December 1, 2017 / 6:03 AM / a year ago

Nordic high-yield debt issues hit record level in 2017 -DNB

OSLO, Dec 1 (Reuters) - Nordic companies have raised record amounts of cash from sale of high-yield bonds in 2017, surpassing the previous all-time high set in 2014, data from brokers DNB Markets showed on Friday.

With total issues equivalent to about 112.5 billion Norwegian crowns ($13.54 billion) since the start of the year, junk bond issues are now about 10 billion crowns ahead of the former record and more than double the 54 billion seen in 2016.

While oil companies were traditionally the largest issuers in the Nordic region, the slump in crude prices that began in 2014 and stretched to 2016 resulted in sharp cutbacks in the industry’s investments and thus its need for cash.

In 2017, Swedish real estate firms and Norwegian shipping companies have been the leading industries, accounting for about 45 billion crowns combined, DNB data showed. ($1 = 8.3102 Norwegian crowns) (Reporting by Henrik Stolen, editing by Terje Solsvik)

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