Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager...
Transcript of Pareto Securities to Pareto Securities.pdf · Pareto is a leading equity capital markets manager...
Pareto SecuritiesA leading independent investment bankJanuary 2020
2Note(*): Including ~42 employees in Business Management (Project Finance) and ~106 providing global support and back-office services
Perth
Nordics: Oslo, Stockholm, CopenhagenNew York
Singapore
Helsinki, Stavanger, Malmö
London
Houston
Zürich, Frankfurt
A leading global investment bank with complete service offering
Pareto office
Pareto Securities is an independent full service investment bank with ~450* employees located in 13 offices across 10 countries
Investment banking
ECM, DCM, M&A & Project Finance
Sales brokerage
Equities & Fixed Income
Research
Equities & Fixed Income
~139 FTEs ~110 FTEs ~47 FTEs
OIL
&
OFF
SHO
RE
SHIP
PIN
G
REA
L ES
TATE
LIFE
SC
EIN
CE
TMT
IND
UST
RIA
LSSE
AFO
OD
PO
WER
&
REN
EWA
BLE
SFI
NA
NC
IALS
GA
MIN
GR
ETA
ILM
ININ
G
Industry expertise and experience have enabled Pareto’s international success
3Note: Logos representing both recent clients and/or recent transactions
Selected recent investment banking clients
~963 transactions globally between 2015 and 2020
Scandinavia
Americas
Rest of Europe
Rest of World
4
24%
24%
11%
10%
15%
9%
7%
DCM funds raised, 2015-2019
31%
16%
3%
10%
24%
15%
ECM funds raised 2015-2019
Source: Dealogic, Pareto Securities
Worldwide investor reach and placing power
~50% of ECM funds raised outside the Nordics More than 40% of HY funds raised outside the Nordics
Sales force > 100 professionals offering premium access to investors both in the primary and secondary markets
Pareto’s global investor base also includes investors who are specialized within the energy and maritime sectors, not served by other generalist investment banks
Norway
Sweden
Other Nordics
Americas
UK
Other
NordicsECM 51%DCM 59%
RoWECM 49%DCM 41%
Pareto total deal value:USD ~14.2bn
in 319 ECM transactions
Pareto total deal value:~USD 16.1bn
in 200 HY transactions
Norway
Sweden
Other Nordics
Americas
UK
RoW
Europe
5
89
88
75
71
65
40
37
36
26
24
Pareto
#1
#2
#3
#4
#5
#6
#7
#8
#9
133
80
79
74
73
44
34
34
33
29
#1
Pareto
#2
#3
#4
#5
#6
#7
#8
#9
Source: Bloomberg, Oslo Stock Exchange, NASDAQ OMX, Pareto Securities | (*) Transactions above SEK 50m
Pareto is a leading equity capital markets manager
Leading ECM advisor in the Nordics Broad ECM product offering across all sectors
#1 Norwegian ECM manager
# of OSE private placements, 2010-2019 USDm, 2010-2019
Recent ECM transactions
USDm, 2010-2017
Recent Pareto IPOs
June 2019
Joint Global Coordinator
IPO on OsloStock Exchange
NOK 502m
June 2019
Sole Global Coordinator
IPO on NasdaqFirst North Premier
SEK 475m
November 2019
Joint Global Coordinator
Listing onOslo Axess
December 2019
Joint Bookrunner
Rights Issue
SEK 350m
November 2019
Joint Lead Manager
Block Tradeof ECCs
NOK 2.6bn
November 2019
Sole Manager
Block Tradeof shares
USD 101m
November 2019
Joint Lead Manager
Private Placementof shares
NOK 1,293m
November 2019
Joint Lead Manager
Private Placementof shares
USD 230m
November 2019
Sole Manager
Block Tradeof shares
USD 74m
# ECM transactions in the Swedish market, 2014-2019
60
43
41
40
32
28
22
15
12
12
11
2
Financials
Shipping
E&P
TMT
Industrials
Oil Service
Health Care
Consumer
Seafood
Real Estate
Mining
Utilities
166
63
26
25
23
15
Private Placement
Block trade
IPO
Listing
Rights Issue
Subsequent Offering
ECM transactions by sector# of Swedish ECM transactions
ECM transactions by deal type
# ECM transactions, 2015-2019
6
26%
13%
13%
9%
6%
6%
5%
5%
2%
14%
Pareto
Nordea
DNB
Swedbank
ABG
SEB
Danske
Arctic
Carnegie
Other
Source: Stamdata, Bloomberg, Oslo Stock Exchange, NASDAQ OMX, Norges Bank
Oil services
16%
E&P14%
Shipping11%
TMT9%
Industrials
9%
Real Estate
8%
Transportation7%
Mining4%
Financials3%
Other19%
3,491
3,269
2,656
2,542
2,000
1,850
1,722
1,648
1,600
1,500
1,400
1,238
1,200
1,140
1,035
950
860
Transocean
Eysturoy and Sandoy
Services Co.
