Arctic: Credit Daily - HY Markets, BW Offshore, Seapeak, Avonova, Advanzia, Pearl Petroleum++

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Arctic: Credit Daily - HY Markets, BW Offshore, Seapeak, Avonova, Advanzia, Pearl Petroleum++

Credit Daily

18 May 2026 | 08:12

HY Markets, BW Offshore, Seapeak, Avonova, Advanzia, Pearl Petroleum++ Key figures & indices Arctic HY Index

HY Markets: Inflation fears

Markets saw a modest pullback last week, with MSCI World down 0.3%, as inflation concerns

returned to the agenda. US Core PPI came in well above expectations at +1.0% m/m (Cons:

+0.4%) and +4.4% y/y (Cons: +4.2%), which together with oil prices jumping 9%, drove a sharp

move higher in rates. USD 3–5 year rates rose 23–26bps, while 5-year rates in EUR, SEK and

NOK increased by 16–24bps. Credit markets softened modestly. The Xover widened 4bps to

282bps, while USD HY cash bonds fell -0.9% with spreads 7bps wider. In the Nordics, market focus

remains on primary issuance, while secondary trading activity continues to be concentrated around

reporting companies. The Arctic HY Index widened 5bps, while the NBP gained 0.04 points, with

spreads tightening 6bps. Risk premiums remain broadly in line with historical averages versus the

Xover (+202bps / 1.7x), while still sitting toward the higher end of the range versus HYG (+173bps /

1.6x).

BW Offshore: Q1 in line, 2026e EBITDA guidance down by ~9%

BW Offshore reported revenue of USD 130m (+9% vs ARCe and +14% vs. Consensus) and

EBITDA of USD 48m (+4% vs. ARCe and +2% vs. Consensus). Quarterly dividend was flat QoQ at

USD 0.063, in line with ARCe. NIBD was USD 1,243m including lease liabilities, with a cash position

of USD 340m and available liquidity reserves of USD 568m. BW Offshore lowered its 2026e

EBITDA guidance to USD 310-340m (USD 340-370m) due to reduced BW Opal commercial uptime

(~USD 20m) and amended BW Catcher terms (~USD 10m).