21 April 2015
Weekly Credit Update
Important disclosures and certifications are contained from page 22 of this report
Senior Analyst Jakob Magnussen, CFA +45 45 12 85 03 [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
- Best and worst performers
3
Sources: Bloomberg, Danske Bank Markets
What’s on our mind - General credit market news
• The credit markets had a downbeat session last weak leaving indices somewhat wider. The iTraxx Main index widened 7bp, while the iTraxx Crossover widened 27bp.
• The underperformance in the secondary markets is partly explained by high activity in the primary markets and anticipation of further substantial supply. This causes investors to conserve cash in order to have fire-power for participation in the primary markets.
• The weaker spreads are also the result of weak macro numbers out of both the EU and the US, f lavoured by additional negative news relating to Greece that saw its sovereign rating downgraded further to CCC+ by S&P. During the week there were several stories about Greek reluctance to comply with troika demands.
• The Q1 earnings season has begun in the Nordic region with bellwether SKF (UW) reporting earnings slightly below expectations and providing a cautious outlook for Q2. Finnish telecom operator Elisa (OW) reported stronger than expected numbers but also provided a downbeat outlook for the rest of 2015.
• The M&A markets got a solid boost when Nokia announced that it will acquire French Alcatel/Lucent, creating a significant global networks provider. Agencies acknowledged the potential synergies and competition benefits by upgrading Nokia’s ratings.
• The primary market remains open with several deals undertaken last week including corporate hybrid deals from RWE and Bertelssmann.
4
Best and worst performers - Investment grade
Source: Bloomberg, Danske Bank Markets
1 week in local currencies 1 month in local currencies
9.9
5.4
5.0
4.9
4.9
4.6
3.3
3.2
2.8
2.8
-4.1
-4.1
-4.6
-6.4
-7.6
-7.9
-10.7
-11.6
-12.1
-16.2
-20-15-10-5051015
Nordea Bank AB EUR 2025
SBAB Bank AB SEK 2018
Nordea Bank AB SEK 2017
SpareBank 1 SR-Bank ASA EUR 2020
TeliaSonera AB EUR 2025
Danske Bank A/S SEK 2017
SKF AB EUR 2019
SpareBank 1 SR-Bank ASA EUR 2019
BRFkredit A/S EUR 2018
TeliaSonera AB EUR 2027
Metso OYJ EUR 2019
Elisa OYJ EUR 2021
Vattenfall AB EUR 2016
Fortum OYJ EUR 2016
SBAB Bank AB EUR 2016
Neste Oil OYJ EUR 2016
Skandinaviska Enskilda Banken AB SEK …
TDC A/S EUR 2015
Danske Bank A/S SEK 2019
Lansforsakringar Bank AB SEK 2020
Change in local currencies (bp)
11.7
9.9
8.0
6.9
6.8
6.6
6.6
6.1
5.0
4.9
-6.3
-7.5
-7.7
-9.7
-9.9
-11.0
-11.3
-11.9
-13.5
-26.7
-30-20-1001020
Nordea Bank AB SEK 2017
DNB Bank ASA EUR 2020
SBAB Bank AB SEK 2018
Swedbank AB EUR 2016
Swedbank AB EUR 2016
Nordea Bank AB EUR 2025
Danske Bank A/S SEK 2017
Nordea Bank AB EUR 2019
Sampo Oyj EUR 2017
Investor AB EUR 2021
SBAB Bank AB EUR 2016
Danske Bank A/S EUR 2016
Fortum OYJ EUR 2016
Neste Oil OYJ EUR 2016
Teollisuuden Voima Oyj EUR 2021
Carlsberg Breweries A/S EUR 2019
Teollisuuden Voima Oyj EUR 2019
Danske Bank A/S SEK 2019
Lansforsakringar Bank AB SEK 2020
TDC A/S EUR 2015
Change in local currencies (bp)
5
Best and worst performers - High yield
Source: Bloomberg, Danske Bank Markets
