Weekly Credit Update 7 April 2015 - Danske Bank
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Weekly Credit Update Senior Analyst
Lars Holm
+45 45 12 80 41
7 April 2015 laho@danskebank.com
Investment Research Important disclosures and certifications are contained from page 21 of this report
www.danskebank.com/CIContents
- Market news
- Best and worst performers
- Trade ideas
- Company news
- Chart pack
- List of official and shadow ratings and recommendations
2What’s on our mind
- General credit market news
• Last week was rather quiet due to Easter. The iTraxx Main index
widened by 1bp while the iTraxx Crossover narrowed by 2bp.
• Senior unsecured spreads from banks came under some pressure
as Germany published a law proposal on bank resolution. The draft
stated that senior unsecured bondholders would face losses before
any other unsecured creditors (currently they rank pari passu),
which would also address some of the legal challenges with both
MREL (minimum requirement for eligible liabilities) and TLAC (total
loss absorbing capacity). We earlier warned that creating these
loss absorbing cushions could be legally challenging, as bailing in
some part of unsecured liabilities (bonds) and not all would probably
require new bankruptcy laws in many jurisdictions. The German
proposal with statutory subordination would solve many of these
challenges and pave the way for a ‘Tier 3’ layer in banks’ capital
structure (senior to subordinated but subordinated to other senior).
Existing bonds are also included in the draft proposal but as
retrospective legislation is prohibited under German constitution, it
is uncertain if the legislation will also cover existing bonds.
• With regard to broader newsflow, the weaker than expected US
labour market report for March released on Good Friday got some
attention. Gains in non-farm payrolls slowed to 126,000 (cons:
245,000) and the gains in the previous months were revised lower.
Sources: Bloomberg, Danske Bank Markets
• On a more positive note, Iran and the P5+1 world powers on
Thursday reached a framework agreement on containing Iran’s
nuclear programme. The impact on oil prices was modest, with
most of the initial decline reversed the following day.
3Best and worst performers
- Investment grade
1 week in local currencies 1 month in local currencies
-30.1 SBAB Bank AB SEK 2018 -12.6 TDC A/S EUR 2015
-28.8 Nordea Bank AB SEK 2017 -10.7 Neste Oil OYJ EUR 2016
-14.3 Lansforsakringar Bank AB SEK 2020 -8.6 Nordea Bank AB SEK 2017
-12.3 TDC A/S EUR 2015 -8.2 SBAB Bank AB SEK 2018
-10.2 Danske Bank A/S SEK 2019 -7.1 Nykredit Bank A/S EUR 2015
-9.5 Skandinaviska Enskilda Banken AB SEK… -6.4 Investor AB EUR 2016
-7.3 Carlsberg Breweries A/S EUR 2019 -5.9 Sampo Oyj EUR 2016
-6.2 TeliaSonera AB EUR 2031 -5.8 Volvo Treasury AB EUR 2017
-6.0 DNB Bank ASA EUR 2020 -5.6 Skandinaviska Enskilda Banken AB EUR…
-5.6 TDC A/S EUR 2022 -5.3 DNB Bank ASA EUR 2017
-1.1 Pohjola Bank Oyj EUR 2019 11.3 Svenska Handelsbanken AB EUR 2022
-1.0 Jyske Bank A/S EUR 2017 11.4 Nordea Bank AB EUR 2022
-0.9 Swedbank AB EUR 2016 11.5 Sampo Oyj EUR 2021
-0.6 Svenska Cellulosa AB SCA EUR 2023 11.8 TeliaSonera AB EUR 2025
