Daily Report - Bonds 04 April 2016

Daily report Corporate and HY bonds traded on the Oslo Stock Exchange Price Issuer

Ticker

Volume

AINMT Scandinavia H AS 14/19 9,75% SEK C

AINMT01

1.0m

104.25

AKER ASA 12/17 FRN

AKER08

2.5m

Aker ASA 12/22 FRN

AKER09

Aker ASA 13/18 FRN

AKER11

Aker ASA 14/19 FRN SEK

ABG Sundal Collier HY index

Time to

01/04/2016 Credit spread

% price

maturity

Yield

change

833

3.0

8.3%

-0.5%

99.80

422

1.0

5.2%

-0.4%

11.0m

94.38

609

6.4

7.1%

1.1%

2.0m

96.80

507

2.2

6.1%

-0.2%

1,300

AKER12

1.0m

95.14

528

3.3

4.8%

-0.5%

1,200

Aker ASA 15/20 FRN

AKER13

2.5m

91.00

599

4.2

7.0%

0.0%

1,100

Aker Solutions ASA 12/17 FRN C

AKSO01

15.0m

98.40

567

1.2

6.7%

-0.4%

Austevoll Seafood ASA 12/18 FRN

AUSS07

14.0m

101.50

348

2.5

4.5%

-0.2%

Aw ilco Drilling plc 14/19 7,00% USD C

AWDR01

2.0m

84.50

1,373

3.0

13.9%

3.7%

900

Bank Norw egian AS 13/16 FRN

BANKN02 PRO

10.0m

100.09

29

0.1

1.2%

0.0%

800

Bonheur ASA 12/17 FRN

BON04

3.0m

99.05

567

0.9

6.7%

-0.1%

700

Bonheur ASA 14/19 FRN

BON05

9.0m

88.75

700

3.3

8.0%

2.0%

Cegal Holding AS 14/17 FRN C

CEHO01 PRO

6.0m

85.50

1,894

1.2

20.0%

2.4%

Color Group AS 12/19 FRN

COLG10 PRO

4.0m

97.05

621

3.5

7.2%

-0.8%

Color Group AS 13/17 FRN

COLG11

0.5m

100.50

420

1.7

5.2%

1.0%

Det Norske Oljeselskap ASA 13/20 FRN

DETNOR02

15.0m

93.50

835

4.3

9.4%

-0.3%

Det Norske 15/22 10,25% USD C TOGGLE SUB

DETNOR03

0.4m

93.38

1,051

6.2

12.1%

-1.2%

DOF ASA 12/17 FRN

DOF09

2.5m

63.50

6,656

0.9

67.6%

0.4%

DOF Subsea AS 13/18 FRN

DOFSUB07

-1.2%

Fred Olsen Energy ASA 14/19 FRN

FOE05

Golden Close Marit Ltd 14/19 9,00% USD C

GCMC01 PRO

GasLog Ltd 13/18 FRN C Havila Shipping ASA 11/17 8,60% C

5.0m

73.88

2,044

2.1

21.5%

10.0m

50.25

2,906

2.9

30.1%

1.3%

1.5m

30.50

5,830

3.6

65.8%

16.2%

GLOG01

17.0m

96.50

721

2.2

8.2%

2.8%

HAVI06

0.6m

30.75

16,425

1.0

280.1%

-41.4%

Høegh LNG Holdings Ltd. 12/17 FRN C

HLNG01

4.0m

101.70

482

1.5

5.8%

-0.4%

Höegh LNG Holdings Ltd. 15/20 FRN USD C

HLNG02

0.2m

92.50

710

4.2

7.7%

1.1%

IGas Energy Plc 13/18 10,00% USD C

IGAS01

1.2m

50.00

5,641

2.0

61.8%

9.9%

Jacktel AS 14/19 7,00% EUR C

JACKT01 PRO

1.2m

89.38

1,102

3.3

11.4%

2.0%

Kistefos AS 13/16 FRN

KIST02 PRO

1.0m

96.63

1,232

0.7

13.3%

-0.9%

Marine Harvest ASA 13/18 FRN C

MHG01

15.0m

100.88

304

1.9

4.1%

0.4%

North Atlantic Drilling Ltd 13/18 FRN

NADL01

1.0m

31.00

5,770

2.6

58.7%

2.5%

Norw egian Air Shuttle ASA 15/18 FRN

NAS06

2.0m

100.05

573

2.1

6.8%

-0.9%

Norw egian Air Shuttl ASA 15/19 7,25% EUR