1 week in local currencies 1 month in local currencies
230
201
86
74
53
49
41
40
40
24
-71
-75
-79
-86
-129
-132
-147
-187
-193
-230
-300-200-1000100200300
Olympic Ship AS NOK 2019
Golden Close Maritime Corp Ltd USD …
North Atlantic Drilling Ltd USD 2019
Olympic Ship AS NOK 2017
Farstad Shipping ASA NOK 2017
Seadrill Ltd SEK 2019
Stena AB USD 2024
SAS AB SEK 2019
Teekay Offshore Partners LP/Teekay …
Farstad Shipping ASA NOK 2018
Stolt-Nielsen Ltd NOK 2016
Prosafe SE NOK 2019
Teekay Offshore Partners LP NOK 2019
Prosafe SE NOK 2018
Teekay Offshore Partners LP NOK 2018
Prosafe SE NOK 2020
Teekay Offshore Partners LP NOK 2016
Seadrill Ltd USD 2017
Teekay Offshore Partners LP NOK 2017
Odfjell SE NOK 2015
Change in local currencies (bp)
156
145
45
36
21
21
19
15
14
13
-45
-48
-48
-52
-65
-73
-88
-127
-161
-241
-300-200-1000100200
Golden Close Maritime Corp Ltd USD …
SAS AB SEK 2019
North Atlantic Drilling Ltd USD 2019
Olympic Ship AS NOK 2019
Farstad Shipping ASA NOK 2018
Stena AB USD 2024
Teekay Offshore Partners LP/Teekay …
Farstad Shipping ASA NOK 2017
Stena International SA USD 2024
Stolt-Nielsen Ltd NOK 2018
BW Offshore Ltd NOK 2018
Prosafe SE NOK 2020
Odfjell SE NOK 2017
Beerenberg Holdco II AS NOK 2018
Prosafe SE NOK 2018
Seadrill Ltd USD 2017
Teekay Offshore Partners LP NOK 2016
Teekay Offshore Partners LP NOK 2018
Teekay Offshore Partners LP NOK 2017
Odfjell SE NOK 2015
Change in local currencies (bp)
6
Trade idea: Neste Oil Dec 2022 @ z-spread +162bp
Source: Bloomberg, Moody’s, Danske Bank Markets
• Neste Oil’s Q4 14 numbers were weak due to the rapid drop in the oil price. The recent recovery in the oil price points to significant improvement in Q1 numbers, though.
• Underlying earnings in Neste Oil were strong in Q4 fuelled by a strong refinery margin.
• Neste Oil is committed to maintaining a solid leverage level.
• We upgraded Neste Oil to Overweight in connection with the recently launched Scandi Handbook.
• The recently issued NESVFH 2022 trade attractively relative to fair value curves. We see Neste Oil as ‘BBB-’ rated indicatively but the bond trades wider than the ‘BB+’ curve.
• We recommend to BUY the NESVFH 2022s outright or potentially funded by selling the NESVFH 2019s that are less liquid.
• Cyclicality, illiquidity and unrated premium in bonds cannot justify the current spread level of ASW+161bp in 22s.
NESVFH 2.125% 22
NESVFH 4.875% 15
NESVFH 6% 16
NESVFH 4% 19
'BB+' EU utilities
'BBB-' EU utilities
0
20
40
60
80
100
120
140
160
180
200
0 5 10 15
Z-spd
Years to maturity
155
156
157
158
159
160
161
162
ask ASW spread
7
Source: Danske Bank Markets
Recent trade ideas
See the end of this presentation for a list of our coverage including shadow ratings and recommendations
Recent ideas
Type Trade Idea
Outright Buy Neste Oil 2022 The Neste Oil 2022 trades wider than the 'BB+' curve making it seem cheap relative to our shadow rating of 'BBB-'
Opened 21/04/2015
Start spread 161 Outright Buy Akelius Residential 2019
in SEK
The Akelius Residential SEK 2019 FRN 3M Stibor+240bp trades wide relative to other similar unrated SEK bonds.
Closed 13/04/2015
Start spread 225 Outright Buy Vestas 2022. The Vestas EUR 2.75% 2022 trades cheap to a EUR
corporate ‘BBB’ curve.
