Weekly Credit Update - Danske Bank · 2015-01-27 · 5 . Credit overview SEB AT1 and Nordea AT1 ....

27 January 2015

Weekly Credit Update

Important disclosures and certifications are contained from page 24 of this report.

Analyst Lars Holm+45 45 12 80 41 [email protected]

Investment Research

www.danskebank.com/CI

2

- Market news

- Company news

- Trade ideas

Contents

- Chart pack

- List of official and shadow ratings and recommendations

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What’s on our mind - General credit market news

• The long-awaited ECB announcement on Thursday took most of thefocus last week. Despite a large QE programme being expected, theECB positively surprised the market, announcing an open-endedprogramme of monthly purchases of EUR60bn. Very importantly, theECB will continue asset purchases until it sees an improvement inthe outlook for inflation.

• The larger-than-expected QE programme gave further fuel to thealready tight credit markets, with the European IG index, iTraxx main,tightening 6bp week on week and the HY index, iTraxx crossover,tightening some 27bp week on week.

• However, that was last week’s news. This week has started off ontotally different ground with the Greek election. The anti-austerityparty Syriza got 149 out of 300 seats in the parliament and hasrepeated its claim of a writedown of the nation’s debt and an end toausterity. Unsurprisingly, EU leaders and the IMF’s ChristineLagarde have already refused any special treatment for Greece butwe still expect this to draw some market intention over the comingperiod.

Source: Bloomberg, Danske Bank Markets (both charts)

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Source: Bloomberg, Danske Bank Markets

Buy SEB AT1 CALL 2020 – sell Nordea AT1 CALL 2024

• Although Nordea (AA-/NO,Aa3/NO, AA-/S) is the largestand most diversified Nordicbank, which has earned it a one-notch higher rating than, forexample, SEB (A+/NO, A1/NO,A+/PO), we think thediversification could be adisadvantage over the comingperiod.

• We are increasingly worriedabout the negative spilloverfrom the oil price plunge on theNorwegian economy, which intandem with a contractingFinnish economy and theRussian geopolitical situationcould end up hitting Nordeafrom several sides. In thisperspective, SEB is a more pureplay on Sweden, the most stableNordic country at present.

• In our view, the main risk factoris missed coupon paymentsshould one or both banks comeunder financial distress.

• We have an ‘Overweight’ ratingon SEB and an ‘Underweight’ onNordea and do not believe a14bp pickup for a four-yearmaturity extension isworthwhile.

SEB '20 (NR/Ba1u)NDASS '24 (BBB/NR)

300

325

350

375

400

425

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Indicative Z-spread offer (bp)

AA+/AA/AA- A+/A/A- BBB+/BBB/BBB- BB+/BB/BB- Not rated by S&P/Moody's

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Credit overview SEB AT1 and Nordea AT1


We recommend buying SEB AT1 2020 and selling Nordea AT1 2024, as the Nordea AT1gives only a 14bp pickup for four-year maturity extension.

SEB AT1 2020 NDA AT1 2024

ISIN: XS1136391643 US65557DAL55

Currency: USD EUR

Issue ratings: Ba1/S, BBB-/PO (Moody’s, Fitch)

BBB/NO, BBB/S (S&P, Fitch)

Coupon: 5.75% 6.125%

First call: 13 May 2020 23 September 2024

Cash price: 100.6 (indicative) 100 (indicative)

CoCo trigger: 8% CET1 fully loaded Basel III. Fully discretionarycoupons.

8% CET1 fully loaded Basel III. Fully discretionarycoupons.

YTC: 5.58% 6.14%

Z-spread: +414 +428

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Buy Securitas 2021 – sell Securitas 2017

• Securitas is rated BBB/Stableoutlook by S&P. Despite this,the Securitas 2021 bondtrades wider than the BBB- curve ,while the Securitas2017 bond trades at the BBB+curve. We recommend buyingthe Securitas 2021 versus theSecuritas 2017. Pickup 57bp(Z-spread) for four-yearmaturity extension.