Plenary Group
Oslo Kommune
Knutsen LNG and NYK
Stolt Nielsen
Offshore Ligistics Port
CFI Stavanger
Aker
Tryg
Goldman Sachs
Gjensidige
TRD Campus
Aroundtown SA
OBOS Nye Hjem
Port of Wilmington
A pioneer DCM manager in both high yield and investment grade
#1 Corporate bond manager Complete toolbox including IG bondsArranged bonds across a variety of sectors
Raising bonds for Nordic and international issuers across all sectors
Nordic HY issues market share Sector split by issued amount Largest Pareto new IG bonds
Market shares (%), 2010-2019 % of total issued amount, 2016-2019 NOKm, 2010-2019
USPP
USPP
USPP
USPP
USPP
November 2019
Joint Lead Manager
3 year senior secured bond
SEK 1,800m
November 2019
Joint Lead Manager
4 year senior secured bond
SEK 700m
November 2019
Joint Lead Manager
5 year senior unsecured bond
NOK 750m
November 2019
Joint Lead Manager
5 year senior unsecured bond
EUR 75m
October 2019
Sole Manager
5 year senior secured bond
EUR 215m
November 2019
Joint Manager
5 year senior unsecured bond
NOK 1,500m
October 2019
Sole Manager
Senior securedUSPP Bond
USD 180m
Offshore Logistics Port
October 2019
Sole Manager
5 year senior secured bond
EUR 50m
September 2019
Joint Lead Manager
4 year senior unsecured bond
NOK 900m
USPP
USPP
7
Renowned M&A advisory capabilities and expertise
0.9
0.2
2.6
0.8
0.2
1.8
39.9
1.0
1.1
0.6
1.9
1.9
<0.1
<0.1
Top-ranked M&A experience Significant cross-border M&A and advisory expertise
Total ~USD 50.8bn
# transactions*, 2016-2019 USDbn, 2006-2019
Selected M&A transactions
Norwegian M&A transactions Pareto M&A deal volume by target dominant country
(*) Disclosed M&A transactions with minimum value of USD 10 millionSource: Mergermarket, Pareto Securities
1.9
May 2018
Sole Financial Advisor
Advisor to AKVA in the acquisition of Egersund Net
NOK 750m
June 2018
Sole Financial Advisor
Sale of Fortum’s 10% stake in Hafslund
Produksjon Holding
EUR 160m
Produksjon Holding
February 2018
Sole Financial Advisor
Sale of TTS to MacGregor
NOK 840m
January 2018
Sole Financial Advisor
Sale of Investinor’s49% stake in AlpinCoto Bjørn Erik Borgen
NOK 800m
August 2017
Sole Financial Advisor
Advisor to Songa in Transocean’s acquisition
of the company
NOK 26bn
August 2018
Sole Financial Advisor
Sale of the marine seismic acquisition assets and
operations of WesternGeco
USD 690m
June 2018
Financial Advisor
Advisor to Norwegian Ministry related to KOG’s acquisition of Rolls Royce
Marine
GBP 500m
January 2019
Sole Financial Advisor
Acquisition of
GBP 635m
July 2019
Financial Advisor
Sale of K Strømmen Lakseoppdrett to MOWI
NOK 790m
39
39
34
29
24
24
22
17
14
14
Pareto
ABG
DNB
Arctic
SB1 Markets
Carnegie
SEB
Goldman Sachs
Danske Bank
Nordea
8
December 2019
Sole Financial Advisor
M&A advisor in the sale of Kruse Smith Eiendom
NOK ~2,300m
October 2019
Financial Advisor
Sale of company to Whitehelm Capital
NOK 2,725m
#1 M&A Financial Advisor in Norway 2019
Selected M&A transactions
Sell-side
NOK ~2.3bn
Real estate
Sell-side
NOK 2.3bn
Real estate
Advisor
GBP 635m
E&P
Advisor
NOK 90bn
Energy
79 M&A TRANSACTIONS FOR A COMBINED TOTAL VALUE OF NOK ~232bn SINCE 2017
Sell-side
NOK 790m
Seafood
We are experts in handling large, complex M&A transactions from beginning to end
Pareto SecuritiesM&A Advisor
Norway 2019
July 2019
Financial Advisor
Sale of K Strømmen Lakseoppdrett to MOWI
NOK 790mFinancial Advisor to
Hafslund E-Co
Merger of Hafslund E-Co and Eidsiva Energi
NOK 90bn
June 2019
January 2019
Sole Lead Manager
Acquisition of:
GBP 635m
9
26%
24%
13%
11%
Pareto
Arctic
NRP
Clarksons Platou
(*) Only updated on an annual basisSource: Pareto Securities
December 2019
Sole Advisor
5 years senior secured loan
USD 26m
Partankers IX
USD 62m
December 2019
Sole Arranger
Partankers XIV
2x Suezmaxes
5 yr bareboat
The leading Project Finance advisor in the Nordics
Offering the best mix of capital markets
Manager for assets of USD ~6.5bn within
real estate and shipping
Business management
ISO 9001 certified Marine Manager -
technical and commercial, in 16 projects with 25
vessels
Maritime Services
Selected Project Finance Transactions
SHIP
PIN
G
REA
L ES
TATE
Market leader in Project Finance
Market shares (%), 2014-2019
Market shares (%), 2014-2019
Offering
64%
13%
12%
10%
Pareto
Fearnley
Clarkson Platou
NRP
Combined transaction value of USD 7.4bn transaction value in
2016-2019
Project Finance
Providing liquidity in established projects
through PPF sales desk
Secondary trading
Shipping and Offshore
Real Estate
May 2019
Sole Arranger
Sale-and-leaseback of three VLCC vessels
USD 181m
August 2019
Sole Arranger/Manager
Valle EiendomHolding AS
NOK ~1,800m
December 2019
Sole Arranger/Manager
Sale of Bråviken AB
SEK ~1,700m
December 2019
Sole Arranger/Manager
Acquisition of53.7% in OCCI Holding AS
NOK ~720m
November 2019
Sole Arranger/Manager
BreivollbyenHolding AS
NOK ~691m
July 2019
Sole Arranger
Partankers XII
Asset play1 x handysize tanker
USD 16m
10
21
39
8
28
48
2115
46
15
24
5 612
19
(2)
17
2012 2013 2014 2015 2016 2017 2018 2019
Note(*): Norwegian equity portfolio
40 equity research analysts located in Oslo, Frankfurt and Stockholm
Coverage of a large number of companies across Nordic, German, UK and US stock exchanges
− Covering 95% and 90% of total market capitalisation on Oslo Stock exchange (Incl. Oslo Axess) and Sweden (OMXS) respectively. Currently covering ~50% of the DAX index in Frankfurt
Continuous work on value-added fundamental research ahead of consensus
− Fundamental company research− Market and sector reports− Quarterly updates− Monthly model portfolio− Daily morning reports
Renowned research teams provide in-depth market insights
