October 4, 2017 / 5:02 AM / a year ago

Norway's Jan-Sept high-yield company bond sales rise to NOK 45 bln

OSLO, Oct 4 (Reuters) - Companies raised 45 billion Norwegian crowns ($5.63 billion) via high-yield bonds in Norway from January to September, more than twice the full-year 2016 level, data from brokers DNB and financial service Stamdata showed on Wednesday.

Oslo’s corporate bond market, a vital source of cash to many mid-size shipping and oil services firms both in Norway and overseas, has rebounded after nearly drying up last year when a series of debt restructurings drove high-yield investors away.

“We’re closing in on previous highs in terms of issued volumes. There is more diversification than before, but shipping is a segment that has seen substantial growth,” DNB Markets credit analyst Magnus Vie Sundal said.

Overall volumes in 2017 could eventually amount to between 55 billion and 60 billion crowns, he added, far above the 21.6 billion seen in 2016 and just below the record 65 billion crowns raised each year from high-yield bonds in 2013 and 2014.

Wallenius Wilhelmsen Logistics and Songa Bulk were among firms that raised cash in late September.

$1 = 7.9949 Norwegian crowns Reporting by Henrik Stolen, editing by Terje Solsvik

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