NAS07

0.3m

103.25

632

3.7

6.3%

0.0%

Ocean Yield ASA 14/19 FRN C

OCY02

2.0m

94.30

601

3.0

7.0%

-0.2%

Ocean Yield ASA 15/20 FRN C

OCY03

6.0m

92.69

607

4.1

7.1%

0.0%

Odfjell SE 12/17 FRN

ODF04

6.0m

98.50

729

1.0

8.3%

-0.5%

Odfjell SE 12/18 FRN

ODF06

2.0m

91.80

1,006

2.7

11.1%

-0.2%

Personalhuset AS 14/19 FRN C

PERH01

1.0m

91.50

918

3.4

10.2%

4.3%

Prosafe SE 13/18 FRN

PRS10

1.0m

55.00

2,843

2.6

29.5%

-22.2%

Seadrill Ltd 14/19 FRN SEK

SDRL08

10.0m

31.50

4,736

3.0

46.9%

-0.8%

Ship Finance International L 12/17 FRN C

SFLN02

10.0m

95.25

831

1.6

9.3%

0.3%

Ship Finance International L 14/19 FRN C

SFLN03

2.0m

81.30

1,169

3.0

12.7%

-1.6%

Siem Industries I 12/19 1,00% USD P EXCH

SIEIN02

11.8m

94.94

1,258

3.4

13.7%

0.7%

Salamander Energ Plc 13/20 9,75% USD C

SMDR01 PRO

2.0m

97.25

958

3.8

10.9%

-0.4%

Stolt-Nielsen Limited 11/16 FRN

SNI01

4.0m

100.50

246

0.2

3.4%

0.1%

Stolt-Nielsen Limited 12/19 FRN

SNI04

1.0m

100.00

500

3.4

6.0%

0.7%

Songa Offshore SE 13/19 4,00% USD CONV

SONG06

1.7m

59.00

1,912

3.7

21.2%

-7.8%

TiZir Ltd 12/17 9,00% USD C

TIZ01 PRO

0.5m

81.13

2,415

1.5

26.5%

0.9%

Teekay Offshore Partners L.P. 14/19 FRN

TOP05

1.0m

59.94

2,440

2.8

25.4%

-0.5%

Norsk Gjenvinning 14/19 FRN C

VVH01

15.0m

91.13

840

3.3

9.4%

-0.4%

AB Stena Metall Finans 15/20 FRN

SMF04

4.0m

98.00

396

4.7

3.5%

n.a.

HY index Z-spread, bps

1,000

600 Mar-15

Jun-15

Sep-15

Mar-16

Bps Today's level, bps

Pct

1,187

Change in last day

13 1.1 %

Change in last w eek

17 1.5 %

Change in last tw o w eeks

36 3.1 %

Change in last month Source: ABG Sundal Collier

Source: Oslo Stock Exchange

ABG Sundal Collier - Fixed income Jon Erlend Arnesen

Dec-15

Sales

Tel: +47 22 01 60 32

Jonas Kalve Førde

Sales

Tel: +44 207 905 5680

Øivind Junior Viervoll

Sales

Tel: +47 22 01 61 43

Mikael Reinedahl

Sales

Tel. +47 22 01 60 83

Fabian Jacobsen

Sales

Tel: +47 22 01 61 66

Martin Lundberg

Sales

Tel: +46 8 566 286 40

Joachim Künstlicher

Sales

Tel: +46 8 566 286 63

Magnus Mivér

Sales

Tel: +46 8 566 294 66

Ola Sundman

Sales

Tel: +46 8 566 286 08

Erik Chr. Borthen

Credit Analyst

Tel. +47 22 01 60 27

Rikard M. Braaten

Credit Analyst

Tel. +47 22 01 60 86

Haakon Amundsen

Credit/Equity Analyst

Tel. +47 22 01 60 25

5 0.4 %

Daily Report - Bonds 04 April 2016

Today’s news headlines 

Odfjell SE: Annual Report 2015



Marine Harvest: Annual Report 2015



Awilco Drilling: Operational Update for WilPhoenix



Siem Industries: Announcement of Purchase of Own Bonds Source: Oslo Stock Exchange