Equity Research with recognized industry insight Credit Research crucial to our leading DCM position
7 credit research analysts covering ~253 bonds across ~142 companies
Coverage of Nordic and Global bond issuers, operating within a wide variety of sectors
Ad-hoc, daily, weekly and monthly high yield updates
− Maintains post-issue market awareness of the issuers through regular credit updates
− Facilitates market liquidity
Daily indicative bid/ask levels in HY bonds
Offering a third party credit analysis of each new issue
Monthly equity portfolio* Research offering
Annual return for recommended equity portfolio and OSEBX (%)
11
Wide and renowned research coverage provide in-depth market insight40 analysts are currently covering ~400 firms across Nordic, German, UK and US stock exchanges
12
274
93
457
Non-deal
Deal
Analyst
Pre-sound
235
65
47
3
12ECM
DCM
ECM+DCM
PPF
Other
Keeping the pulse on the market through high corporate access activity
Number of high-profile annual conferences Pareto hosted 386 roadshows in 2019
The largest European meeting place for issuers and investors in the global oil and offshore industry held annually in Oslo in September
Some 1,500 investor and company representatives from across the world attended in 2019, with ~125 companies presenting and over 1,250 one-on-one meetings
Pareto’s Oil & Offshore Conference
Roadshows by product, 2019
Roadshows by type, 2018
January
Power & Renewable Energy Conference
Oslo
March
North Atlantic Seafood ForumBergen
September
Oil and Offshore Conference
Oslo
March
GamingSeminar
Stockholm
March
Nordic Corporate Bond ConferenceStockholm
October
Renewable Energy & Cleantech Conference
Stockholm
November
iGaming Seminar
Stockholm
May
Seafood Investor ForumNew York
October
Nordic Bond Day
Frankfurt
January
E&P Independent Conference
London
April
Property Developer Seminar
Stockholm
May
Inaugural Danish Bond ConferenceCopenhagen
May
Metals & Mining Seminar
Stockholm
June
Shale and Finance Conference
Houston
September
Health Care ConferenceStockholm
13Source: Pareto Securities, OnlineTrader (InFront)
Serving self-serviced investors through our electronic trading services
Trading and real-time market data through our website, the WebTrader application and mobile applications
Online access to all Pareto Securities’ research and event presentations
Trading access to 14 different markets covering 80% of global listed market cap
Flexible solutions for gearing and short sale of equities and bonds
Large mutual fund centre with >300 funds launched summer 2017
Open websites in Norway and Sweden with interviews, articles and market data
Knowledge centre and traders corner provide trader- and investor education
Monthly portfolio recommendations
Market comments and a strong presence in social media for relevant customer attention
Market leading electronic trading solutions, including care orders, DMA and algorithms
Smart order router access various pools of liquidity using high speed connection to secure best price
Advanced trading- and information system available for active traders
Institutional clients and professional traders Online portfolio and trading platform www.paretosec.no and .se
14
Appendix: Core sectors
15
Pareto is the leading advisor to the global seafood industryThe #1 seafood investment bank across all transaction types
Selected Pareto seafood clients by year
Pre 2009
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
IPOs 2010 – 2019M&A transactions 2010 – 2019
DCM transactions 2010 – 2019ECM transactions 2010 – 2019
88%
25% 25% 25%
13% 13%
Pareto Carneg DNB Nordea ABG SEB
% o
f tr
ansa
ctio
ns
1 1
41%
23%
15%14%
10% 10%
Pareto DNB ABG Arctic Fondf. Carneg
% o
f tr
ansa
ctio
ns
51%
28% 28%
14% 14%
9%
Pareto Arctic DNB CarnegNordea ABG
% o
f tr
ansa
ctio
ns
48%
43%
26% 26%
17%
9%
Pareto DNB Nordea Danske ABG Swedb.
% o
f tr
ansa
ctio
ns
16
2
5
5
6
6
7
10
11
14
20
Houlihan
Deutsche
JP Morgan
Rothschild
Citi
Arctic
DNB
ABG
SEB
Pareto
No
. of
M&
A t
ran
sact
ion
s
Selected Pareto shipping ECM and DCM transactions
The undisputed shipping champion in the NordicsPareto has raised more than USD 16bn in shipping capital since 2013
Source: MergerMarket, Pareto Securities research
Leading shipping M&A advisor… …with unmatched track record across the capital structure
Shipping M&A transactions (2005-2019)
Selected Pareto maritime M&A transactions
Shipping ECM transactions
January 2018
Financial Advisor
Advisor in relation to a USD 100m private
placement
February 2019
Financial Advisor
Advisor in a MLP drop-down transaction
October 2018
Financial Advisor
Advisor to Antin in the acquisition of Sølvtrans
October 2019
Financial Advisor
Advisor to Clean Marine in the merger with FMSI
September 2019
Financial Advisor
Advisor in the carve out and sale of Navios’ ship management division
10
13
15
16
16
Other
Tanker
LPG/LNG
Dry bulk
Product
No. of transactions, 2013-2019
Shipping DCM transactions
USDm, 2010-2019
2
3
6
7
7
7
7
11
Cruise
Tanker
Container
Dry bulk
Chemical
Leasing
Other
LPG/LNG
No. of transactions, 2013-2019
August 2019
Joint Bookrunner
Perpetual hybrid bond issue
USD 125m
November 2019
Global Coordinator
Private Placement & IPO on Oslo Axess
USD 230m
July 2019
Sole Arranger
Lease financing of 2x LNGCs
USD 300m
November 2019
Sole Manager
Secondary Offering of shares
USD 100m
November 2019
Sole Manager
Secondary Offering of shares
USD 75m
17
ECM289
DCM261
M&A99
13.311.6
7.4
3.4
7.35.9 6.5
8.3 7.7
2.31.3
7.1 6.53.6
85
103
39 39
52 48 4957
41
2415
29
42
26
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Value # transactions
Drilling43
E&P21
Oil Svcs.
