World Economy

Vulture Funds Discover Norway

Vulture Funds Discover NorwayVulture Funds Discover Norway

Distressed debt investors are now targeting the high-yield market of western Europe’s largest oil producer to sift through collapsed bond prices, according to Lars Kirkeby, chief credit analyst at Nordea Markets, a unit of Scandinavia’s biggest bank, Bloomberg reported. There are “many distressed funds right now that are looking at rig and supply companies,” he said in an interview. With Brent crude prices down more than 70% since mid-2014, several Norwegian oil services companies have become unprofitable. Vulture funds tend only to enter markets facing multiple bankruptcies, hoping to pick up high-yielding securities at bargain prices.