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Moody's: Oil and shipping drag down bond market

Oil, gas, and shipping have boosted the issuing of corporate bonds to towering levels in recent years in the Nordic region, particularly in Norway. Now the opposite trend has begun.

Photo: Oslo Børs

The issuing of corporate bonds with high yields will remain at a low level for the next 12-18 months in Nordic countries as a result of the number of bonds in the oil and gas industry, as well as in shipping, dragging down the entire market, writes rating bureau Moody's in a note.

The number of corporate bonds peaked in 2014 and was especially driven by companies in the offshore industry and by carriers with Norway constituting the largest market. A more diversified market and better prospects for economic growth in Sweden are, according to Moody's, expected to make the Swedish bond market larger than the Norwegian bond market during the next 12 to 18 months.

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