19
OSV10
Pareto has completed USD 92bn worth of energy transactions since 2006
Pareto energy transaction volume, 2006-2019
USDbn, #
Pareto offers a complete approach to the energy space with a global footprint through major deals in Europe, North- and South-America, Africa and Asia
Strong oil and oil service research team and sales force of more than 100 professional brokers offering industry leading placing power in capital markets transactions
Energy includes drilling, OSV, E&P and oil service transactions
Selected Pareto energy transactions
USD 93bn
644deals
May 2018
Joint Bookrunner
Private placementof shares
USD 250m
October 2017
Joint Bookrunner
Private placementof shares
USD 650m
August 2017
Sole Financial Advisor
Advisor to Songa in Transocean’s acquisition
of the company
NOK 26,000m
January 2019
Sole Lead Manager
Acquisition of:
GBP 635m
November 2018
Joint Lead Manager
Private Placement of Shares
USD 300m
May 2019
Joint Lead Manager
Senior unsecured bond issue
USD 400m
July 2019
Sole Manager
Senior secured USPP bond issue
USD 200m
June 2019
Joint Global Coordinator
IPO on OsloStock Exchange
NOK 362m
December 2019
Joint Bookrunner
Private Placementof shares
USD 100m
Transactions by deal value Number of transactions
18Note: TMT-transactions include technology companies within various industries
Increasingly active within the TMT space
Selected Pareto TMT deals in 201971 TMT transactions closed since 2017
Pareto with almost 4x more TMT-transactions from 2017-2019 compared to 2014-2016
January 2019 May 2019
Joint Lead Manager
Senior secured bond issue
EUR 50m
June 2019
Joint Lead Manager
3 year seniorsecured bond
EUR 40m
July 2019
Sole Manager
4 year seniorsecured bond
EUR 50m
June 2019
Joint Lead Manager
3 year seniorsecured bond
EUR 40m
September 2019
Sole Manager
Senior secured bond issue
SEK 550m
April 2019
Sole Bookrunner
Private Placementof Shares
SEK 100m
June 2019
Sole Bookrunner
Private Placementof Shares
SEK 82m
June 2019
Joint Global Coordinator
IPO on OsloStock Exchange
NOK 502m
June 2019
Sole Global Coordinator
IPO on NasdaqFirst North Premier
SEK 475m
August 2019
Sole Lead Manager
Capital increase
EUR 9.7m
October 2019
Sole Bookrunner
Private Placement of shares
SEK 74m
Joint Lead Bookrunner
Private Placementof shares
NOK 1,500m
September 2019
Joint Lead Manager
Senior unsecured bond issue
NOK 900m
June 2019
Sole Manager
4 year seniorsecured bond
SEK 350m
18
71
2014-2016 2017-2019
#Total TMT transactionsDecember 2019
Financial Advisor
Sale of MEHRWERK AG to netgo group
n.a.
19
USD 9.6bn
USD 3.0bn
USD 1.8bn
USD 14.4bn
USD 4.5bn
USD 4.0bn
USD 1.1bn
USD 24.0bn
0
2
4
6
8
10
12
14
16
18
20
22
24
HY bonds Equity (OSE) Equity (Int. &private)
Total capitalraisings
M&A advisory Refi./Bondamend.
Secondary buy-backs/sale
Total
USDbn
65
57
35
25
1617
= # of transactions
Pareto has advised on 210+ E&P transactions at a total value of USD ~24bn since 2004
Selected
clients
Pareto E&P capital raisings, M&A, bond refinancing/amend. and secondary buy-backs/sale 2004 – 2019 (USDbn, gross)
20
Unmatched financial sector experience in the Nordic regionPareto has significant competence through numerous financial sector transactions
Selected financial sector transactions executed since 2010Corporate finance team
Equity capital raisings
Equity block trades
Initial public offerings
Tier 1 debt capital
Tier 2 debt capital
Senior unsecured bonds
Mergers & acquisitions
> 100 large FIG deals since 2009
I
II
III
IV
V
VI
VII
Typical products
December 2010
Joint Lead Manager
IPO and listingon Oslo Børs
NOK 11,800m
October 2013
Selling Agent
IPO and listing on London Stock Exchange
USD 1.25bn
March 2014
Joint Bookrunner
IPO and listing on Oslo Børs
NOK 185m
September 2014
Sole Lead Manager
Perpetual Additional Tier 1 Capital / 10 year
Tier 2 Capital
SEK 200m/300m
September 2014
Joint Lead Manager
30 year Tier 2 subordinated
bond issue
NOK 1.2bn
July 2014
Joint Bookrunner
Private Placementof shares
NOK 600m
November 2014
Joint Bookrunner
Private Placementof shares and
Subsequent Offering
NOK 363m
January 2015
Sole Lead Manager
4 year seniorunsecured bond
SEK 300m
April 2015
Sole Lead Manager
5.4 year senior unsecured bond tap
issue
NOK 250m
May 2015
Sole Bookrunner
Fully guaranteed equity offering
NOK 375m
June 2015
Sole Manager
Perpetual NC 5Hybrid Tier 1 bond
NOK 85m
June 2015
Sole Lead Manager
Private placementof shares
SEK 78m
July 2015
Sole Lead Manager
5 year senior unsecured bond
NOK 500m
July 2015
Sole Financial Advisor
Spin-off of VostokEmerging Finance fromVostok New Ventures
and listing onNasdaq First North
July 2015
Sale of company to Resurs Bank AB
NOK 1.6bn
Sole Financial Advisor
October 2015
Joint Bookrunner
3 year senior unsecured bond
NOK 500m
November 2015
Sole Lead Manager
4.6 year senior unsecured
bond tap issue
NOK 300m
November 2015
Joint Lead Manager
30 year NC 10 subordinated Tier 2
bond issue
NOK 1.4bn
March 2015
Joint Bookrunner
Private placement of shares & registration on the Norwegian OTC list
NOK 150m
February 2014
Joint Bookrunner
Block sale of sharesby Gjensidige
NOK 3,250m
