Norwegian Bond Update

Nordea’s Monthly High Yield Report for March came in this week and to no one’s surprise nothing much as changed. A quiet primary market, ratings changes, a default and increasing spreads are all highlighted in the report.

Two oil service companies, MPU Offshore Lift and Ziebel, issued convertible bonds. MPU Offshore’s offering was for a 5-year $110 million fixed rate convertible paying 8%. The conversion price was set at $1.36 per share through a book-building process. When com­bined with the established EUR21 5 million facility, there are suffi­cient monies to complete the MPU Heavy Lifter 1. In a smaller deal, Ziebel completed a 3-year NOK 125 million subordinated convert­ible bond issue with a 9% coupon. The conversion price was set at $8.00.

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