ABG Sundal Collier - Fixed income Jon Erlend Arnesen

Sales

Tel: +47 22 01 60 32

Jonas Kalve Førde

Sales

Tel: +44 207 905 5680

Øivind Junior Viervoll

Sales

Tel: +47 22 01 61 43

Mikael Reinedahl

Sales

Tel. +47 22 01 60 83

Fabian Jacobsen

Sales

Tel: +47 22 01 61 66

Martin Lundberg

Sales

Tel: +46 8 566 286 40

Joachim Künstlicher

Sales

Tel: +46 8 566 286 63

Magnus Mivér

Sales

Tel: +46 8 566 294 66

Ola Sundman

Sales

Tel: +46 8 566 286 08

Erik Chr. Borthen

Credit Analyst

Tel. +47 22 01 60 27

Rikard M. Braaten

Credit Analyst

Tel. +47 22 01 60 86

Haakon Amundsen

Credit/Equity Analyst

Tel. +47 22 01 60 25

PRICING REPORT ABGSC - NORWEGIAN HIGH YIELD BONDS Name

Ticker

ISIN

Volume

Maturity

Spread at MID

Bid

B2 Holding 15/20, EURIBOR3m+750 Unsecured

B2H01

NO0010753072

Make whole: T+50bp

Call

EUR 150m

08.12.20

EUR003M +774

99.25

Offer 100.75

Mid 100.00

Crayon 14/17, NIBOR3m+500, Secured

CGH01

NO0010714595

Make whole: T+50bp

NOK 650m

10.07.17

NIBOR3M +965

92.00

97.00

94.50

DNO International 15/20, 8.75%, Unsecured

To be listed

NO0010740392

18.06.2017 @ 105

USD 400m

18.06.20

LIBOR6M +2206

60.00

65.00

62.50

Etrion Corp 14/19, 8%, 1st lien

ETRION02

NO0010709272

23.04.2016 @ 104

EUR 80m

23.04.19

EURIBOR6M +1550

80.00

85.00

82.50

Fred Olsen Energy 11/16, NIBOR3m+425, Unsecured

FOE04

NO0010609829

NA

NOK 1400m

12.05.16

NIBOR3M +1452

98.50

99.50

99.00

Hospitality Invest 14/19, NIBOR3m+600, Secured

HOIN01

NO0010703655

NA

NOK 450m

12.02.19

NIBOR3M +679

97.00

99.00

98.00

Host Hoteleiendom 13/16, NIBOR3m+700, 1st/2nd lien

HOST01 PRO

NO0010699739

NA

NOK 120m

20.12.16

NIBOR3M +773

98.50

100.50

99.50

IGas Energy 13/18, 10%, 1st lien

IGAS01

NO0010673791

19.03.2016 @ 105

USD 165m

22.03.18

LIBOR6M +5649

45.00

55.00

50.00

IGas Energy 13/18, 10%, Unsecured

IGAS02 PRO

NO0010698053

22.03.2016 @ 107

USD 30m

11.12.18

LIBOR6M +7157

25.00

35.00

30.00

IM Skaugen 12/16, NIBOR3m+825, Unsecured

IMSK12

NO0010636632

13.07.2015 @ 100

NOK 400m

30.06.16

NIBOR3M +62690

35.00

40.00

37.50

Jacob Holm & Sønner 14/19, Stibor3m+525, Secured

JAHO01

NO0010708332

Make whole: T+50bp

SEK 650m

03.04.19

STIB3M +525

100.50

102.00

101.25

Norlandia Care Group 13/18, NIBOR3m+500, Unsecured

NCG01

NO0010682131

Make whole: NKSW5+50bp

NOK 500m

10.04.18

NIBOR3M +526

98.50

100.50

99.50

Norshore Atlantic BondCo, 15/20, 12%, 1st lien

Not listed

NO0010744246

02.03.16 @ 100

USD 150m

31.08.20

LIBOR3M +3149

40.00

50.00

45.00

North Alliance 13/18, NIBOR3m+700, Secured

NOA01

NO0010699861

Make whole: T+50bp

NOK 120m

20.12.18

NIBOR3M +825

96.00

98.00

97.00

Norwegian Air Shuttle 14/17, NIBOR3m+375, Unsecured

NAS04

NO0010713860

NA

NOK 400m

03.07.17

NIBOR3M +520

97.25

99.25

98.25

Polarcus Ltd (Cayman Islands 14/22 ADJ C Tranche A

PLCS03

NO0010714389

Increasing call @ 33 - 50

NOK 78m

30.12.22

N.A.