Opened 19/03/2015
Start spread 245 Currency trade Close of trade SSAB Recent performance in the SSAB EUR bond has
closed the earlier 19bp gap between the EUR and the SEK 2019 bonds.
Closed 10/03/2015
Start spread -2 Outright Buy Tallink 2018. FRN Tallink 2018 in NOK trades cheap to a global
median ‘BB-’ credit curve (converted into NOK). Opened 27/02/2015
Start spread 470 Outright CITCON '3.75 We believe that CITCON'3.75 trades at an attractive
level relative to the ‘BBB’ curve. Opened 10/02/2015
Start spread 108 Outright EGASDK '20 EGASDK '20, which we see as 'B' indicatively, trades
way too cheap relative to the industrial 'B' curve. Opened 02/02/2015
Start spread 661 Sector spread Switch from NDA AT1 to SEB
AT1
We have an Overweight recommendation on SEB and an Underweight recommendation on Nordea and we do not believe a 14bp pick-up for a four-year maturity extension is worthwhile.
Opened 26/01/2015
Start spread -8
8
Source: Danske Bank Markets
Company news from the past week
Name News Implication
Neste Oil
Neste Oil (OW) reported an explosion in its Naantali refinery. The fire was quickly put out and Neste Oil is now investigating the damages and the outlook for repair work. It seems the damages are minor as there will only be an impact on the solvent output (a minor part of the output), i.e. no impact on the fuel output. For reference Naantali comprises around 15% of Neste Oil's total traditional fuel output. Overall this is a credit neutral event based on the information we got so far.
Credit Neutral
SKF
SKF (UW). Q1 result at first glance pretty much in line with expectations on both operating profit and sales. We are somewhat disappointed about organic growth (1.4%), which we had expected to be higher than in Q4 (1.8%) due to the strong auto sales (a key demand driver for bearings) both in Europe and the US. Still, sales improved 16.3% y/y, the key driver not surprisingly being the currency boosting results by almost 15% y/y. The operating margin improved slightly y/y to 12.2% versus 11.4% due to SKF’s restructuring programme being about 40% completed. SKF took a one-off of SEK655m during the quarter as a result of this. On the back of a further contraction of interest rates in Europe the ballooning of SKF has not stopped this quarter and SKF’s reported net debt to EBITDA is now at 3.2x, clearly too high for the BBB+ rating at S&P. This will be the fourth consecutive quarter that SKF's leverage is above three and we see a very high likelihood of a downgrade from S&P, perhaps even this quarter. We maintain our Underweight rating as bonds do not trade in line with a downgrade risk.
Credit Negative
Carlsberg
Carlsberg (Marketweight) has done some asset swapping in Asia. WBG is a 50/50 joint venture between the Carlsberg Group and Xinjiang Hops. In addition to direct ownership in WBG, Carlsberg owns 30% in Xinjiang Hops. The acquisition is done through an asset swap, where Carlsberg will acquire Xinjiang Hops’ 50% stake in WBG and dispose of the 30% stake in Xinjiang Hops. The transactions are inter-conditional, and Carlsberg will receive a net cash proceed of approximately DKK200m upon completion. We believe the credit impact is neutral. Carlsberg bonds have been supported by a stronger RUB in recent weeks. We keep our Marketweight recommendation on Carlsberg.
Credit Neutral
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Source: Danske Bank Markets
Company news from the past week
Name News Implication
Stockmann
Stockmann (DBM:’B+’). March sales +10% y/y but explained by timing of the Crazy Days campaign (usually in April). We expected -10% but our estimate did not reflect the campaign timing, which has a material impact. Fashion chains (not affected by campaign timing) were in line with DBM estimates of -7% y/y. Overall this news is neutral for the credit, as sales that would normally have occurred in April were simply moved to March. The last time that the campaign was in March (2007), Group March sales were up 43% and April was down 22%. Furthermore, these sales entail lower profits for Stockmann due to the large discounts given to consumers. We maintain our ‘B+’ rating on the name.