November 2015
Sole Bookrunner
Private placementof shares
NOK 165m
December 2015
Sole Lead Manager
3.5 year senior unsecured bond
SEK 250mNOK 250m
December 2015
Sole Manager
Rights issue
SEK 588m
February 2016
Joint Manager
Tier 1 and Tier 2bond issues
NOK 110m
February 2016
Joint Bookrunner
Private placementof shares and
IPO on Oslo Axess
NOK 197m
March 2016
Sole Bookrunner
3 year seniorunsecured,
non-callable bond
SEK 275m
April 2016
Sole Lead Manager
Tap issue
SEK 100mNOK 250m
April 2016
Joint Bookrunner
Fully guaranteed rights issue
NOK 600m
April 2016
Joint Manager
30NC5 FRNTier 2 bond issue
NOK 500m
May 2016
Co-Manager
5 yearcorporate bond
EUR 100m
April 2016
Joint Bookrunner
Fully guaranteed rights issue
NOK 350m
May 2016
Sole Bookrunner
10 year fixed seniorunsecured bond
NOK 1.2bn
August 2016
Joint Bookrunner
Private placementof shares
NOK 205m
October 2016
Joint Bookrunner
Block sale of 5.67% of SpareBank 1 SR-Bank by
Gjensidige Forsikring
NOK 667m
October 2016
Joint Bookrunner
Private placementof shares
NOK 175m
November 2016
Sole Bookrunner
Fully guaranteed rights issue
NOK 200m
December 2016
Sole Bookrunner
3 year 3 monthssenior unsecured bond
EUR 25m
January 2017
Joint Bookrunner
Block sale of 3.9% of SpareBank 1 SR-Bank by
Gjensidige Forsikring
NOK 610m
June 2017
Sole Lead Manager
4 year senior unsecured bond
EUR 15m
June 2017
Joint Manager
2 year senior unsecured bond
NOK 400m
August 2017
Joint Manager
Hybrid Tier 1 andSubordinated Tier 2
bond issues
NOK 100m
September 2017
Joint Manager
3- and 5 year seniorunsecured bond
NOK 1bn
September 2017
Joint Bookrunner
Block saleof ECCs
NOK 135m
October 2017
Joint Bookrunner
Private placementof shares
NOK 150m
October 2017
Joint Bookrunner
Private placementof shares
NOK 175m
February 2017
Joint Manager
Listing onMerkur Market
NOK 850m
March 2017
Joint Manager
Perpetual Tier 1 NC5and 30 year Tier 2 NC5
bond issues
NOK 750m
June 2017
Joint Bookrunner
IPO ofSpareBank 1 Østlandet
on Oslo Børs
NOK 2.4bn
June 2017
Joint Lead Manager
Perpetualcallable note
USD 300m
TCS Holding PLC
November 2017
Joint Bookrunner
IPO ofKomplett Bankon Oslo Børs
NOK 1bn
November 2017
Joint Bookrunner
10 year NC5Tier 2 bond
SEK 750m
December 2017
Joint Bookrunner
Private placementof shares
NOK 150m
November 2017
Sole Lead Manager
3 years senior secured bond
EUR 50m
May 2018
Joint Lead Manager
5 year seniorunsecured bond
NOK 450m
May 2018
Joint Bookrunner
Private Placementof shares
NOK 62m
May 2018
Joint Manager
Hybrid Tier 1bond issue
NOK 150m
May 2018
Sole Coordinatorand Bookrunner
4 year seniorunsecured bond
EUR 100m
June 2018
Joint Bookrunner
Block saleof ECCs
NOK 195m
June 2018
Joint Bookrunner
Private placementof shares
NOK 150m
August 2018
Sole Lead Manager
3 year seniorunsecured bond
SEK 500m
July 2018
Joint Bookrunner
Buy-back of shares
NOK 253m
September 2018
Joint Manager
Hybrid Tier 1bond issue
NOK 250m
February 2019
Joint Advisor
Merger of
and
NOK 240m
April 2019
Sole Manager
Private placement ofshares
SEK 100m
April 2019
Sole bookrunner
4 year senior unsecured bond
EUR 80m
June 2019
Sole Bookrunner
3 year seniorunsecured bond
EUR 40m
June 2019
Joint Bookrunner
Private placementof shares
NOK 400m
June 2019
Joint Bookrunner
Hybrid Tier 1 andSubordinated Tier 2
bonds
NOK 50m + NOK 150m
June 2019
Joint Manager
Hybrid Tier 1 bond
NOK 225m
November 2019
Joint Manager
SubordinatedTier 2 bond
EUR 25m
November 2019
Joint GlobalCoordinator
Sale of ECCs by Sparebankstiftelsen
Sparebanken Vest
NOK 2.66bn
Leading Nordic investment bankwithin the financial services sector
Extensive deal experience and competence through numerous transactions
Broad research coverage of the Nordic financial sector
21
Selected PE clients
June 2017
USD 300,000,000Senior Secured
2017/2021
Coupon: 8.25%
Joint Lead Manager
Source: Stamdata, Bloomberg, high yield bonds defined as: Issue spread above 300 bps, issued under Nordic law. Equal divided volume credit awarded to all bookrunners. Includes tap-issues. Updated as of 2019-01-03
SEK 700,000,000Secured
2019/2023
Coupon: 3mS + 5.00%
Joint Lead Manager
December 2019
December 2019
EUR 8,000,000Secured
2019/2024
Coupon: 3mE + 6.75%
Sole Bookrunner
Providing all debt capital market financing products
Unrated HY bonds
Rated TLBsUnrated TLBs
Rated HY bonds
Direct lending Debt advisory
SEK 450,000,000Secured
2019/2022
Coupon: 3mS + 8.00%
Sole Bookrunner
May 2019
Pareto is the leading HY arranger in the private equity spaceContinuously driving the bond market in a sponsor-friendly direction
EUR 42,500,000Senior Secured
2018/2023
Coupon: 3mE + 7.00%
Sole Bookrunner
September2017
Nordic PE-backed HY issues market share, 2015-2019
5%
2%
3%
3%
6%
6%
9%
14%
53%
Other
SpareBank1
ABG
Other
Danske
Carnegie
DNB
Nordea
Pareto
SEK 1,800,000,000Secured
2019/2022
Coupon: 3mS + 7.50%
Joint Lead Manager
December 2019
Selected Nordic HY bonds 2017-2019
22
Pareto has been consistently active within the Power & Renewables/ Infrastructure space over a long periodSuperior industry knowledge
Pareto has gained a unique insight in the renewable & utility space through multiple transactions and advisory assignments over the last years
