Arctic: Credit Daily - Staycity, BlueNord, Oil markets, Tankers, Trianon

Research evidence excerpt

Arctic: Credit Daily - Staycity, BlueNord, Oil markets, Tankers, Trianon

Credit Daily

05 June 2026 | 08:22

Staycity, BlueNord, Oil markets, Tankers, Trianon Key figures & indices Arctic HY Index

Staycity: Contemplates EUR 100m inaugural bond issue

Cavebreak DAC is contemplating an inaugural EUR 100m senior secured bond issue with a 6-

year tenor. Net proceeds will be used to refinance existing debt, fund expansion capex and for

general corporate purposes. The bonds will be secured by pledges over shares in the issuer and

guarantors, together with security over intragroup loans, receivables and bank accounts. Staycity

is a leading European aparthotel operator with approximately 6,600 units across 39 properties and

an additional contracted pipeline of more than 4,000 units. The company maintains a conservative

financial profile, with 2026e net debt/EBITDA expected at approximately 0.5x and rent coverage of

1.6x. Please note that Arctic Securities is acting as sole bookrunner in the contemplated bond issue

BlueNord: May production on the soft side

BlueNord reported May production of 37.1 kboepd (vs. 43.6 kboepd in April), with the Tyra hub

contributing 20.6 kboepd and the base assets 16.5 kboepd. Production at Tyra was affected

by a combination of temporary operational issues and planned maintenance, while base asset

production reflected the annual planned full-field maintenance shutdown at Gorm between 7–21

May. Production from Gorm is expected to return to normal levels in early June. At the Dan hub,

output was lower m/m due to an ongoing manifold replacement, whereas production from the

Halfdan hub remained stable. Despite the softer May production, BlueNord reiterated its Q2 2026

guidance of 18–20 kboepd for the base assets and 21–26 kboepd for the Tyra hub.