Credit Positive
Nokia
Nokia (MW) announced that it intends to acquire Alcatel-Lucent in an all-share transaction valued at EUR15.6bn. On completion, the combined group will have a combined market capitalisation of more than EUR45bn and revenues of approximately EUR25.9bn, creating a player with similar scale as the two industry leaders, Huawei and Ericsson. We see the deal as credit positive due to strategic rationale of getting a foothold in both China and the US via Alcatel-Lucent’s operations as well as the inclusion of Alcatel-Lucent’s higher margin IP routing business. The deal is expected to close in H1 16. Both Fitch and S&P upgraded or changed their outlook with Fitch keeping its rating at BB and changing the outlook to positive, while S&P upgraded Nokia to ‘BB+’ with a positive outlook.
Credit Positive
Getinge
Swedish med tech company Getinge released Q1 earnings that were pretty poor. Continued margin pressure across all areas and some further increase in debt. The new CEO said new financial targets will be presented at the CMD on 31 August (we had expected in Q2). We are unlikely to change our ‘BB+/Neg’ after the report as we believe leverage is on the high side for our rating and we want to see a firmer commitment to debt reduction. We are also a bit disappointed that the new CEO said he needs 100 days to review the situation, we had expected more action in the near term.
Credit Negative
10
.
Source: Danske Bank Markets
Selected new issues
Selected new issues
Date Issuer Coupon CCY Volume Maturity S&P / Mdy / Fitch ASW/DM
16/04/2015 Bertelsmann Se & Co Kgaa 3.5% EUR 600 m Apr/75 BBB+ / Baa3 / 296
16/04/2015 Bertelsmann Se & Co Kgaa 3% EUR 650 m BBB+ / Baa3 / 264
14/04/2015 Rwe Ag 3.5% EUR 550 m Apr/75 BBB+ / (P)Baa3 / 325
14/04/2015 Rwe Ag 2.75% EUR 700 m Apr/75 BBB+ / (P)Baa3 / 264
16/04/2015 Edp Finance Bv 2% EUR 750 m Apr/25 BB+ / Baa3 / BBB- 155
16/04/2015 Intesa Sanpaolo Spa 2.855% EUR 500 m Apr/25 / Ba1e / BBBe 240
14/04/2015 Petroleos Mexicanos 1.875% EUR 1 000 m Apr/22 BBB+ / A3e / BBB+
14/04/2015 Petroleos Mexicanos 2.75% EUR 1 250 m Apr/27 BBB+ / A3e / BBB+ 225
15/04/2015 Sbab Bank Ab STIB3M +50bps SEK 1 100 m Apr/20 / / 50
15/04/2015 Scania Cv Ab STIB3M +100bps SEK 2 000 m Apr/17 A- / / 100
14/04/2015 Wihlborgs Fastigheter Ab STIB3M +100bps SEK 500 m Apr/18 / / 100
11
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 Return, Merrill Lynch indices, 2014-01=100
12
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)
13
Chart pack: general market development European swap and government yields
Source: Macrobond, Danske Bank Markets [all charts]
Euro swap curve spread
3M TED-spread, US and euro area
EUR/USD basis swaps
14
Chart pack: fund flows Europe, net sales
Source: Macrobond Financial, Danske Bank Markets [all charts]
Sweden, net sales
US, net sales
Norway, net sales
15
Chart pack: macro GDP y/y growth, calendar adjusted
Source: Macrobond Financial, Danske Bank Markets [all charts]
Euro area y/y change in bank lending
Purchasing Manager Indices
Euro area lending standards
16
Our coverage and shadow ratings 1 of 5
Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings
Analyst(s)
