Please contact us to start a subscription.

Overview

The first and only independent source for Default & Recovery rates in the Nordic region.

What is it

A subscription to Stamdata D&R gives you access to:

• The most complete credit event list in the Nordics
• Covers Norway, Sweden, Denmark and Finland
• 12 months trailing Default rates on selected markets and industries updated monthly
• Recovery Rates
• Overview of credit events occurring in the Nordic markets
• Detailed information on individual credit events
• Compile charts for trending and risk analysis

How to gain access

Access to Stamdata D&R starts at USD 100 / NOK 1000 per named user per month ex. VAT. You are also required to have a Stamdata web-subscription (see web-subscription for costs).

The minimum subscription period for Stamdata D&R is 12 months (The first 12 months of subscription is payable in advance) Contact us at mail@stamdata.com to start a subscription.

Q&A

• Why does Stamdata not include “Buybacks below par” as default events?
  

  Stamdata has initially chosen not to include “buybacks below par” as a default (e.g. I.M Skaugen with shadow rating of CCC, March 2015) as they are thought to be a controversial default definition. It is ultimately a question of timing. Most companies who choose to do buybacks either through auctions or in the secondary market, will at some time have to reshuffle their debt through some form of debt exchange that will be classified as a default.

• “Compensated Monetary Loss” is not considered to be a default, what would qualify
  as such an event?

  Stamdata’s definition rests on the assumption that a distressed exchange will have to be “at inferior terms” to the original agreement. Typically companies will rollover debt with extended maturities on the same terms but with a compensation in the form of cash/higher coupon etc. The increase in duration is then mitigated by the compensation given. There are however some situations that are not as straightforward and were Stamdata will have to do a judgment. An example is I.M Skaugen where an extended maturity of 1.4 years was given (and a reverse Dutch buyback offer) with a compensation of a 2% consent fee. The timing of the offer to the bondholders coupled with the inability of the issuer to repay the bond with available cash at the time made it a difficult case. Stamdata decided ultimately on a compensated monetary loss based on the fact that the inability to refinance had more to do with the closed primary market rather than I.M. Skaugen being close to bankruptcy or in severe distress. However, if there was no compensation included in the amendment, the event would be marked as a default.

• What is an “Ultimate” recovery?
  

  There are two ways one could measure a recovery rate of a distressed bond. The first method uses post-default secondary trading prices. This method will give a snapshot of the fair value an investor could receive if one were to offload the bonds in the market post default event. In other words, the secondary trading prices gives an idea of the perceive recovery rate given bankruptcy.

  The second method is ultimate recovery rates where one is interested in looking at the fair value an investor receives when a solution/conclusion to the default event emerges. The solution can be everything from a debt-to-equity swap, write off debt or other solutions that remedy the long term financial situation of the company. It could also be a bankruptcy or voluntary liquidation where assets are sold to retrieve recovery. Rather than looking at what a recovery potentially could be, Stamdata Ultimate recovery rates measure the fair value of the actual solution/conclusion.

• What is the difference between nominal, discounted and final recovery?
  

  Each default will have a nominal recovery rate giving a snapshot of the fair value of each event. Discounted recovery is the discounted fair value of each event using the interest rate since last coupon payment date (this to be able to compare recovery rates across different time periods). Final recovery is the (nominal) fair value of each bond from issue date to maturity/solution , in other words the total recovery of each bond given that an investor holds the bond to maturity/solution.

• Why are recovery rates not calculated on all default events?
  

  Each default event will not have a calculated recovery before the bond is considered as cured or there is an exit to the event. This means that recovery rates will only be calculated for an exit or new/exit credit event. The reasoning for this is that if the default event is not an instant cure, it will most likely forth come more default events within a short time period. Second, recovery rates in an exit or new/ exit event will most likely take time (often several years) before the ultimate recovery is available. The recovery rate will therefore be set to interim and calculated on an ongoing basis if data is available (trading prices, settlements or liquidation of assets). Ex. Petromena ASA experienced a liquidation (exit) process in May 2009. Several payments were made in the latter years but the final payment from the liquidation process was first made in March 2016 which gave it an ultimate recovery.

Coverage

The database contains non-default-, default- and/or recovery event information for the following issuers (updated 10.05.2016)