12.00

16.00

14.00

Polarcus Ltd (Cayman 16/22 0,00% STEP C Tranche B

To be listed

NO0010757255

Increasing call @ 24 - 36

NOK 270.6m

30.12.22

N.A.

8.00

12.00

10.00

Polarcus Ltd (Cay 13/22 0,00% USD STEP C Tranche A

PLCS02

NO0010680150

Increasing call @ 33 - 50

USD 26m

30.12.22

NIBOR3M +2947

12.00

16.00

14.00

Polarcus Ltd (Cay 16/22 0,00% USD STEP C Tranche B

To be listed

NO0010757248

Increasing call @ 24 - 36

USD 68.7m

30.12.22

NIBOR3M +2958

8.00

12.00

10.00

Seabird Exploration PLC 15/18, 6%, 1st lien (B series)

SBEF02 PRO

NO0010732076

14.04.2015 @ 100

USD 24.34m

03.03.18

LIBOR6M +9958

20.00

30.00

25.00

Seabird Exploration PLC 15/18, 12%, 1st lien (A series)

SBEF01 PRO

NO0010732043

14.04.2015 @ 100

USD 5m

03.03.18

LIBOR6M +8586

30.00

40.00

35.00

Selvaag Bolig 13/18, NIBOR3m+475, Unsecured

SBO01

NO0010683725

27.06.2016 @ 103

NOK 500m

27.06.18

NIBOR3M +358

102.00

103.00

102.50

Sparebanken Vest Perpetual, 8.05%, Tier 1, Subordinated

SVEG58

NO0010572845

19.05.2020 @ 100

NOK 400m

Perp

NIBOR12M +400

110.00

113.00

111.50

Name

Ticker

ISIN

Call

Volume

Maturity

Spread at MID

Arise Windpower, 14/17, STIBOR3m+500, Unsecured

AWPO 103

SE0006220059

NA

SEK 350m

08.09.17

STIB3M +608

100.00

101.00

100.50

Bayport, 12/17, 13%, Unsecured

BAYP 002 O2

SE0004649713

12.06.2015 @ 104

SEK 700m

12.06.17

STIB1Y +1240

100.00

102.00

101.00

Bayport, 13/17, 13%, Unsecured

BAYP 003

SE0005393477

12.06.2015 @ 104

SEK 800m

12.06.17

STIB1Y +1240

100.00

102.00

101.00

Bayport, 15/18, 12%, Unsecured

BAYP 005

SE0007577358

Make whole @ 50bp

SEK 1,100m

23.10.18

STIB6M +1294

98.00

99.00

98.50

Bayport, 14/19, 14%, Subordinated

BAYP004S

SE0006451712

17.10.2017 @ 104

SEK 650m

17.11.19

STIB1Y +1496

96.50

98.50

97.50

Black Earth Farming, 13/17, 9.4%, Unsecured

BEFO 3

SE0005472024

30.10.2015 @ 104

SEK 750m

30.10.17

STIB3M +1341

93.00

97.00

95.00

European Energy, 14/18, EURIBOR+750, Unsecured

EEA 2018

SE0005677796

05.09.2016 @ 104

EUR 45m

05.03.18

EURIBOR6M +1443

86.00

89.00

87.50

4 Finance, 15/18, 11.75%, Unsecured

4FIN 101

SE0006594412

Make whole @ 50bp

SEK 375m

27.03.18

EURIBOR6M +1184

100.00

101.00

100.50

Klövern Property, 12/17, STIBOR3m+400, Unsecured

KLOVSS0

SE0004868453

NA

SEK 1150m

19.01.17

STIB3M +174

101.70

101.90

101.80

Kungsleden Fastighets Ab, 13/16, STIBOR 3M+195, Unsecured

KLED 004

SE0005568961

NA

SEK 700m

20.12.16

STIB3M +171

100.08

100.25

100.17

Kvalitena AB, 15/18, STIBOR3m+650, Secured

KVAO 102

SE0007666102

Make whole @ 50bp

SEK 600m

29.10.18

STIB3M +714

99.00

100.00

99.50

Lauritz, 14/19, STIBOR3m+750, Secured

LAU 001

SE0005999521

Make whole: T+50bp