The experience is attained through both advisory for investors and for managing sales processes
− Solid insight in managing transactions, both with operational assets and assets under development
− Superior investor knowledge, both domestic and internationally
In addition, Pareto releases several market-reports annually, such as analyses over the Norwegian and European power market, power sales companies, Norwegian grid companies and onshore wind, to name a few
Industry-wide research coverage
Selected transactions
Financial Advisor to Hafslund E-Co
Merger of Hafslund E-Co and Eidsiva Energi
NOK 90b
June 2019October 2019
Financial Advisor
Sale of Pioneer Public Property
Undiclosed
October 2018
Sole Arranger
Refinance post acquisition
NOK 1,800m senior secured bond
May 2019
Co-Lead Manager
Block Salesof Shares
SEK 465m
December 2019
Sole Global Coordinator
IPO Nasdaq FirstNorth Premier
SEK 345m
December 2019
Joint Bookrunner
Block Tradeof shares
NOK 85m
December 2019
Joint Bookrunner
Rights issue
SEK 350m
June 2018
Joint Bookrunner
Private Placementof shares
NOK 600m
June 2018
Financial Advisor
Sale of Fortum’s 10% stake in Hafslund
Produksjon Holding to Svartisen Holding
EUR 160m
Produksjon Holding
Market and company reports
23
Syndication
DCM
ECM
M&A
A leading real estate investment bank with a complete product offering
July 2018
Sole Lead Manager
10 year European private placement loan
EUR 70m
Present in all the Nordic countries
Norway140
Sweden53
Finland7
Denmark20
# of real estate transactions 2014-2019
June 2017
Sell-side M&A advisor
Sale of 75% of Saltdalsbygg to Mestergruppen(owned by Ferd)
Undisclosed
Febuary 2018
EUR 85m
Joint Bookrunner
Block sale of shares
December 2018
Sole Arranger/Manager
NOK ~66m
Offentlig Eiendom AS
Equity issue and bolt-on acquisition
March 2018
Sole Arranger/Manager
EUR ~767m
CIBUS Nordic Real Estate AB
August 2018
Sole Arranger/Manager
NOK ~2bn
Alna Senter Holding AS
November 2018
Sole bookrunner
Block sale of shares
SEK 21m
November 2018
Sole Arranger/Manager
Motor Holding AS
NOK ~1.4bn
April 2016
3 year senior secured bond
Joint lead manager
SEK 350m
October 2018
December 2018
Hotel – City Denmark AS
Sole Arranger/Manager
Net yield 5.1%20-y contractDKK ~720m
December 2019
Sole Financial Advisor
M&A advisor in the sale of Kruse Smith Eiendom
NOK ~2,300m
October 2019
Financial Advisor
Sale of company to Whitehelm Capital
NOK 2,725m
July 2019
Sole Financial Advisor
Acquisition of 10% of Nyhamna from Shell
n.a.
November 2019
Sole Bookrunner
Block Tradeof shares
NOK 166m
December 2019
Sole Manager
Senior secured loan facility
SEK 216m
August 2019
Sole Lead Arranger
4 year senior (+1 year prolongation) secured
Schuldschein loan
EUR 12m
December 2019
Sole Arranger/Manager
Acquisition of53.7% in OCCI Holding AS
NOK ~720m
August 2019
Sole Arranger/Manager
Valle EiendomHolding AS
NOK ~1,800m
December 2019
Sole Arranger/Manager
Sale of Bråviken AB
SEK ~1,700m
24
Appendix: Selected 2016-2019 transactions
25
Selected debt capital markets transactions – 2018-2019
Investment Grade
March 2018
Sole Lead Manager
3 year seniorunsecured bond
EUR 125m
March 2018
Joint Lead Manager
6.5 year seniorunsecured bond
USD 250m
May 2018
Joint Lead Manager
5 year seniorsecured bond
USD 350m
July 2018
Sole Lead Manager
5 year seniorunsecured bond
USD 100m
October 2018
Joint Lead Manager
Dual TrancheSenior Secured Bond
USD 475m
September 2018
Sole Lead Manager
7 year seniorsecured bond
NOK 1,800m
November 2018
Joint Bookrunner
5 year seniorsecured bond
USD 350m
November 2018
Lead Manager
5 year seniorunsecured bond
NOK 900m
November 2018
Joint Lead Manager
5 year seniorunsecured bond
USD 240m
April 2018
Nordic Lead Manager
6 year seniorunsecured bond
USD 1,300m
January 2019
Sole Manager
5 year senior secured bond
NOK 515m
PEC Norway Holding AS
March 2019
Sole Manager
10 year senior unsecured bond
NOK 1 035m
City of Stavanger
January 2019
Joint Bookrunner
Sovereign
NOK 800m
March 2019
Joint Lead Manager
Tap issue of existing unsecured bond
USD 100m
February 2019
Joint Lead Manager
Senior unsecured bond issue
USD 100m
April 2019
Sole Manager
Senior secured bond issue
USD 100m
May 2019
Joint Lead Manager
Senior unsecured bond issue
USD 400m
July 2019
Sole Manager
Senior secured USPP bond issue
USD 200m
July 2019
Sole Manager
4 year seniorsecured bond
SEK 750m
High Yield
November 2019
Joint Manager
5 year senior unsecured bond
NOK 1,500m
July 2019
Sole Manager
Senior secured USPP bond issue
USD 200m
October 2019
Sole Manager
Senior securedUSPP Bond
USD 180m
Offshore Logistics Port
December 2019
Sole Manager
Senior secured loan facility
SEK 216m
October 2019
Sole Manager
5 year senior secured bond
EUR 215m
November 2019
Joint Lead Manager
5 year senior unsecured bond
NOK 750m
November 2019
Joint Lead Manager
4 year senior secured bond
SEK 700m
November 2019
Joint Lead Manager
3 year senior secured bond
SEK 1,800m
September 2019
Joint Lead Manager
4 year senior unsecured bond
NOK 900m
September 2019
Joint Lead Manager
Bondholders meeting
n.a.
