Philip Asp, Head of Investment Banking, commented: “I’m proud of the dedicated people that work seamlessly across our teams in advisory, bond issuance and derivatives to deliver the full value chain to our customers. The recognition given by Marine Money is a recognition that fuels our commitment to be a meaningful player in the maritime space.”
Marine Money is a recognised maritime finance publication. Each year, after an extensive evaluation process, they announce ”Deal of the Year” awards for different categories of financing transactions.
Deal of the Year – Green Finance
Green Finance Deal of the Year is a new award category, one that will take on greater and greater importance as companies, financial institutions and investors all aim for greater environmental, social and governance performance. The Green Finance Deal of the year was awarded to Nordea for our role as Joint Lead Manager on behalf of Teekay Shuttle Tankers in their $125m Senior Unsecured Bond. Find the full story on the transaction here.
Poseidon Principles: Global trade contributes to shipping sectors growing rapidly, with a substantial impact on the environment. So in 2019, Nordea became a signatory to the Poseidon Principles, a framework for assessing and disclosing the climate alignment of ship finance portfolios.
“It is pleasing that we can be at the forefront in a category that puts emphasis on Nordea’s ambition to drive financing projects that reduce shipping’s environmental impact. Our commitment to the marine climate was also substantiated when Nordea became a signatory to the Poseidon Principles in 2019, a framework for assessing and disclosing the climate alignment of ship finance portfolios,” added Philip.
Deal of the Year – Norwegian Bonds
Nordea acted as Joint Lead Manager on behalf of Ocean Yields’ $125 million Perpetual Hybrid Bond Issue. The issue won Nordea the Deal of the Year award in the category for Norwegian Bonds as the first ever hybrid bond issue from a Nordic shipping company. The subordinated bond was structured to receive 100% equity treatment under the company’s IFRS accounts, allowing Ocean Yield to strengthen its credit profile in order to enable future growth and dividend capacity. “The transaction is a testament to Nordea’s Nordic market leading position for hybrid bonds and provided Ocean Yield with an innovative solution to a challenging situation at a competitive cost, while broadening the company’s investor base in the credit markets,” added Philip. Find Marine Money’s review of the transaction here.
Deal of the Year – Bank Debt
The 2019 Award for the Bank Debt Deal of the Year was awarded to Nordea for its roles as Coordinator, Bookrunner, MLA and Facility Agent on behalf of Solvang ASA and their $500 million credit facilities. Part of Marine Money’s deal review read: “There were a number of worthy nominations making this category highly competitive as usual… The measure of success of this transaction was the company’s effective transition from an organization with loosely connected partnerships to a new guise, a modern corporate with a new simplified and manageable capital structure providing a path for future growth.”
Deal of the Year – Institutional Debt
Nordea received the Institutional Debt Deal of the Year award for its role as Coordination Manager on the Teekay Corporation’s $250 million Senior Secured Notes transaction. Marine Money in a comment noted that “2019 seems a long time ago in the current environment, however at Marine Money we have reflected on the winning transactions and have come to the salutary conclusion that it is precisely the transactional talent, the execution skill and the bold commercial visions that each of these deals embodies, that will carry our industry forward in strength when the current crisis is behind us.” For more information on the deal and the award, please, read Marine Money’s summary.
Deal of the Year – Export Credit Agency West
Marine Money’s Deal of the Year award for Credit Agency West recognised Nordea’s involvement as Agent, Bookrunner and Main Lead Arranger on behalf of Flex LNG and their $629 million ECA financing. Find Marine Money’s review of the award-winning transaction here.
For a full list of awards and recognition received by Nordea, please visit our Proven Performance section.
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