SEK 375m

17.06.19

STIB3M +920

95.50

97.50

96.50

Nordax Finans, 16/19, STIBOR3m+240, Unsecured

NORDAX 103

SE0008129332

NA

SEK 500m

16.03.19

STIB3M +235

100.00

100.30

100.15

Nordlys, 14/18, STIBOR3m+575, Secured

NORDL 01

SE0006027843

Make whole: T+50bp

SEK 750m

12.09.18

STIB3M +572

100.00

102.00

101.00

Stendørren, 15/18, STIBOR3m+500, Unsecured

STEN 001

SE0006600268

02.18.2017 @ 103

SEK 575m

18.02.18

STIB3M +626

98.00

99.00

98.50

Telecare Service 14/18, STIBOR3m+725, Secured

MOBY 001

SE0005936382

Make whole: T+50bp

SEK 282m

23.05.18

STIB3M +2435

70.00

75.00

72.50

Name

Ticker

ISIN

Volume

Maturity

Spread at MID

Bid

Danske Andelskassers Bank Perpetual, CIBOR3m+975, Tier 1, Jr. Subordinated

Not listed

DK0030374012

DKK 232m

Perp

CIBO03M +981

99.50

100.50

Name

Ticker

ISIN

Conversion Price*

Spot Price

Maturity

Coupon

Bid

Offer

Mid

BW Group 2019 USD 250m

Not listed

NO0010719735

USD 12.935

USD 6.011 **

10.09.19

1.750 %

83.75

85.75

84.75

Golar Energy 2017 USD 250m, Sr Secured

Not listed

NO0010637846

USD 45.81

USD 17.430 **

07.03.17

3.750 %

93.38

94.88

94.13

Golden Ocean 2019 USD 200m, Sr Unsecured

Not listed

NO0010701055

USD 19.93

USD 5.80 **

30.01.19

3.070 %

50.13

60.13

55.13

Marine Harvest ASA 2020 EUR 340m

Not listed

NO0010748742

USD 15.91

EUR 13.534 **** 05.11.20

0.125 %

107.75

108.75

108.25

Polarcus Ltd 2022 Tranche A USD 71.3m

To be listed

NO0010607435

USD 15.4751

USD .142 **

30.03.22

5.600 %

45.00

55.00

50.00

Polarcus Ltd 2022 Tranche B1 USD 20.7m

To be listed

NO0010757271

USD 15.4751

USD .142 **

30.12.22

0.000 %

20.00

30.00

25.00

Polarcus Ltd 2022 Tranche B2 USD 9.8m

To be listed

NO0010757263

USD 14.9993

USD .142 **

30.12.22

0.000 %

16.00

24.00

20.00

Ship Finance Int 2018 USD 350m

Not listed

USG81075AE63

USD 16.778

USD 13.80 **

01.02.18

3.250%

96.50

97.50

97.00

Subsea 7 SA 2017 USD 600m

Not listed

NO0010661168

USD 28.39

USD 7.347 **

05.10.17

1.000%

94.00

95.00

94.50

ABGSC - SWEDISH HIGH YIELD BONDS Bid

Offer

Mid

OTHER HIGH YIELD BONDS Call 21.02.2021 @ 100

Offer

Mid 100.00

ABGSC CONVERTIBLE BONDS

* Strike at fixed exchange rate ** NOK/USD .12035 *** CAD/USD .76605 **** NOK/EUR .1057 This report is not to be used or considered as an offer to sell, or a solicitation of an offer to buy. Bids and offers are indicative prices and no guarantees are given that these prices can be traded on. ABG Sundal Collier accepts no liability whatsoever for any losses arising from any use of this report or its contents. All opinions and prices herein reflect the judgment of ABG Sundal Collier on the date of this report and are subject to change without notice.

