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Last week, Odfjell SE successfully completed a new sustainability-linked four-year senior unsecured bond issue of NOK 850 million (~$100 million). Priced at the tight end of initial price talk, the bond carries a coupon of three-month NIBOR plus 5.75% p.a. with quarterly interest payments.

Earlier this month, Color Group AS successfully completed a new subordinated perpetual hybrid bond issue with an initial tranche of NOK 500 million and a borrowing limit of NOK 1 billion. With no specified maturity, the bonds have a first call date in December 2024 (4.25 years) after which there is an annual 5% step-up to incentivize redemption.

Although a small transaction, it is representative of investors' hunger for yield. Klaveness Combination Carriers came to market with a small tap issue, NOK 200 million, on Wednesday.

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In response to the pandemic, the central banks took action to mitigate its impact on the economy by utilizing their most powerful tool, the management of interest rates. Just when you thought rates could not get much lower, they have been driven for the most part near zero enticing not only homeowners to refinance but corporations as well.

While no discounts or promotions were involved, Klaveness Combination Carriers ASA's tap offering was here and gone in a flash. Last week, Klaveness successfully completed a NOK 200 million tap issue of its existing senior unsecured bonds maturing in February 2025.

Last week in its first public issuance since taking on its new name, Altera Shuttle Tankers L.L.C. ("AST") successfully concluded a $75 million tap issue of its Senior Unsecured Green Bonds due in October 2024.

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In a meeting of the minds, Hoegh LNG Holdings Ltd and its bond investors last week took the opportunity to each improve their positions with respect to the company's HLNG03 bond which matures in February 2022 and bears interest at 3-month NIBOR+5%. The transaction was triggered by a reverse enquiry from an investor with Hoegh LNG agreeing to exchange NOK 150 million from the existing HLNG03 into NOK 160.5 million of its HLNG04 bond which was issued in January of this year.

Back at the end of August, Navigator Holdings Ltd. successfully completed the issuance of $100 million of new senior unsecured bonds in the Nordic bond market. Maturing in September 2025, the new bonds will have a fixed coupon of 8.00% and a borrowing limit of $150 million.

Back in September 2019, Hunter Tankers AS entered into a $180 million sale-and-leaseback transaction with Ship Finance International Limited for three of its VLCCs at what were said to be highly attractive terms.