by James L. Grubbs, Managing Director, Citibank N.A.
I have been asked to give you an update on the capital markets for shipping issuers, with particular emphasis on the high yield bond market. Last year when I spoke at this conference I delivered what I considered to be a fairly somber assessment of the future of the high yield market for shipping issuers. To my surprise, it turned out that I was considered an optimist for even believing there was one.
At last year’s conference I predicted that there would be another high yield shipping bond issue within six months. Six months came and went with no shipping bonds. Last Spring I spoke at another ship finance conference in Monte Carlo and again I made the same prediction. It hasn’t quite been six months yet, so the jury is still out. However, while there likely will be no shipping bonds issued in the next few weeks, I can assure you that there will always be another conference, and if I am fortunate enough to be invited to speak, I will make the same prediction again. Who says consistency is the hobgoblin of small minds?
This is only an excerpt of A Longer View on High Yield for Shipping
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