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookAhlstrom Oyj B+ Stable Mads RosendalAkelius Residential Property Ab BBB- Stable BBB- Louis LandemanAmbu A/S BBB- Stable Jakob MagnussenAp Moeller - Maersk A/S BBB+ Stable Baa1 Stable Brian Børsting MARKETWEIGHTArla Foods Amba BBB+ Stable Mads RosendalAtlas Copco Ab A Stable A2 Stable Mads Rosendal UNDERWEIGHTAvinor As AA- Stable A1 Stable Ola Heldal MARKETWEIGHTBank 1 Oslo Akershus As BBB+ Stable T. Hovard / L. HolmBank Norwegian As BBB Stable T. Hovard / L. HolmBeerenberg Holdco Ii As B Stable Øyvind MossigeBillerudkorsnas Ab BBB- Stable Mads RosendalBw Offshore BB+ Stable Øyvind MossigeCargotec Oyj BBB- Stable Mads RosendalCarlsberg Breweries A/S Baa2 Neg BBB Stable Brian Børsting MARKETWEIGHTCermaq Asa BB Stable Knut-Ivar BakkenCitycon Oyj BBB Stable Baa2 Stable Emil HjalmarssonColor Group As BB- Stable B+ Niklas RipaCom Hem Holding Ab BB- Stable Ola HeldalCorem Property Group Ab BB- Stable B+ Emil HjalmarssonDanfoss A/S BBB Stable Jakob MagnussenDanske Bank A/S A Neg A3 A StableDfds A/S BBB- Stable Niklas RipaDlg Finance As BB- Stable Mads RosendalDna Ltd BBB- Stable Ola HeldalDnb Bank Asa A+ Stable A1 T. Hovard / L. Holm UNDERWEIGHTDong Energy A/S BBB+ Stable Baa1 Stable BBB+ Stable Jakob Magnussen MARKETWEIGHTDsv 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. HolmEksportfinans Asa BBB- Pos Ba3 Stable T. Hovard / L. HolmElectrolux Ab BBB Stable Wr WD Brian Børsting MARKETWEIGHT
Recomm.Danske Bank S&P Moody's Fitch
17
Our coverage and shadow ratings 2 of 5
Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings
Analyst(s)
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookElenia Oy Jakob Magnussen OVERWEIGHTElisa Oyj BBB+ Stable Baa2 Stable Ola Heldal OVERWEIGHTEntra Eiendom As A- Stable Ola HeldalFarstad Shipping Asa BB Neg BB- Øyvind MossigeFingrid Oyj A+ Stable A1 Stable A+ Stable Jakob Magnussen MARKETWEIGHTFinnair Oyj BB Stable Brian BørstingFortum Oyj A- A2 A- Neg Jakob Magnussen UNDERWEIGHTFortum Varme Holding Samagt Med Stockholms Stad Ab BBB+ Stable Jakob MagnussenFred Olsen Energy Asa BB Stable BB- 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 A- Stable Emil HjalmarssonHkscan Oyj BB Stable Brian BørstingHoist Kredit Ab BB- Stable B+ Gabriel BerginHusqvarna Ab BBB- Pos Emil HjalmarssonIkano Bank Ab BBB Stable T. Hovard / L. HolmInvestor Ab AA- Stable A1 Stable Brian Børsting OVERWEIGHTIss A/S BBB- Pos Brian Børsting MARKETWEIGHTJ Lauritzen A/S B Stable B- Bjørn Kristian RøedJernhusen Ab A- Stable Gabriel BerginJyske Bank A/S A- Stable Baa 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- Stable Louis LandemanMetsa Board Oyj BB Stable B1 Pos Mads RosendalMetso Oyj BBB Stable Baa2 Stable Mads Rosendal MARKETWEIGHTNcc Ab BBB- Stable Emil HjalmarssonNeste Oil Oyj BBB- Stable Jakob Magnussen OVERWEIGHTNokia Oyj BB+ Pos Ba2 Pos BB Pos Ola Heldal MARKETWEIGHT
Recomm.Danske Bank S&P Moody's Fitch
18
Our coverage and shadow ratings 3 of 5
Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings
Analyst(s)
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookNokian Renkaat Oyj BBB+ Stable Jakob MagnussenNordax Finans Ab BBB- Stable T. Hovard / L. HolmNordea Bank Ab AA- Neg Aa3 AA- Stable T. Hovard / L. Holm UNDERWEIGHTNorth Atlantic Drilling Ltd BB- Neg B+ Sondre StormyrNorwegian Air Shuttle Asa BB- Neg B+ Brian BørstingNorwegian Property Asa BBB- Stable Ola HeldalNykredit Bank A/S A+ Neg Baa A Stable T. Hovard / L. Holm MARKETWEIGHTNynas Group B+ Stable B+ Jakob MagnussenOcean Yield Asa BB BB- Øyvind MossigeOdfjell Se B+ Stable B Bjørn Kristian RøedOlav Thon Eiendomsselskap Asa BBB+ Stable Ola HeldalOrava Residential Reit Plc B+ Stable B+ Mads RosendalOlympic Ship As B+ Stable B Øyvind MossigeOrkla Asa BBB+ Pos Ola HeldalOutokumpu Oyj B Pos Mads RosendalPohjola Bank Oyj AA- Neg Aa3 Stable 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 BørstingSampo 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 Stable T. Hovard / L. Holm MARKETWEIGHTScania Ab A- Stable Mads Rosendal MARKETWEIGHTSchibsted Asa BBB Stable Ola HeldalSeadrill Ltd BB Neg BB- Sondre StormyrSecuritas Ab BBB Stable Wr Brian Børsting MARKETWEIGHTSkandinaviska Enskilda Banken Ab A+ Neg A1 A+ Pos T. Hovard / L. Holm OVERWEIGHTSkanska Ab BBB+ Stable Emil HjalmarssonSkf Ab BBB+ Neg Baa1 Stable Mads Rosendal UNDERWEIGHT