-0.6 Danske Bank A/S SEK 2017 12.1 TeliaSonera AB EUR 2027
-0.6 Danske Bank A/S EUR 2016 12.5 Statkraft AS EUR 2022
-0.5 Skandinaviska Enskilda Banken AB EUR… 12.7 Telenor ASA EUR 2024
-0.3 SBAB Bank AB EUR 2016 16.4 Danske Bank A/S SEK 2017
-0.3 Swedbank AB EUR 2019 19.0 TeliaSonera AB EUR 2027
0.3 DNB Boligkreditt AS EUR 2018 19.5 TeliaSonera AB EUR 2025
5 0 -5 -10 -15 -20 -25 -30 -35 30 20 10 0 -10 -20
Change in local currencies (bp) Change in local currencies (bp)
Source: Bloomberg, Danske Bank Markets
4Best and worst performers
- High yield
1 week in local currencies 1 month in local currencies
-35 Teekay Offshore Partners LP/Teekay… -101 Prosafe SE NOK 2020
-14 Stora Enso OYJ USD 2016 -53 Seadrill Ltd USD 2015
-13 Nokia OYJ USD 2019 -52 Prosafe SE NOK 2019
-13 DLG Finance AS DKK 2018 -50 Stolt-Nielsen Ltd NOK 2016
-12 SSAB AB SEK 2017 -47 Solstad Offshore ASA NOK 2019
-11 YIT OYJ EUR 2016 -47 Finnair OYJ EUR 2049
-11 Finnair OYJ EUR 2049 -41 Outokumpu OYJ EUR 2019
-10 Stora Enso OYJ SEK 2015 -41 Tallink Grupp AS NOK 2018
-10 Stena AB EUR 2020 -38 Outokumpu OYJ EUR 2016
-8 Stora Enso OYJ EUR 2018 -36 Stolt-Nielsen Ltd NOK 2018
19 Farstad Shipping ASA NOK 2018 84 Stena AB EUR 2017
21 Stolt-Nielsen Ltd NOK 2018 95 Stena International SA USD 2024
28 Klaveness Ship Holding AS NOK 2020 103 Stena AB USD 2024
28 Seadrill Ltd NOK 2018 125 North Atlantic Drilling Ltd NOK 2018
29 Olympic Ship AS NOK 2019 127 Olympic Ship AS NOK 2019
37 North Atlantic Drilling Ltd NOK 2018 203 Seadrill Ltd USD 2017
42 Seadrill Ltd USD 2017 229 Seadrill Ltd NOK 2018
53 Seadrill Ltd USD 2020 238 Seadrill Ltd USD 2020
77 North Atlantic Drilling Ltd USD 2019 275 North Atlantic Drilling Ltd USD 2019
157 Golden Close Maritime Corp Ltd USD… 344 Golden Close Maritime Corp Ltd USD…
200 150 100 50 0 -50 400 300 200 100 0 -100 -200
Change in local currencies (bp) Change in local currencies (bp)
Source: Bloomberg, Danske Bank Markets 5Vestas EUR 2.75% 2022 – priced attractively
(published on 19 March 2015) • Earlier this month [i.e. in March] Vestas issued
a 7Y EUR500m senior unsecured bond – the
EUR - credit curves Vestas 2.75% 2022.
Indicative ASW offer
280 (bps) • Bond documentation/structure (Vestas 2022)
270
260 includes the following key terms: cross default,
250
240 VWSDC '22 (NR/NR) negative pledge (save for carve-out of up to
230
220 EUR150m as permitted secured debt and/or
210
200
assets securing non-recourse debt), change of
190
180
control put (>50% of control/shares).
170
160
Global BB+
• We are not aware of the terms present in the
150
140
Corporates: BBB- EUR1,000m bank RCF facilities, which are
130
120 likely stricter than the bond terms.
110
100 • Given our view of Vestas as a ‘BBB-’ credit ,we
90
80 regard the current pricing as attractive.
70
60
50 • In our view, a ‘fair’ credit spread for this type of
40
30 bond would be in the range of 130-150bp.
20
10 • Our ‘fair spread assessment’ is estimated as
0
2016 2017 2018 2019 2020 2021 2022 2023 the 7Y EUR BBB- curve plus a 60-80bp
Source: Bloomberg, Moody’s, Danske Bank Markets
discount due to the lack of an official credit
rating and the inherently politically-driven
volatility in the business model.
