Pacific Basin Finds Convertible Value – Public Debt Award

By Nora Huvane

The last year has hardly been a bumper one for shipping and offshore bonds. Compared to the number of issues in the Oslo market alone prior to the strike of the credit crunch, it has been downright dour. However of what activity did exist, around half occurred in various markets across Asia. Those shipping companies that have a history of capital markets activity effectively used the bond market to fund their growth and capital requirements, including Berlian Laju Tankers, Noble Group, Titan and Pacific Basin.

Some companies, like Berlian Laju Tankers, were able to get their offerings in the door before the credit crunch hit in late July 2007. BLT issued a total of four bonds in 2007 running the gamut from IDR issues with

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