Recomm.Danske Bank S&P Moody's Fitch
19
Our coverage and shadow ratings 4 of 5
Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings
Analyst(s)
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookSognekraft 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- Stable Aaa T. Hovard / L. HolmSparebank 1 Nord Norge A2 A Stable T. Hovard / L. Holm UNDERWEIGHTSparebank 1 Smn A2 A- Stable T. Hovard / L. Holm MARKETWEIGHTSparebank 1 Sr-Bank Asa A2 A- Stable T. Hovard / L. Holm UNDERWEIGHTSponda Oyj BBB- Stable Emil HjalmarssonSsab Ab BB- Stable Mads RosendalSt1 Nordic Oy BB Stable Jakob MagnussenStatkraft Sf A- Stable Aaa Stable Jakob Magnussen OVERWEIGHTStatnett Sf A+ Stable Wr Stable Jakob Magnussen MARKETWEIGHTStatoil Asa AA- Stable Aa2 Stable Jakob Magnussen UNDERWEIGHTSteen & Strom As BBB+ Stable Ola HeldalStena Ab BB Stable B2 Stable Niklas Ripa MARKETWEIGHTStockmann 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 Nr T. Hovard / L. HolmStorebrand Livsforsikring As A- Neg Baa1 Stable T. Hovard / L. HolmSunnfjord Energi As BBB- Stable BBB- Jakob MagnussenSuomen Hypoteekkiyhdistys A- Stable T. Hovard / L. HolmSvensk Fastighetsfinansiering Ab BBB Stable Louis LandemanSvenska Cellulosa Ab Sca A- Stable Baa1 Stable Mads Rosendal OVERWEIGHTSvenska Handelsbanken Ab AA- Neg Aa3 AA- Stable T. Hovard / L. Holm MARKETWEIGHTSwedavia Ab A- Stable Gabriel BerginSwedbank Ab A+ Neg A1 A+ Pos T. Hovard / L. Holm MARKETWEIGHTSwedish Match Ab BBB Stable Baa2 Stable Brian Børsting OVERWEIGHTSydbank A/S Baa T. Hovard / L. Holm OVERWEIGHTSaab Ab BBB+ Stable Wr Emil HjalmarssonTallink Grupp As BB Stable BB- Niklas RipaTdc A/S BBB Neg Baa3 Stable BBB Neg Ola Heldal MARKETWEIGHT
Recomm.Danske Bank S&P Moody's Fitch
20
Our coverage and shadow ratings 5 of 5
Source: Standard & Poor's, Moody's, Fitch, Danske Bank Markets
Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings
Analyst(s)
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookTeekay 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 Heldal MARKETWEIGHTTeliasonera Ab A- Stable A3 Neg A- Stable Ola Heldal UNDERWEIGHTTeollisuuden Voima Oyj BBB Neg Wr BBB Stable Jakob Magnussen OVERWEIGHTThon Holding As BBB+ Stable Ola HeldalTine Sa BBB+ Stable Ola HeldalUpm-Kymmene Oyj BB+ Stable Ba1 Stable WD Mads Rosendal MARKET WEIGHTVasakronan Ab A- Stable Emil HjalmarssonVattenfall 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 LandemanVolvo Ab BBB Neg Baa2 Neg BBB Stable Mads Rosendal MARKETWEIGHTWilh Wilhelmsen Asa BBB- Stable Bjørn Kristian RøedYit Oyj B Neg Emil Hjalmarsson
Recomm.Danske Bank S&P Moody's Fitch
21
Fixed Income Credit Research team Thomas Hovard, Chief Analyst Head of Credit Research +45 45 12 85 05 [email protected]
Louis Landeman, Senior Analyst TMT, Industrials +46 8 568 80524 [email protected]
Mads Rosendal, Analyst Industrials, Pulp & Paper +46 8 568 80594 [email protected]
Jakob Magnussen, Senior Analyst Utilities, Energy +45 45 12 85 03 [email protected]
Knut-Ivar Bakken, Senior Analyst Fish Farming +47 85 40 70 74 [email protected]
Brian Børsting, Senior Analyst Industrials +45 45 12 85 19 [email protected]
Lars Holm, Senior Analyst Financials +45 45 12 80 41 [email protected]
