Debt Markets – Unchanged

The Norwegian Bond Market remains a microcosm of the debt markets and even in that small world, there is no good news to report according to Nordea’s August Monthly High Yield Report by Lars Kirkeby. Although ratings changes were generally positive, the average spread of high yield CDS as measured by the iTraxx 5-year crossover index increased 4% from last month. High yield spreads to Euribor have increased with the exception of BB rated debt.

There is also greater expectations of defaults as the number of high yield bonds trading at distressed levels have reached record high levels. The

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