October 2019
Sole Manager
5 year senior secured bond
EUR 50m
26
June 2019
Sole Global Coordinator
IPO on NasdaqFirst North Premier
SEK 475m
Selected equity capital markets transactions – 2018-2019
February 2018
Private Placementof shares
NOK 759m
Joint Bookrunner
February 2018
Joint Bookrunner
Block saleof shares
EUR 85m
March 2018
Joint Bookrunner
Private Placement of shares
NOK 1,300m
March 2018
Sole Bookrunner
IPO on NasdaqFirst North
EUR 311m
March 2018
Joint Bookrunner
Private placementof shares
USD 250m
April 2018
Joint Bookrunner
Private placementof shares
USD 175m
April 2018
NOK 600m
Joint Bookrunner
Private placement and listing on
Merkus Market
February 2018
Joint Bookrunner
IPO on Oslo Stock Exchange
NOK 832m
June 2018
Joint Bookrunner
Private placementof shares
NOK 600m
May 2018
Joint Bookrunner
Private placementof shares
USD 250m
June 2018
Joint Bookrunner
Secondary Sale of Shares for the
Norwegian State
SEK 652m
April 2018
Sole Bookrunner
Block Tradeof Shares
GBP 132m
October 2018
Private placementof shares
Joint Lead Bookrunner
USD 300m
November 2018
Joint Bookrunner
Private Placementof shares
USD 150m
November 2018
Joint Manager
Private placement of shares
NOK 707m
December 2018
Sole Global Coordinator
IPO on Nasdaq First North Premier
SEK 374m
December 2018
Joint Lead Bookrunner
Private Placement of shares
USD 110m
December 2018
Sole Bookrunner
Block Tradeof Shares
SEK 263m
May 2019
Sole Bookrunner
Block Salesof Shares
SEK 1,099m
May 2019
Joint Bookrunner
Private Placementof Shares
USD 80m
May 2019
Joint Bookrunner
Private Placementof Shares
USD 70.2m
January 2019
Joint Lead Bookrunner
Private Placementof shares
NOK 1,500m
June 2019
Joint Global Coordinator
IPO on OsloStock Exchange
NOK 362m
June 2019
Joint Global Coordinator
IPO on OsloStock Exchange
NOK 502m
November 2019
Joint Lead Manager
Private Placementof shares
NOK 1,293m
November 2019
Sole Manager
Block Tradeof shares
USD 101m
November 2019
Sole Manager
Block Tradeof shares
USD 74m
November 2019
Joint Lead Manager
Block Tradeof ECCs
NOK 2.6bn
December 2019
Sole Global Coordinator
IPO Nasdaq FirstNorth Premier
SEK 345m
December 2019
Joint Bookrunner
Private Placementof shares
USD 100m
December 2019
Joint Bookrunner
Rights Issue
SEK 350m
27
Selected M&A and Other Advisory – 2017-2019
Sell-side M&A Advisor
Sale of 75% of Saltdalsbygg to Mestergruppen(owned by Ferd)
Undisclosed
June 2017
Sell-side M&A Advisor
Sale of company to SwixSport (owned by Ferd)
Undisclosed
June 2017
Sell-side M&A Advisor
Sale of company to Hilti
Undisclosed
June 2017
Sole Financial Advisor
Advisor to City of Oslo in the acquisition of Hafslund ASA, and subsequent sale of
assetsNOK 47,750m
April 2017March 2017
Sole Financial Advisor
Sale of company toAker Solutions
NOK 213m
August 2017
Sole Financial Advisor
Advisor to Songa in Transocean’s acquisition
of the company
NOK 26,000m
January 2018
Sale of Investinor’s49% stake in AlpinCoto Bjørn Erik Borgen
NOK 800m
Sole Financial Advisor
February 2018
Sole Financial Advisor
Sale of Karsten Moholt AS and Sika AS to
HitecVision
Undisclosed
Financial Advisor
Sale of TTS to MacGregor
NOK 840m
February 2018
Financial Advisor
Sale of TrønderEnergi’spower retail division to
Fjordkraft
Undisclosed
February 2018
Financial Advisor
February 2018
Sale of BKK’s 35.1%stake to Norfund
NOK 1.3bn (100% EV)
May 2018
Advisor to AKVA inthe acquisition of
Egersund Net
NOK 750m
Sole Financial Advisor
June 2018
Sole Financial Advisor
Sale of Fortum’s 10% stake in Hafslund
Produksjon Holding to Svartisen Holding
EUR 160m
Produksjon Holding
June 2018
Advisor to Norwegian Ministry related to
Kongsberg’s acquisition of Rolls Royce Marine
GBP 500m
Financial Advisor
July 2018
Undisclosed
Sole Financial Advisor
Acquisition of 3.7% in Nyhamna from Exxon
July 2018
Undisclosed
Sole Financial Advisor
Advisor to Gearbulk in relation to the
establishment of High Heat Tankers
August 2018
Sole Financial Advisor
Sale of FrioNordica toPerfect Temperature
Group and combination with Kuldeteknisk AS
Undisclosed
August 2018
Sale of the marine seismic acquisition
assets and operations of WesternGeco
USD 690m
Sole Financial Advisor
Undisclosed
August 2018
Sole Financial Advisor
Advisor to Falck in the sale of a Falck Safety
Services to Polaris
September 2018
Financial Advisor
Sale of Add novatech to Constellation Software
Undisclosed
October 2018
Financial Advisor
Advisor to Antin IP in the acquisition of a majority
stake in Sølvtrans
Undisclosed
October 2018
Sole Financial Advisor
Sale of Company to Elite Service Partner AS
Undisclosed
November 2018
Sole Financial Advisor
Advisor to PGS in the sale of OptoSeis to
Geospace Technologies
USD 25m
January 2019
Sole Lead Manager
Acquisition of:
GBP 635m
February 2019
Sole Financial Advisor
Sale of Company to:
NOK 300m
July 2019
Financial Advisor
Sale of K Strømmen Lakseoppdrett to MOWI
NOK 790m
July 2019
Financial Advisor
Sale of Njord Salmon to Kistefos and Lumarine
n.a.
Financial Advisor to Hafslund E-Co
Merger of Hafslund E-Co and Eidsiva Energi
n.a.
