Arctic: Credit Daily - Nordic High Yield Booklet, Fairwind, Mutares, Shearwater, TGS +++

Research evidence excerpt

Arctic: Credit Daily - Nordic High Yield Booklet, Fairwind, Mutares, Shearwater, TGS +++

Credit Daily

11 June 2026 | 08:05

Nordic High Yield Booklet, Fairwind, Mutares, Shearwater, TGS +++ Key figures & indices Arctic HY Index

Nordic High Yield Booklet: Maturing and mispriced

Global high yield markets have recovered from the recent geopolitical sell-off, and spreads are

once again close to historical lows despite persistent inflation concerns, fragile energy markets and

elevated geopolitical risk. On a fundamental basis, international HY looks increasingly expensive:

investors are receiving historically low compensation per unit of leverage, while macro risks have

not disappeared. This makes the relative-value case for Nordic HY more compelling. The Nordic

market is not immune to tighter global credit conditions, but its significantly less compressed than

alternatives (ARC HY index is currently trading 11% tighter than historical average vs Xover/HYG

at -21%/ -35%). Adjusting for market diversification, default rates, and credit fundamentals our

data indicates that the Nordic HY market is trading at an increasing liquidity premium towards

international markets – which is puzzling when all the data points towards higher liquidity –

implying that the Nordic HY spreads are still to high and the market is cheap. Contact your sales

representative for a copy of the report.

Fairwind: Acquires Rope Partner, a US based service specialist

Fairwind has acquired US-based Rope Partner, a Colorado rope-access specialist focused on

blade repair, turbine cleaning, inspection, warranty verification and technician training. The deal

adds further to Fairwinds US service capacity, adding local customer relationships and a SPRAT-

certified training platform in a key region.