• The Stable outlook reflectsS&P’s view that Securitas willcontinue to benefit from robustfree operating cash flow as aresult of limited capex. At thesame time, S&P believes thatongoing cost savings will helpmaintain operating margins attheir current levels.

• In our view, a risk factor for the2021 bond could be increasedM&A spending, aiming toincrease Securitas’s high-techsecurity solution exposure.However, Securitas has statedseveral times that it iscommitted to a ‘solidinvestment grade rating’.

• We have an overallMarketweight recommendationon Securitas.

ISSDC '20 (BBB-/Baa3)

GFSLN '17 (BBB-/NR)

GFSLN '18 (BBB-/NR)

SECUSS '21 (BBB/NR)

SECUSS '17 (BBB/NR)

SECUSS '18 (BBB/NR)

0

10

20

30

40

50

60

70

80

90

2014 2015 2016 2017 2018 2019 2020 2021 2022

Corporates: BBB-

Corporates: BBB

Corporates: BBB+

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Credit overview of Securitas bonds


We recommend buying Securitas 2021 and selling Securitas 2017 – 57bp pickup forfour-year maturity extension.

Securitas 2017 Securitas 2021

ISIN: XS0751937185 XS0996455399

Currency: EUR EUR

Credit ratings:

BBB/S BBB/S

Coupon: 2.75% 2.625%

Maturity: 28 February 2017 22 February 2021

Cash price: 105 (indicative) 108 (indicative)

Callable: No. Investors have put option in case of change of control at principal amount.

No. Investors have put option in case of change of control at principal amount.

YTM: 0.28% 1.11%

Z-spread: +17 +74

8Source: Danske Bank Markets

Recent trade ideas

See the end of this presentation for a list of our coverage including shadow ratings and recommendations.

Type Trade Idea

Opened

Start spread

26-Jan-15

-8

Opened 23-Jan-15

Start spread 81

Opened 18-Dec-14

Start spread 807

Opened 18-Dec-14

Start spread 16

Opened 27-Nov-14

Start spread 72

Opened 25-Nov-14

Start spread 640

Opened 19-Nov-14

Start spread 450

Opened 18-Nov-14

Start spread 2

Sector spread Switch from NDA AT1 to SEBAT1

We have an ‘Overweight’ rating on SEB and an ‘Underweight’ rating on Nordea and do not believe in a14bp pickup for a four-year maturity extension.

Curve spread Swith from SECUSS '17 to SECUSS '21

The Securitas 2021 bond trades wider than the BBB- curve, while the Securitas 2017 bond trades at the BBB+ curve. We recommend buying the Securitas 2021.

Outright NYNAAB '18 NYNAAB '18's, which we see as 'B+' indicatively tradefar too cheaply relative to the industrial 'B+' curve.

Outright SASSS '17 We believe the SAS 2017 offers an attractiveabsolute value – supported by adequate liquidity.

Curve spread Switch from ATCOA '19 to ATCOA '23

The Atlas Copco 2019s trade tighter than the average‘A+’ rated EUR corporate. Go out the curve and buy the'23s.

Outright VLVY' 17 or VLVY'19 We see the VLVY cash curve as attractively valuedand an (uncertain) downgrade is more than priced intospreads.

Outright COMHSS '19 COMHSS '19 looks cheap compared with other ratedand unrated issues in SEK. Trades like a B+ but isofficially rated BB-.

Curve spread Switch from SKFBSS '19 to SKFBSS '18 or '20

SKF’s 2020s and 2018s offer attractive value relative to the rating (‘BBB+’ NO and ‘Baa1’ S) Downgrade seemspriced in already.

9Source: Danske Bank Markets

Company news from the past week Name News Implication

YIT

YIT: Streamlines Russian units (finally) and says that its Q4 housing starts in Russia decreased 'significantly'. We estimate Q4 starts in Russia were 850, down 55% y/y and 10% versus Q3 - in line comment. Also, completion of several large projects has been expected but timing has been uncertain (depends on authorities' paper work). This is likely to trigger several EURm positiveIFRIC 15 items on EBIT but have limited cash flow impact as the majority of these apartments have been sold and are visible in cash flow. While boosting IFRS earnings in Q4, focus and guidance are based on non-IFRS numbers (i.e. percentage of completion). Summary: Small positive but does not take away H1 sales risks in Russia. Still, banks probably will not 'force' share issue provided that YIT lowers housing starts and continues to lower net debt. We have a 'B' shadow rating with a negative outlook on YIT.

