DNB Construction has got its
Porch Rewarded DNB Construction with Its Prestigious Badge
DNB Construction received a prestigious Porch badge Rockville, MD (March 2021.) – DNB Construction is a respectable roofing company whose service is widely-recognizable as being the A1 quality. The well-coordinated team of experienced roofing professionals employed by this company is ready to listen to the client’s issues and provide an objective free estimation about the works that have to be done in the future. These days, DNB Construction got one more
Matthew Robinson joined DNB Construction’s team
DNB Roofing LLC has promoted a new team-member Mathew Robinson Rockville, MD (February 2020) – DNB Construction LLC is a certified roofing company whose experience brings about confidence to all present and prospective clients. This firm is specialized in all elements of both residential and commercial roofing for over a decade. These days, some great news has arrived from this company. Namely, a roofing specialist Matthew Robinson has joined a promising
DNB Construction Changed Its Office Address
DNB Construction has recently changed its office address Rockville, MD (December 2020) - DNB Construction is a reliable roofing company ready to offer its professional roofing services to all present and future clients who want to have a regularly maintained roof that stands out among others in the neighborhood. The news from this respectable roofing company is that it has recently changed the address of its main office. All contact