6Recent trade ideas
Recent ideas
Type Trade Idea
Outright Buy Vestas 2022. The Vestas EUR 2.75% 2022 trades cheaply 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
Closed 10/03/2015
SEK 2019 bonds. 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'3.75s trade at an attractive
level relative to the 'BBB' curve.
Opened 10/02/2015
Start spread 108
Outright EGASDK '20 EGASDK '20's, which we see as 'B' indicatively trade
way too cheaply relative to the industrial 'B' curve.
Opened 02/02/2015
Start spread 661
Sector spread Switch from NDA AT1 to SEB We have an ‘Overweight’ recommendation on SEB
and an ‘Underweight’ recommendation on Nordea and
Opened 26/01/2015
AT1
don’t believe a 14bp pick-up for a four-year maturity
extension is worthwhile Start spread -8
Curve spread Switch from SECUSS '17 to The Securitas 2021 bond trades wider than the BBB-
curve while the Securitas 2017 bond trades at the
Opened 23/01/2015
SECUSS '21
BBB+ curve. We recommend buying the Securitas
2021 vs. the Securitas 2017. Pick up 57bp
(z-spread) for a four-year maturity extension. Start spread 81
Outright SASSS '17 We believe the SAS 2017 offers an attractive
absolute value – supported by adequate liquidity
Opened 18/12/2014
See the end of this presentation for a list of our coverage including shadow ratings and recommendations
Start spread 807
Source: Danske Bank Markets
7Company news from the past week
Name News Implication
Vestas (Overweight, DBM: 'BBB-') announced 1,332MW of orders in Q1 15, which is a record-high for
Q1. Of this, 38% or 506MW came from Brazil and China. Given the increasing demand for electricity
Vestas in emerging markets, we consider this region to be an important growth driver for Vestas long term. It Credit Positive
is therefore encouraging to see Vestas increase its foothold in the region. We view the
announcement as moderately credit positive.
Source: Danske Bank Markets
8Selected new issues
Selected new issues
Date Issuer Coupon CCY Volume Maturity S&P / Mdy / Fitch ASW/DM
01/04/2015 Stadshypotek Ab 1.75% USD 1 000 m Apr/20 AA- / Aaae / 37
.
Source: Danske Bank Markets
9Chart pack: euro spreads and returns Euro IG ASW, iBoxx indices IG Total Return, iBoxx indices, 2014-01=100 Euro HY ASW, Merrill Lynch indices HY Total Return, Merrill Lynch indices, 2014-01=100 Source: Macrobond Financial, Danske Bank Markets [all charts] 10
Chart pack: relative value iTraxx vs iBoxx EUR CDS Spreads – Nordic Banks Euro vs. US CDS indices - IG (Markit) Euro vs. US HY bond indices (Merrill Lynch) Source: Bloomberg, Macrobond Financial, Danske Bank Markets [all charts] 11
Chart pack: general market development European swap and government yields 3M TED-spread, US and euro area Euro swap curve spread EUR/USD basis swaps Source: Macrobond Financial, Danske Bank Markets [all charts] 12
Chart pack: fund flows Europe, net sales US, net sales Sweden, net sales Norway, net sales Source: Macrobond Financial, Danske Bank Markets [all charts] 13
Chart pack: macro GDP y/y growth, calendar adjusted Purchasing manager indices Euro area y/y change in bank lending Euro area lending standards Source: Macrobond Financial, Danske Bank Markets [all charts] 14
Our coverage and shadow ratings 1 of 5
Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings
Danske Bank S&P Moody's Fitch Analyst(s) Recomm.