Credit positive

Sparebank 1 Nord-Norge e

Sparebank 1 Nord-Norge (Hold, no outstanding EUR benchmark issues): books a NOK300m loss due to its NOK615m total exposure to Russia via two ownership stakes of 10% in Tavrichesky Bank (TB) and 75% in North-West1 Alliance Bank (NW1). The reason for the writedown is mainly liquidity issues in TB, while NW1 is funded more or less solely by NONGNO. NONGNO has tried to unwind its Russian exposure for a while and will continue to do so going forward but the current conditions are not favourable in this regard. No negative read-through to other Norwegian banks as NONGNO is the only one with such exposure but Nordea might come into focus today due to its Russian subsidiary.

Credit negative

UPM

UPM will close 675,000 tonnes of paper capacity by end-March 2015, having concluded employee negotiations. The paper mills in question represent around 2% of total European paper capacity and the closure is part of UPM's EUR150m cost-cutting programme announced last year,i.e. this capacity closure is not an addition to what was already planned. Continued capacityclosures are needed to stave off pricing pressure on the European graphic paper market and UPMhas been at the forefront of this for a while to its own benefit but also that of other Europeanplayers in the industry such as Stora Enso and Metsä Board, with the latter recently announcingthat it plans to exit the paper business fully. We have a Marketweight recommendation on UPM.

Credit positive

10 Source: Danske Bank Markets

SSAB

SSAB has issued a preliminary estimate for 4Q operating profit at SEK100-150m, excluding non-recurring items. This is somewhat below the market estimate of SEK250m. SSAB plans to write down certain book values related to the Rautaruukki aquisition, mainly in Fortaco and Ruukki construction. Overall, this will mean a decrease in goodwill from the acquisition of around SEK0.3bn. The writedowns have no impact on cash flow but have a negative impact of around 2pp on SSAB’s debt/equity ratio, which was 53% as at 30 September 2014. On the positive side, SSAB is making good progress on its synergies with around SEK300m acheived so far. Full synergies are now expected to arrive one year earlier in the second half of 2016. The original goal was to achieve annual cost synergies of SEK1.4bn within three years, with SEK350m of this in 2015.

Credit neutral

Color Group

In December 2012, Color Line AS received a writ filed by Bastø Fosen AS claiming damages of up to NOK992m for loss of profits. The grounds for the claim are that Bastø Fosen failed in an attempt to launch a ferry route between Sandefjord and Strømstad in 1998 as a consequence of an alleged tortuous breach of competition law on the part of Color Line AS. Color Line AS rejected the claim. The Oslo District Court ruled that the question of whether the limitation period for filing claims had expired should be heard in separate proceedings. The District Court ruled in June 2013 that any claim would be time-barred and accordingly ruled in favour of Color Line AS. Bastø Fosen appealed the ruling to the Borgarting Court of Appeal. At end-September 2014, the court ruled that Bastø Fosens claims brought forward were obsolete and without merit, which is why Color Line won the appeal case. All legal costs were imposed on Bastø Fosen AS. At end-October 2014 Bastø Fosen AS decided to appeal the ruling once more to the high court. Following today´s news it is evidenced that the High Court has rejected to accept appeal case. Although expected, we find this news positive for Color Group bonds since it finally rules out any significant cash leakage from this front. In addition to the described and concluded case above, Color Group has received a writ from Nye Kystlink AS with a claim for damages of up to approx. NOK1.3bn. The writ follows a conciliation complaint filed in December 2012. The grounds for the claim for damages are direct losses and loss of profits and capital returns relating to Nye Kystlink’s legal predecessor’s of a ferry business between the ports of Brevik and Hirtshals and Langesund and Strømstad in the period 2004-2008. Having assessed the various writs the Board of Color Group so far has not found it necessary to make any provisions in the accounts for the Kystlinnk claims (at least according to our knowledge). Presumably since they expect this second case is similar to the Bastø Fosen case above.

