GasLog lists its first bond issue on Oslo Børs

Energy, Markets, Oil Industry, Stock Markets — By on July 7, 2014 at 9:04 AM

osloSE-photo-1532607/07/2014 – GasLog lists its first bond issue on Oslo Børs today. An increasing number of foreign companies are raising loan capital on the Oslo Børs marketplaces.

GasLog, who owns, operates and manages liquefied natural gas (LNG) carriers, has its shares listed on NYSE.

The bond loan that is admitted to listing today – GasLog Ltd 13/18 FRN C – is an issue of NOK 1000 million with a floating interest rate of 3 month NIBOR + 5, 5 %, with maturity in June 2018. Skandinaviska Enskilda Banken, Nordea Markets and DNB Markets are the managers for the issue.

An increasing number of foreign companies are raising loan capital on the Oslo Børs marketplaces. Foreign companies that have listed bonds so far this year include oil companies such as Genel Energy, ShaMaran Petroleum, Iona Energy, Salamander Energy and Igas Energy, as well as rig companies such as Axis Offshore, BassDrill Alpha and North Atlantic Drilling, and the Dutch ship owner Bluewater Holding.

The Norwegian market for corporate bonds – high-yield bonds – has become an export industry, with foreign companies coming to Norway to raise loan capital from foreign investors. Oslo is often mentioned in the same way as New York and London as one of the world’s best-functioning high yield markets. The Norwegian high yield market has proved particularly popular with borrowers in the energy and maritime sectors. These are attractive sectors for international investors. Norwegian investment firms have developed both specialist expertise and placing capacity for borrowers in these sectors, and this has helped to promote Oslo Børs into the elite division internationally.

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