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating Outlook
Ahlstrom Oyj B+ Stable Mads Rosendal
Akelius Residential Property Ab BBB- Stable BBB- Louis Landeman
Ambu A/S BBB- Stable Jakob Magnussen
Ap Moeller - Maersk A/S BBB+ Stable Baa1 Stable Brian Børsting MARKET WEIGHT
Arla Foods Amba BBB+ Stable Mads Rosendal
Atlas Copco Ab A Stable A2 Stable Mads Rosendal UNDERWEIGHT
Avinor As AA- Stable A1 Stable Ola Heldal MARKET WEIGHT
Bank 1 Oslo Akershus As BBB+ Stable T. Hovard / L. Holm
Bank Norwegian As BBB Stable T. Hovard / L. Holm
Beerenberg Holdco Ii As B Stable Øyvind Mossige
Billerudkorsnas Ab BBB- Stable Mads Rosendal
Bw Offshore BB+ Stable Øyvind Mossige
Cargotec Oyj BBB- Stable Mads Rosendal
Carlsberg Breweries A/S Baa2 Neg BBB Stable Brian Børsting MARKET WEIGHT
Cermaq Asa BB Stable Knut-Ivar Bakken
Citycon Oyj BBB Stable Baa2 Stable Emil Hjalmarsson
Color Group As BB- Stable B+ Niklas Ripa
Com Hem Holding Ab BB- Stable Ola Heldal
Corem Property Group Ab BB- Stable B+ Emil Hjalmarsson
Danfoss A/S BBB Stable Jakob Magnussen
Danske Bank A/S A Neg A3 A Stable
Dfds A/S BBB- Stable Niklas Ripa
Dlg Finance As BB- Stable Mads Rosendal
Dna Ltd BBB- Stable Ola Heldal
Dnb Bank Asa A+ Stable A1 T. Hovard / L. Holm UNDERWEIGHT
Dong Energy A/S BBB+ Stable Baa1 Stable BBB+ Stable Jakob Magnussen MARKET WEIGHT
Dsv A/S BBB Stable Brian Børsting
Eg Holding B Stable Jakob Magnussen
Eika Boligkreditt As A- Stable T. Hovard / L. Holm
Eika Gruppen As BBB Stable T. Hovard / L. Holm
Electrolux Ab BBB Stable Wr WD Brian Børsting MARKET WEIGHT
Elenia Oy Jakob Magnussen OVERWEIGHT
Source: Danske Bank Markets
15Our coverage and shadow ratings 2 of 5
Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings
Danske Bank S&P Moody's Fitch Analyst(s) Recomm.
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating Outlook
Elisa Oyj BBB+ Stable Baa2 Stable Ola Heldal OVERWEIGHT
Entra Eiendom As A- Stable Ola Heldal
Farstad Shipping Asa BB Neg BB- Øyvind Mossige
Fingrid Oyj A+ Stable A1 Stable A+ Stable Jakob Magnussen MARKET WEIGHT
Finnair Oyj BB Stable Brian Børsting
Fortum Oyj A- A2 A- Neg Jakob Magnussen UNDERWEIGHT
Fortum Varme Holding Samagt Med Stockholms Stad Ab BBB+ Stable Jakob Magnussen
Fred Olsen Energy Asa BB Stable BB- Sondre Stormyr
G4S Plc BBB- Stable Brian Børsting OVERWEIGHT
Getinge Ab BB+ Neg Louis Landeman
Golden Close Maritime Corp Ltd B- Sondre Stormyr
Heimstaden Ab BB Stable BB- Louis Landeman
Hemso Fastighets Ab BBB+ Stable BBB A- Stable Emil Hjalmarsson
Hkscan Oyj BB Stable Brian Børsting
Hoist Kredit Ab BB- Stable B+ Gabriel Bergin
Husqvarna Ab BBB- Pos Emil Hjalmarsson