Credit positive

11 Source: Danske Bank Markets

Company news from the past week

Store Enso

Stora Enso has taken a writedown on assets in its graphic paper production business. Some are related to the recent sell off of the Uetersen paper mill in Germany. As the writedown will not affect cash flow, this is credit neutral and not unexpected given the ongoing weakness in the graphic paper market. We have a Marketweight recommendation on Stora Enso.

Credit neutral

Metso

Metso announced the sale of its process automation unit (PAS) as previously communicated when the strategy was updated in late 2014. The PAS business was left behind following the divestment of the Pulp, Paper & Power business in 2013. The value of the transaction is EUR340 and Metso's net debt should be significantly reduced following the completion of the transaction, which will be sometime in Q2. Pro forma we expect to see adjusted net debt to decline from 1.7x currently to around 1.1-1.3x. Metso's annual EBITDA will decline by around EUR40m pro forma. Overall, this is postive at least short term. A leverage lower than 1.5x is not really needed to maintain a 'BBB' rating and as such one could fear that Metso's will use the proceed for M&A or addtional shareholder payouts. Metso's mainshareholder is Cevian, with 13.8% of the capital. We have a Marketweight recommendation on Metso.

Credit positive

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Source: Danske Bank Markets

Selected new issues

Selected new issues

Date Issuer Coupon CCY Volume Maturity S&P / Mdy / Fitch ASW/DM23/01/2015 Terna Spa 0.875% EUR 1 000 m Feb/22 / Baa1e / BBB+e 5223/01/2015 Enagas Financiaciones Sa 1.25% EUR 600 m Feb/25 / / A-e 6521/01/2015 Adif Alta Velocidad 1.875% EUR 1 000 m Jan/25 / Baa3e / BBB+e 11920/01/2015 Jpmorgan Chase & Co EUR003M +55bps EUR 750 m Jan/20 A / / A+e 5520/01/2015 Ald International 0.75% EUR 500 m Jan/18 BBB / / 66

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Chart pack: euro spreads and returns Euro IG ASW, iBoxx indices

Source: Macrobond Financial, Danske Bank Markets [all charts]

Euro HY ASW, Merrill Lynch indices

IG Total Return, iBoxx indices, 2014-01=100

HY total Rreturn, Merrill Lynch indices, 2014-01=100

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Chart pack: relative value iTraxx vs iBoxx

Source: Bloomberg, Macrobond Financial, Danske Bank Markets [all charts]

Euro vs US CDS indices - IG (Markit)

EUR CDS spreads – Nordic banks

Euro vs US HY bond indices (Merrill Lynch)

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Chart pack: general market development European swap and government yields


Euro swap curve spread

3M TED-spread, US and euro area

Euro/USD basis swaps

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Chart pack: fund flows Europe, net sales


Sweden, net sales

US, net sales

Norway, net sales

17

Chart pack: macro GDP y/y growth, calendar adjusted


Euro area y/y change in bank lending

Purchasing Managers’ Indices

Euro area lending standards

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Our coverage and shadow ratings 1 of 5

Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratingsAnalyst(s)

Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookAhlstrom Oyj B+ Stable Mads RosendalAkelius Residential Ab BBB- Stable BBB- Louis LandemanAmbu A/S BBB- Stable Jakob MagnussenAp Moeller - Maersk A/S BBB+ Stable Baa1 Stable Brian Børsting OVERWEIGHTArla Foods Amba BBB+ Stable Mads RosendalAtlas Copco Ab A Stable A2 Stable Mads RosendalAvinor As AA- Stable A1 Stable Ola Heldal