June 2019 July 2019
Financial Advisor
Sale of K Strømmen Lakseoppdrett to MOWI
NOK 790m
October 2019
Financial Advisor
Sale of company to Whitehelm Capital
NOK 2,725m
December 2019
Financial Advisor
Sale of 39.63% of the Company
~NOK 850m
December 2019
Sole Financial Advisor
M&A advisor in the sale of Kruse Smith Eiendom
NOK ~2,300m
28
Shipping & Offshore
RealEstate
Selected Project Finance transactions – 2017-2019
Sole ArrangerUSD 107m
Sale-and-leaseback of newbuild Diving Support Vessel
June 2017
Sole Arranger/Manager
NOK 830m
FP Bolig Holding AS
April 2018
Appx. 80 000 sqmresidential
development project
Sole Arranger/Manager
NOK 2,000m
Alna SenterHolding AS
August 2018
USD 32m
February 2018
Sole Arranger/Manager
Partanker X AS
Asset play
2x LR1 tankers
June 2018
Financing of a capsize bulker
Sole Arranger/ManagerUSD 32m
Sole Arranger/Manager
August 2017
USD 58m
Sale-and-leaseback of one pure car/truck
carrier, 18-yr bareboat
December 2018
Sole Arranger/Manager
DKK ~720m
Hotel - City Danmark AS
Net yield 5.1%20-y contract
October 2018
Sole Arranger/Manager
NOK ~1,400m
Motor Holding AS
December 2018
Sole Arranger/Manager
NOK ~600m
Sale of LogNor AS
December 2018
Sole Arranger/Manager
SEK 1,085m
Halmslätten Fastighets AB (publ)
August 2018
Sole Arranger/Manager
SEK 660m
Sale of GBG Office 1 AB (publ)
Sole Arranger/Manager
EUR 735m
Cibus Nordic Real Estate (publ)
March 2018
May 2019
Sole Arranger
Sale-and-leaseback of three VLCC vessels
USD 181m
May 2019
Sole Arranger/Manager
Bryggeriet EiendomHolding AS
NOK ~711m
April 2019
Sole Arranger/Manager
Bolt-on-acquisition forLogistri Fastighets AB
SEK ~584m
June 2019
Sole Arranger/Manager
MoldeEiendomsinvest AS
NOK ~410m
June 2019
Sole Arranger/Manager
Trondheim Helsebygg AS
NOK ~400m
July 2019
Sole Arranger/Manager
Oslo Høyskolebygg AS
NOK ~1,236m
August 2019
Sole Arranger/Manager
Valle EiendomHolding AS
NOK ~1,800m
September 2019
Sole Arranger/Manager
Bolt-on-acquisition for Campus Sluppen AS
NOK ~440m
September 2019
Sole Arranger/Manager
Sale of Ryen Kontorbygg AS
NOK ~470m
USD 62m
December 2019
Sole Arranger
Partankers XIV
2x Suezmaxes
5 yr bareboat
December 2019
Sole Advisor
5 years senior secured loan
USD 26m
Partankers IX
September 2019
Sole Manager / Arranger
Korsängen Fastighets AB
SEK ~303m
November 2019
Sole Arranger/Manager
BreivollbyenHolding AS
NOK ~691m
December 2019
Sole Arranger/Manager
Borglanda Fastighets AB
SEK ~379m
December 2019
Sole Arranger/Manager
Bolt-on-acquisitionOffentlig Eiendom AS
NOK ~459m
December 2019
Sole Arranger/Manager
Sale of Bråviken AB
SEK ~1,700m
December 2019
Sole Arranger/Manager
Acquisition of53.7% in OCCI Holding AS
NOK ~720m
December 2019
Sole Arranger/Manager
Fredericia Logistics Denmark II AS
DKK ~88m
29
Contact details and disclaimer
www.paretosec.com | Bloomberg: PASE (go) | Reuters: PARETO
Oslo (Norway)Pareto Securities ASDronning Mauds gate 3PO Box 1411 VikaN-0115 Oslo NORWAY
Tel: +47 22 87 87 00
Stavanger (Norway)Pareto Securities ASHaakon VIIs gate 8PO Box 163N-4001 StavangerNORWAY
Tel: +47 51 83 63 00
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Tel: +46 40 750 20
Stockholm (Sweden)Pareto Securities ABBerzelii Park 9PO Box 7415S-103 91 StockholmSWEDEN
Tel: +46 8 402 50 00
Helsinki (Finland)Pareto Securities OyAleksanterinkatu 44 6th floorFI-00100 HelsinkiFINLAND
Tel: +358 9 8866 6000
Copenhagen (Denmark)Pareto Securities ASSankt Annæ Plads 131250 Copenhagen KDENMARK
Tel: +45 78 73 48 00
London (UK)Pareto Securities Ltd11 Berkeley Street3rd floorLondon W1J 8DSUNITED KINGDOM
Tel: +44 20 7786 4370
Disclaimer
These materials have been prepared by Pareto Securities AS and/or its affiliates (together “Pareto”) exclusively for the benefit and internal use of the client named on the cover in order to indicate,on a preliminary basis, the feasibility of one or more potential transactions. The materials may not be used for any other purpose and may not be copied or disclosed, in whole or in part, to anythird party without the prior written consent of Pareto.
The materials contain information which has been sourced from third parties, without independent verification. The information reflects prevailing conditions and Pareto’s views as of the date ofhereof, and may be subject to corrections and change at any time without notice. Pareto does not intend to, and the delivery of these materials shall not create any implication that Pareto assumesany obligation to, update or correct the materials.
Pareto, its directors and employees or clients may have or have had positions in securities or other financial instruments referred to herein, and may at any time make purchases/sales of suchsecurities or other financial instruments without notice. Pareto may have or have had or assume relationship(s) with or engagement(s) for or related to the relevant companies or matters referredto herein.
The materials are not intended to be and should not replace or be construed as legal, tax, accounting or investment advice or a recommendation. No investment, divestment or other financialdecisions or actions should be based solely on the material, and no representations or warranties are made as to the accuracy, correctness, reliability or completeness of the material or itscontents. Neither Pareto, nor any of its affiliates, directors and employees accept any liability relating to or resulting from the reliance upon or the use of all or parts of the materials.
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