Source: ABGSC Credit Research

3(6)

Weekly Bonds Summary Statistics

# 1 2 3 4 5 6 7 8 9 10

# 1 2 3 4 5 6 7 8 9 10

# 1 2 3 4 5 6 7 8 9 10

Ticker GENEL01 PRO AKER10 SDRL07 BWO01 BON06 DOF09 OCY02 OCY03 TIZ01 PRO SDRL08

Top 10 best performing bonds price change Bond name last week Genel Energy Finance L 14/19 7,50% USD C 20.57% Aker ASA 13/20 FRN 7.85% Seadrill Ltd. 13/18 FRN 5.87% BW Offshore Limited 12/17 FRN C 5.37% Bonheur ASA 14/21 FRN 5.35% DOF ASA 12/17 FRN 4.98% Ocean Yield ASA 14/19 FRN C 4.44% Ocean Yield ASA 15/20 FRN C 4.05% TiZir Ltd 12/17 9,00% USD C 4.03% Seadrill Ltd 14/19 FRN SEK 2.42%

last trade 63.00 94.50 39.70 78.50 83.75 63.25 94.00 91.50 77.50 31.75

spread change last week -1,138 bps -299 bps -364 bps -585 bps -211 bps -507 bps -263 bps -207 bps -1,094 bps -52 bps

spread to worst 2,424 bps 550 bps 5,678 bps 3,079 bps 729 bps 6,612 bps 612 bps 641 bps 2,759 bps 4,685 bps

Ticker FAR04 FJOL01 PRO TOP02 IGAS01 AKER13 EXMAR01 AUSS07 DOF10 MHG01 SNI06

Top 10 worst performing bonds price change Bond name last week Farstad Shipping ASA 13/18 FRN -14.95% Fjord Line AS 13/16 FRN -4.06% Teekay Offshore Partners L.P. 12/17 FRN -2.41% IGas Energy Plc 13/18 10,00% USD C -1.09% Aker ASA 15/20 FRN -1.06% Exmar Netherlands BV 14/17 FRN -1.03% Austevoll Seafood ASA 12/18 FRN -0.77% DOF ASA 12/19 FRN -0.74% Marine Harvest ASA 13/18 FRN C -0.62% Stolt-Nielsen Limited 15/20 FRN -0.45%

last trade 45.25 94.50 91.00 45.50 89.00 92.75 101.75 50.13 100.50 96.00

spread change last week 770 bps 147 bps 596 bps 137 bps 31 bps 100 bps 31 bps 50 bps 33 bps 13 bps

spread to worst 4,384 bps 1,211 bps 1,762 bps 6,342 bps 657 bps 1,065 bps 338 bps 3,128 bps 324 bps 522 bps

Ticker WEIFA01 LOCK01 SST44 TKLNG01 GLOG01 OCY03 SNI06 INFRA01 TKLNG02 AKER07

Top 10 traded bonds by volume traded volume Bond name last week Aqualis ASA 14/19 FRN 50.0m Lock AS 14/20 FRN C 47.0m Steen & Strøm AS 12/17 FRN 41.0m Teekay LNG Partners L.P. 12/17 FRN 26.0m GasLog Ltd 13/18 FRN C 25.0m Ocean Yield ASA 15/20 FRN C 21.0m Stolt-Nielsen Limited 15/20 FRN 14.0m Infratek Group AS 14/19 FRN C 13.0m Teekay LNG Partners L.P. 13/18 FRN 11.0m Aker ASA 12/19 FRN 10.5m

last trade 101.50 100.19 101.06 99.00 93.88 91.50 96.00 98.38 93.63 98.75

spread change last week -101 bps -103 bps -103 bps 62 bps -87 bps -207 bps 13 bps -118 bps -97 bps -115 bps

spread to worst 353 bps 569 bps 98 bps 622 bps 853 bps 641 bps 522 bps 557 bps 724 bps 549 bps

Source: Bloomberg, Infront, ABGSC Credit Research

Please note that this table represents activity in the period 17-Mar-16 to 23-Mar-16

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MARKETS IG CDS index

250 150 130 200 110 90 150 70 100 50 30 50 10

(10) - Mar- Apr- May- Jun- Jul-15 Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar2715 Mar15

Apr02- May02- Jun02- Jul-15 02- Aug02- Sep02- Oct02- Nov02- Dec02- Jan02Apr15 May15 Jun15 Jul-15 Aug15 Sep15 Oct15 Nov15 Dec15 Jan16 15 15 15 15 15 15 15 15 16