UNDERWEIGHT MARKETWEIGHT

Bank 1 Oslo Akershus As BBB+ Stable T. Hovard / L. HolmBank Norwegian As BBB Stable T. Hovard / L. HolmBeerenberg Holdco Ii As B Stable Øyvind MossigeBw Offshore BB+ Stable Øyvind MossigeCargotec Oyj BBB- Stable Mads RosendalCarlsberg Breweries A/S Baa2 Neg BBB Stable Brian Børsting UNDERWEIGHTCermaq Asa BB Stable Knut-Ivar BakkenCitycon Oyj BBB Stable Baa2 Stable Louis LandemanColor Group As BB- Stable B+ Niklas RipaCom Hem Holding Ab BB- Stable Ola HeldalDanfoss A/S BBB Stable Jakob MagnussenDanske Bank A/S A Neg A3 Stable A StableDfds A/S BBB- Stable Niklas RipaDlg Finance As BB- Stable Mads RosendalDna Ltd BBB- Stable Ola HeldalDnb Bank Asa A+ Stable A1 NegDong Energy A/S BBB+ Stable Baa1 Stable BBB+

T. Hovard / L. Holm MARKETWEIGHT Stable Jakob Magnussen MARKETWEIGHT

Dsv A/S BBB Stable Brian BørstingEg Holding B Stable Jakob MagnussenEika Boligkreditt As A- Stable T. Hovard / L. HolmEika Gruppen As BBB Stable T. Hovard / L. HolmElectrolux Ab BBB Stable Wr WD Brian Børsting MARKETWEIGHTElenia Oy Jakob Magnussen OVERWEIGHTElisa Oyj BBB Pos Baa2 Stable Ola Heldal OVERWEIGHTEntra Eiendom As A- Stable Ola Heldal

Recomm.Danske Bank S&P Moody's Fitch

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Analyst(s)Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookFarstad Shipping Asa BB Neg BB- Øyvind MossigeFingrid Oyj A+ Stable A1 Stable A+ Stable Jakob Magnussen OVERWEIGHTFinnair Oyj BB Stable Brian BørstingFortum Oyj A- Neg A2 Neg A- Neg Jakob Magnussen UNDERWEIGHTFortum Varme Holding Samagt Med Stockholms Stad Ab BBB+ Stable Jakob MagnussenFred Olsen Energy Asa BB+ Neg Sondre StormyrG4S Plc BBB- Stable Brian Børsting OVERWEIGHTGetinge Ab BB+ Neg Louis LandemanGolden Close Maritime Corp Ltd B Sondre StormyrHeimstaden Ab BB Stable BB- Louis LandemanHemso Fastighets Ab BBB+ Stable BBB Louis LandemanHkscan Oyj BB Stable Brian BørstingHoist Kredit Ab BB- Stable B+ Gabriel BerginHusqvarna Ab BBB- Pos Louis LandemanIkano Bank Ab BBB Stable T. Hovard / L. HolmInvestor Ab AA- Stable A1 Stable Brian Børsting OVERWEIGHTIss A/S BBB- StableJ Lauritzen A/S B Stable B-

Brian Børsting MARKETWEIGHT Bjørn Kristian Røed

Jernhusen Ab A- Stable Gabriel BerginJyske Bank A/S A- Stable Baa1 Neg T. Hovard / L. Holm OVERWEIGHTKesko Oyj BBB Stable Mads RosendalKlaveness Ship Holding As BB- Stable B+ Bjørn Kristian RøedLoomis Ab BBB- Stable Brian BørstingLuossavaara-Kiirunavaara Ab BBB+ Stable Louis LandemanMeda Ab BB- StableMetsa Board Oyj B+ Pos B1 PosMetso Oyj BBB Stable Baa2 StableNcc Ab BBB- Stable

Louis LandemanMads RosendalMads Rosendal MARKETWEIGHT Louis Landeman

Neste Oil Oyj BBB- StableNokia Oyj BB Pos Ba2 Pos BB

Jakob Magnussen MARKETWEIGHT Stable Ola Heldal MARKETWEIGHT

Nokian Renkaat Oyj BBB+ Stable Jakob MagnussenNordea Bank Ab AA- Neg Aa3 Neg AA- Stable T. Hovard / L. Holm UNDERWEIGHT