Gabriel Bergin, Analyst Strategy, Industrials +46 8 568 80602 [email protected]
Niklas Ripa, Senior Analyst High Yield, Industrials +45 45 12 80 47 [email protected]
Bjørn Kristian Røed, Senior Analyst Shipping +47 85 40 70 72 [email protected]
Ola Heldal, Senior Analyst TMT +47 85 40 84 33 [email protected]
Sondre Dale Stormyr, Senior Analyst Offshore Rigs +47 85 40 70 70 [email protected]
Henrik René Andresen, Senior Analyst Credit Portfolios +45 45 13 33 27 [email protected]
Øyvind Mossige, Senior Analyst Oil Services +47 85 40 54 91 [email protected]
Emil Hjalmarsson, Senior Analyst Real Estate, Construction +46 8 568 80634 [email protected]
22
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 Jakob Magnussen, Senior Analyst.
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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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Conflicts of interest
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General disclaimer
This research has been prepared by Danske Bank Markets (a division of Danske Bank A/S). It is provided for informational purposes only. It does not constitute or form part of, and shall under no circumstances be considered as, an offer to sell or a solicitation of an offer to purchase or sell any relevant financial instruments (i.e. financial instruments mentioned herein or other financial instruments of any issuer mentioned herein and/or options, warrants, rights or other interests with respect to any such financial instruments) (‘Relevant Financial Instruments’).
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The opinions expressed herein are the opinions of the research analysts responsible for the research report and reflect their judgement as of the date hereof. These opinions are subject to change, and Danske Bank does not undertake to notify any recipient of this research report of any such change nor of any other changes related to the information provided in this research report.
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Disclaimer related to distribution in the United States
This research report is distributed in the United States by Danske Markets Inc., a U.S. registered broker-dealer and subsidiary of Danske Bank, pursuant to SEC Rule 15a-6 and related interpretations issued by the U.S. Securities and Exchange Commission. The research report is intended for distribution in the United States solely to ‘U.S. institutional investors’ as defined in SEC Rule 15a-6. Danske Markets Inc. accepts responsibility for this research report in connection with distribution in the United States solely to ‘U.S. institutional investors’.
Danske Bank is not subject to U.S. rules with regard to the preparation of research reports and the independence of research analysts. In addition, the research analysts of Danske Bank who have prepared this research report are not registered or qualified as research analysts with the NYSE or FINRA but satisfy the applicable requirements of a non-U.S. jurisdiction.
Any U.S. investor recipient of this research report who wishes to purchase or sell any Relevant Financial Instrument may do so only by contacting Danske Markets Inc. directly and should be aware that investing in non-U.S. financial instruments may entail certain risks. Financial instruments of non-U.S. issuers may not be registered with the U.S. Securities and Exchange Commission and may not be subject to the reporting and auditing standards of the U.S. Securities and Exchange Commission.
