Arctic: Credit Daily - HY Markets, Offshore Drilling Sector Report, Shearwater, Intrum +++

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Arctic: Credit Daily - HY Markets, Offshore Drilling Sector Report, Shearwater, Intrum +++

Credit Daily

15 June 2026 | 08:12

HY Markets, Offshore Drilling Sector Report, Shearwater, Intrum +++ Key figures & indices Arctic HY Index

HY Markets: Crude down on Hormuz reopening, markets up

Global equities rose 0.7% with breadth improving as the equal-weight index outperformed the

market-cap weighted index by 1.2pp. Risk sentiment was supported by reports that the United

States and Iran have agreed to a diplomatic framework peace deal, which will establish a 60-

day ceasefire and reopening the Strait of Hormuz. Based on the early trading of Monday, Brent

Crude is down 10% WoW and currently trading at USD 83/bbl. Credit markets were constructive

internationally, with both CDX HY and Xover tightening 10bps. USD HY cash bonds rose 0.6%

and tightened 14bps, while EUR cash bonds gained 0.2% but widened 12bps. In the Nordics,

spreads moved slightly wider, with the Arctic HY Index at +478bps and the value-weighted index

at +386bps. Nordic risk premiums remain elevated versus international peers, at 1.9x Xover and

1.6x HYG. Primary remains the core focus of the markets, with relatively low secondary activity –

something we expect will continue as Issuers rush to the markets ahead of the summer holidays.

Offshore Drilling Sector Report

Offshore drilling has entered 2026 with clear momentum, supported by accelerating contracting

activity, an elevated tender pipeline, renewed O&G-driven capital allocation and a more

consolidated industry structure. We prefer floater exposure, driven by high-end utilization

approaching sold-out levels, negligible supply risk and a visible path to higher dayrates, leaving