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Analyst(s)Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookNorwegian Air Shuttle Asa BB- Stable B+ Brian BørstingNorwegian Property Asa BBB- StableNykredit Bank A/S A+ Neg Baa2U Stable A

Ola HeldalStable T. Hovard / L. Holm MARKETWEIGHT

Nynas Group B+ Stable B+ Jakob MagnussenOdfjell Se B+ Stable B Bjørn Kristian RøedOlav Thon Eiendomsselskap Asa BBB+ Stable Ola HeldalOlympic Shipping As B+ Stable B Øyvind MossigeOrkla Asa BBB+ Pos Ola HeldalOutokumpu Oyj B Pos Mads RosendalPohjola Bank Oyj AA- Neg Aa3 Neg A+ Stable T. Hovard / L. Holm UNDERWEIGHTPosten Norge As A- Stable Ola HeldalPostnord Ab BBB+ Stable Gabriel BerginProsafe Se BB Stable Sondre StormyrRamirent Oyj BB+ Stable Brian BørstingSaab Ab BBB+ Stable Wr Louis LandemanSampo Oyj Baa2 Stable T. Hovard / L. Holm MARKETWEIGHTSandnes Sparebank BBB+ Stable T. Hovard / L. HolmSandvik Ab BBB Neg Mads Rosendal MARKETWEIGHTSas Ab B- Stable Wr Stable Brian BørstingSbab Bank Ab A Neg A2 Neg T. Hovard / L. Holm MARKETWEIGHTScania Ab A- Stable Mads Rosendal MARKETWEIGHTSchibsted Asa BBB Stable Ola HeldalSeadrill Ltd BB+ Stable BB Sondre StormyrSecuritas Ab BBB Stable Wr Brian Børsting MARKETWEIGHTSkandinaviska Enskilda Banken Ab A+ Neg A1 Neg A+ Pos T. Hovard / L. Holm OVERWEIGHTSkanska Ab BBB+ Stable Louis LandemanSkf Ab BBB+ Neg Baa1 Stable Mads Rosendal UNDERWEIGHTSognekraft As BBB Stable BBB Jakob MagnussenSolstad Offshore Asa BB- Stable B+ Øyvind MossigeSpar Nord Bank A/S BBB+ Stable T. Hovard / L. HolmSparebank 1 Boligkreditt As A- StableSparebank 1 Nord Norge A2 Neg A

T. Hovard / L. HolmStable T. Hovard / L. Holm MARKETWEIGHT


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Analyst(s)Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookSparebank 1 Smn A2 Neg A-Sparebank 1 Sr-Bank Asa A2 Neg A-

Stable T. Hovard / L. Holm MARKETWEIGHT Stable T. Hovard / L. Holm MARKETWEIGHT

Sponda Oyj BBB- Stable Louis LandemanSt1 Nordic Oy BB Stable Jakob MagnussenStatkraft Sf A- Stable Aaa StableStatnett Sf A+ Stable Wr StableStatoil Asa AA- Stable Aa2 Stable

Jakob Magnussen OVERWEIGHT Jakob Magnussen MARKETWEIGHT Jakob Magnussen UNDERWEIGHT

Steen & Strom As BBB+ Stable Ola HeldalStena Ab BB Stable B2 Stable Niklas Ripa OVERWEIGHTStockmann Oyj Abp B+ Stable Mads RosendalStolt-Nielsen Ltd BB+ Stable BB Bjørn Kristian RøedStora Enso Oyj BB Stable Ba2 Stable WD Mads Rosendal MARKETWEIGHTStorebrand Bank Asa BBB+ Stable BBB+ Neg Baa2 Neg T. Hovard / L. HolmSunnfjord Energi As BBB- Stable BBB- Jakob MagnussenSuomen Hypoteekkiyhdistys A- Stable T. Hovard / L. HolmSwedavia Ab A- Stable Gabriel BerginSwedbank Ab A+ Neg A1 Neg A+ Pos T. Hovard / L. Holm OVERWEIGHTSwedish Match Ab BBB Stable Baa2 Stable Brian Børsting OVERWEIGHTSvensk Fastighetsfinansiering Ab BBB Stable Louis LandemanSvenska Cellulosa Ab Sca A- Stable Baa1 StableSvenska Handelsbanken Ab AA- Neg Aa3 Neg AA-

