Norwegian Bonds Bloom

Despite rising default rates and a cessation of activity late last year, the Norwegian bond market, according to Nordea’s Credit Research, has thawed with total issuance during the first quarter of NOK 14.7 billion, compared to NOK 4.4 billion in the comparable period last year and, most critically, NOK 14.7 billion for the full year in 2008. There have been 19 issuers this year of which two are new to the market. The market is dominated largely by investment grade, with high yield accounting for only 3% so far in 2009 as opposed to 40% in 2008. This reflects a

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