Norwegian Bonds Return

We spoke too soon last week in intimating the demise of the Norwegian bond market. With the assistance of Fearnley Fonds ASA, I.M. Skaugen this week issued NOK 200 million of 3 year unsecured fixed rate notes with a coupon of 10.5% with the repayment obligation swapped to U.S. dollars. The proceeds will be used to finance the re-purchase an existing issue which matures in

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