Mads Rosendal OVERWEIGHT Stable T. Hovard / L. Holm MARKETWEIGHT

Sydbank A/S Baa1 Neg T. Hovard / L. Holm OVERWEIGHTTallink Group As BB Stable BB- Niklas RipaTdc A/S BBB Neg Baa3 Stable BBB Stable Ola Heldal MARKET WEIGHTTeekay Offshore Partners Lp BB- Stable B+ Bjørn Kristian RøedTele2 Ab BBB Stable Ola HeldalTelefonaktiebolaget Lm Ericsson BBB+ Stable Baa1 Stable BBB+ Stable Ola Heldal MARKETWEIGHTTelenor Asa A Stable A3 Stable Ola HeldalTeliasonera Ab A- Stable A3 Neg A- Stable Ola HeldalTeollisuuden Voima Oyj BBB Neg Wr BBB Stable Jakob Magnussen

MARKETWEIGHT UNDERWEIGHT OVERWEIGHT

Thon Holding As BBB+ Stable Ola HeldalTine Sa BBB+ Stable Ola Heldal


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Source: Standard & Poor's, Moody's, Fitch, Danske Bank Markets

Analyst(s)Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookUpm-Kymmene Oyj BB+ Stable Ba1 Stable WD Mads Rosendal MARKETWEIGHTVasakronan Ab A- Stable Louis LandemanVattenfall Ab A- Stable A3 Stable A- Neg Jakob Magnussen MARKETWEIGHTVestas Wind Systems A/S BBB- Pos Niklas Ripa OVERWEIGHTVictoria Park Ab BB- Stable B+ Louis LandemanWilh Wilhelmsen Asa BBB- Stable Bjørn Kristian Røed


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Fixed Income Credit Research team Thomas Hovard, Chief AnalystHead of Credit Research +45 45 12 85 05 [email protected]

Louis Landeman, AnalystTMT, Industrials +46 8 568 80524 [email protected]

Mads Rosendal, AnalystIndustrials, Pulp & Paper +46 8 568 80594 [email protected]

Jakob Magnussen, Senior AnalystUtilities, Energy +45 45 12 85 03 [email protected]

Knut-Ivar Bakken, AnalystFish Farming +47 85 40 70 74 [email protected]

Brian Børsting, Senior AnalystIndustrials +45 45 12 85 19 [email protected]

Lars Holm, Senior Analyst Financials +45 45 12 80 41 [email protected]

Gabriel Bergin, AnalystStrategy, Industrials +46 8 568 80602 [email protected]

Niklas Ripa, Senior AnalystHigh Yield, Industrials +45 45 12 80 47 [email protected]

Bjørn Kristian Røed, AnalystShipping +47 85 40 70 72 [email protected]

Ola Heldal, AnalystTMT +47 85 40 84 33 [email protected]

Sondre Dale Stormyr, AnalystOffshore Rigs +47 85 40 70 70 [email protected]

Henrik René Andresen, AnalystCredit Portfolios +45 45 13 33 27 [email protected]

Øyvind Mossige, Senior AnalystOil Services +47 85 40 54 91 [email protected]

mailto:[email protected]














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Disclosures This research report has been prepared by Danske Bank Markets, a division of Danske Bank A/S (‘Danske Bank’). The author of this research report is Lars Holm, Senior Analyst.

Analyst certification Each research analyst responsible for the content of this research report certifies that the views expressed in the research report accurately reflect the research analyst’s personal view about the financial instruments and issuers covered by the research report. Each responsible research analyst further certifies that no part of the compensation of the research analyst was, is or will be, directly or indirectly, related to the specific recommendations expressed in the research report.

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Weekly Credit Update - Danske Bank · 2015-01-27 · 5 . Credit overview SEB AT1 and Nordea AT1 ....

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Transcript of Weekly Credit Update - Danske Bank · 2015-01-27 · 5 . Credit overview SEB AT1 and Nordea AT1 ....