Company
Ability Drilling ASA
Aker Biomarine ASA
Amagerbanken A/S
Amarant Mining Ltd
American Shipping Company ASA
Apptix ASA
Araca Energy ASA
AS Tallink Grupp
Atlantic Offshore AS
Atlantica Tender Drilling Ltd
Austevoll Seafood ASA
B+H Ocean Carrier Ltd.
Bassdrill Alpha Ltd
Belships ASA
Bergen Group ASA
Bergen Oilfield Services AS
Bergteamet Holding AB (publ)
Blom ASA
Bluestone Offshore Pte Ltd
Camo Software AS
Cecon 1 AS and Cecon 2 AS
Cecon ASA
Cecon Shipping 1 AS
Cecon Shipping 2 AS
Cecon Shipping 3 AS
Chloe Marine Corporation Ltd
Club Cruise Entertainment & Travelling Services Eu
Codfarmers AS
Crew Gold Corp
Crudecorp AS
Dannemora Magnetit AB
Dannemora Mineral AB
DDM Treasury Sweden AB
Deep Drilling 1 Pte. Ltd
Delphin Kreuzfahrten
Det Norske Oljeselskap ASA
Dolphin Group ASA
Domstein AS
DP Producer AS
Eagle Industries Oy
Eitzen Chemical ASA
Electromagnetic Geoservices ASA
Emerging Europe Land Development AS
Emisoft AS
EMS Seven SEAS AS
EOAL Cyprus Holdings Limited
Equinox Offshore Accomodation Limited
Estancia Logistik AB (publ)
Estatia Resort Property AS
European Energy A/S
Fairstar Heavy Transport NV
Fjord Line AS
FPS OCEAN AS
Fram Exploration ASA
Front Exploration AS
Funcom N.V.
Fundior AB (publ)
Genel Energy Finance Limited
General Exploration Partners Inc.
Glitnir banki hf.
Global Rig Company AS
GlobalConnect A/S
Golden Energy Offshore Services AS
Golden Ocean Group Ltd
Goliath Offshore Holdings Pte. Ltd.
Green Star Drilling Limited
GripShip AS
Handelseiendom II AS
Harkand Finance Inc.
Havila Holding AS
Havila Shipping ASA
Highclere Holdings Limited
Hurtigruten ASA
Hälsorutan Norden AB
I. M. Skaugen SE
IBB Byg AS
Insula AS
Interoil Exploration and Production ASA
Iona Energy Company (UK) Ltd.
Island Drilling Company ASA
Island Offshore Shipholding LP
Ithaca Petroleum Holdings AS
Jasper Explorer PLC
Kistefos Equity Operations AS
Krillsea Group AS
Kverneland AS
Landic Property Bonds VII (Stockholm) A/S
Latina Offshore Holding Limited
Lotos Exploration and Production Norge AS
Malka Oil AB
Marine Subsea AS
Marine Subsea Cyprus Holding Ltd
Master Marine AS
Metro Exploration Holding Corp.
Millicom International Cellular S.A.
Mobylife Holding A/S
Monitor Oil PLC
MPF Corp Ltd
MPU Offshore Lift ASA
Nattopharma ASA
NBT AS
Neptune Marine Invest AS
Nexus Floating Production Ltd
Nobina Europe AB (publ)
NOR Energy AS
Nordic Heavy Lift ASA
Noreco Norway AS
Norse Energy Corp. ASA
Norshore Atlantic B.V.
Norske Skogindustrier ASA
Northland Resources AB (publ)
Northland Resources SE
Norwegian Energy Company ASA
NSA Bondco Limited
Obligasjonsforetaket III AS
Oceanlink Ltd
Oceanteam ASA
Oren Oil ASA
Oro Negro Drilling Pte. Ltd.
Oro Negro Impetus Pte. Ltd
OSA Goliath Pte. Ltd.
OSX 3 Leasing B.V
Otium AS
PA Resources AB
Peterson AS
Petrojack ASA
Petrolia SE
PetroMena ASA
PetroProd Ltd
PetroRig III
Pexip AS
Pharmaq Holding AS
Polarcus Ltd (Cayman Islands)
Primorsk International Shipping Ltd
Prosafe SE
Proserv Group AS
Remedial (Cyprus) Public Company Limited
Reservoir Exploration Technology ASA
Resitec AS
Ridgebury Crude Tankers LLC
Roskilde Bank A/S
Rowan Drilling Norway AS
Rubicon Offshore Holdings Limited
RusForest AB (publ)
Russian Real Estate Investment Company AB
Salamander Energy Plc
Sanjel Corporation
Scan Geophysical ASA
Sea Production Ltd
Sea Trucks Group Limited
Seabird Exploration PLC
Seametric International AS
Selvaag Bolig ASA
Sevan Marine ASA
Solör Bioenergi Holding AB
Songa Floating Production ASA
Songa Offshore SE
Start Up 271 AS
Sterling Resources (UK) Ltd.
Svithoid Tankers AB
Talvivaaran Kaivososakeyhtiö Oyj
Tandberg Data ASA
Tandberg Storage ASA
Telefonplan Stockholm Property AB (publ)
Teodin Acquico AS
Thule Drilling AS
TiZir Ltd
TMG International AB
Transeuro Energy Corp
Trigon Agri A/S
TTS Group ASA
UBE Gruppen AS
Valhalla Oil and Gas AS
Viking Drilling ASA
Viking Supply Ships A/S
VIZRT GROUP AS
Volstad Shipping AS
Värmlands Finans Sverige AB (publ)
Wega Mining AS
Weifa ASA
Wentworth Resources Limited
West Atlantic AB (publ)
Wiking Mineral AB
World Wide Supply AS
Ziebel AS