272727272727272727272715 15 15 15 15 15 15 15 16 16 2716 Apr- May- Jun- Jul-15 Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar15 15 15 15 15 15 15 15 16 16 16 Itraxx Main

Itraxx XO

Itraxx Fin and Sov (bp to swap)

350 500 450 300 400 250 350 200 300 250 150 200 100 150 50 100 50 0 Mar23Mar15 15

Itraxx Financials Sen

Mar19Mar15 15

CDX HY.NA

Apr19- May19- Jun19- Jul-15 19- Aug19- Sep19- Oct19- Nov19- Dec19- Jan19Apr15 May15 Jun15 Jul-15 Aug15 Sep15 Oct15 Nov15 Dec15 Jan16 15 15 15 15 15 15 15 15 16

Feb19- Mar19Feb16 Mar16 16 16

VIX index

Itraxx Financials Sub

NOK 5 yr swap and gov yields (%)

2.5 5 4.5 4 2 3.5 1.5 3 2.5 2 1 1.5 0.5 1 0.5 0

Feb02- Mar02Feb16 Mar16 16 16

VIX - volatility

45 40 40 35 35 30 25 25 20 20 15 10 15 5 10 0

Apr23- May23- Jun23- Jul-15 23- Aug23- Sep23- Oct23- Nov23- Dec23- Jan23- Feb23- Mar23Apr15 May15 Jun15 Jul-15 Aug15 Sep15 Oct15 Nov15 Dec15 Jan16 Feb16 Mar16 15 15 15 15 15 15 15 15 16 16 16 WE Sov index

iTraxx Crossover and CDX HY (Gen)

650 600 600 550 550 500 500 450 450 400 350 400 300 350 250 300 200 250 150

Loan and bond reference rates (%)

2.5

2 2 1.5 1.5 1 1 0.5 0.5 0 -0.5 0 Apr03- May03- Jun03- Jul-15 03- Aug03- Sep03- Oct03Apr15 May15 Jun15 Jul-15 Aug15 Sep15 Oct15 15 15 15 15 15 15

Norway 5yr Gov

Nov03- Dec03Nov15 Dec15 15 15

Jan03Jan16 16

Feb03- Mar03Feb16 Mar16 16 16

Mar17Mar15 15

Apr03Apr16 16

Apr17- May17- Jun17- Jul-15 17- Aug17- Sep17- Oct17- Nov17- Dec17- Jan17- Feb17- Mar17Apr15 May15 Jun15 Jul-15 Aug15 Sep15 Oct15 Nov15 Dec15 Jan16 Feb16 Mar16 15 15 15 15 15 15 15 15 16 16 16

NIBOR3m NIBOR3m

Norway 5yr swap rates

EURIBOR3m US LIBOR3m EURIBOR3m

STIBOR3m US LIBOR3m

Moody's Corporate BAA Index, Yield (%)

US 5yr sw ap spread (bp to gov) 40 35 35

7 6

30 25 25 15 20

6 5

15 5

5 4

10 -5 5 -15 0 Apr- May- Jun- Jul-15 Aug- Sep- Oct- Nov- Dec15 15 15 15 15 15 15 15

2300

4 3 Jan16

Feb- Mar16 16

Mar16- Apr16- May16- Jun16- Jul-15 16- Aug16- Sep16- Oct16- Nov16- Dec16- Jan16- Feb16- Mar16Mar15 Apr15 May15 Jun15 Jul-15 Aug15 Sep15 Oct15 Nov15 Dec15 Jan16 Feb16 Mar16 15 15 15 15 15 15 15 15 15 16 16 16

Apr16

S&P 500

600 750

2200

550 700

2100

500 650

2000

450 600

1900

400 550

1800

350 500

Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar15 15 15 15 15 15 15 15 15 15 16 16 16

Oslo Børs Benchmark Index

Mar16- Apr16- May16- Jun16- Jul-15 16- Aug16- Sep16- Oct16- Nov16- Dec16- Jan16- Feb16- Mar16Mar15 Apr15 May15 Jun15 Jul-15 Aug15 Sep15 Oct15 Nov15 Dec15 Jan16 Feb16 Mar16 15 15 15 15 15 15 15 15 15 16 16 16

Source: Bloomberg

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