Petroleum Economist: IOCs Put on Show of Strength in Bond Markets

Recent debt issuance by International Oil Companies (IOCs) could be seen as a muscle-flexing exercise as much as a move to bolster balance sheets, writes Paul Gordon for the Petroleum Economist.

In its analysis of debt levels for IOCs, the article cites Credit Benchmark oil and gas data to illustrate the comparative credit positions of US, UK and EU firms:

“According to financial data analytics company Credit Benchmark’s monthly oil and gas aggregate for April, credit quality for large US and UK oil and gas firms is now in its worst position in more than two years, with the average probability of default for US firms up by 8.6pc from the same period in 2019 and up by 4.3pc for UK firmsBy contrast, EU-based oil companies saw their credit quality improve by 4.4pc year-on-year, with their average probability of default less than half that of their US counterparts.

Petroleum Economist, May 5, 2020.

View original article (external link).

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Credit Benchmark brings together internal credit risk views from over 40 leading global financial institutions. The contributions are anonymized, aggregated, and published in the form of consensus ratings and aggregate analytics to provide an independent, real-world perspective of credit risk. Risk and investment professionals at banks, insurance companies, asset managers and other financial firms use the data for insights into the unrated, monitoring and alerting within their portfolios, benchmarking, assessing and analyzing trends, and fulfilling regulatory requirements and capital.