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35% increase in proxy for bond restructurings in the Nordic high yield market over the last 12 months

2 Nov 2020

As of end October, the number of amendments to bond documentations through a bondholder meeting has increased to 170 over a period of 12 months compared to 126 as of October 2019. 105 of those calls for amendments to bond documents were done by companies from sectors other than the oil & gas, a higher proportion than in 2019. Note that this data includes some repeat offenders in the bond amendment space. In the first ten months of 2020 there were 88 unique Nordic issuers that tried to amend their bond documentation. Most are successful, though not all are full blown restructurings. LTM development in calls for bond amendments
The Nordic high yield market has now over 45bn in outstanding bonds, which is approximately half of the size of European high yield market in 2010.

Riksbank Publishes Report On Swedish Corporate Bond Market

9 Oct 2020

The Riksbank, the Swedish central bank, published a report (full report here) on the state of Swedish corporate bond market. The report highlights the illiquid nature of the market. This supports the need for specialist credit knowledge, locked up capital and access to to local brokers in order to operate in the market. In other words great marketing for our Greenfunds Recovery Fund strategy! Our favourite chart is the comparison of the Swedish and European corporate bond markets(see below). Be aware of the different currencies and scales, but what it shows is that 50% the Swedish market is unrated unlike the European market where only 37% is unrated or high yield. Swedish versus European Corporate Bond Markets

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