Alfred Berg’s Nordic high-yield bond fund has seen big inflows in the past year but there are not enough new issuances to buy.
“The shipping companies have accumulated a lot of cash. But they didn’t refinance last year,” portfolio manager Henrik Emil Hoyerholt said in an interview in Oslo.
“We would like to see bonds refinanced but instead we just lost our positions,” he said, referring to Hoegh LNG and Odfjell, which failed to issue new bonds when their older ones reached maturity.