Ikano Bank Ab BBB Stable T. Hovard / L. Holm
Investor Ab AA- Stable A1 Stable Brian Børsting OVERWEIGHT
Iss A/S BBB- Pos Brian Børsting MARKET WEIGHT
J Lauritzen A/S B Stable B- Bjørn Kristian Røed
Jernhusen Ab A- Stable Gabriel Bergin
Jyske Bank A/S A- Stable Baa T. Hovard / L. Holm OVERWEIGHT
Kesko Oyj BBB Stable Mads Rosendal
Klaveness Ship Holding As BB- Stable B+ Bjørn Kristian Røed
Loomis Ab BBB- Stable Brian Børsting
Luossavaara-Kiirunavaara Ab BBB+ Stable Louis Landeman
Meda Ab BB- Stable Louis Landeman
Metsa Board Oyj BB Stable B1 Pos Mads Rosendal
Metso Oyj BBB Stable Baa2 Stable Mads Rosendal MARKET WEIGHT
Ncc Ab BBB- Stable Emil Hjalmarsson
Neste Oil Oyj BBB- Stable Jakob Magnussen MARKET WEIGHT
Nokia Oyj BB Pos Ba2 Pos BB Stable Ola Heldal MARKET WEIGHT
Nokian Renkaat Oyj BBB+ Stable Jakob Magnussen
16Our coverage and shadow ratings 3 of 5
Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings
Danske Bank S&P Moody's Fitch Analyst(s) Recomm.
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating Outlook
Nordax Finans Ab BBB- Stable T. Hovard / L. Holm
Nordea Bank Ab AA- Neg Aa3 AA- Stable T. Hovard / L. Holm UNDERWEIGHT
North Atlantic Drilling Ltd BB- Neg B+ Sondre Stormyr
Norwegian Air Shuttle Asa BB- Neg B+ Brian Børsting
Norwegian Property Asa BBB- Stable Ola Heldal
Nykredit Bank A/S A+ Neg Baa A Stable T. Hovard / L. Holm MARKET WEIGHT
Nynas Group B+ Stable B+ Jakob Magnussen
Ocean Yield Asa BB BB- Øyvind Mossige
Odfjell Se B+ Stable B Bjørn Kristian Røed
Olav Thon Eiendomsselskap Asa BBB+ Stable Ola Heldal
Olympic Ship As B+ Stable B Øyvind Mossige
Orkla Asa BBB+ Pos Ola Heldal
Outokumpu Oyj B Pos Mads Rosendal
Pohjola Bank Oyj AA- Neg Aa3 Stable A+ Stable T. Hovard / L. Holm UNDERWEIGHT
Posten Norge As A- Stable Ola Heldal
Postnord Ab BBB+ Stable Gabriel Bergin
Prosafe Se BB Stable Sondre Stormyr
Ramirent Oyj BB+ Stable Brian Børsting
Sampo Oyj Baa2 Stable T. Hovard / L. Holm MARKET WEIGHT
Sandnes Sparebank BBB+ Stable T. Hovard / L. Holm
Sandvik Ab BBB Neg Mads Rosendal MARKET WEIGHT
Sas Ab B- Stable Wr Stable Brian Børsting
Sbab Bank Ab A Neg A2 Stable T. Hovard / L. Holm MARKET WEIGHT
Scania Ab A- Stable Mads Rosendal MARKET WEIGHT
Schibsted Asa BBB Stable Ola Heldal
Seadrill Ltd BB Neg BB- Sondre Stormyr
Securitas Ab BBB Stable Wr Brian Børsting MARKET WEIGHT
Skandinaviska Enskilda Banken Ab A+ Neg A1 A+ Pos T. Hovard / L. Holm OVERWEIGHT
Skanska Ab BBB+ Stable Emil Hjalmarsson
Skf Ab BBB+ Neg Baa1 Stable Mads Rosendal UNDERWEIGHT
Sognekraft As BBB Stable BBB Jakob Magnussen
Solstad Offshore Asa BB- Stable B+ Øyvind Mossige
17Our coverage and shadow ratings 4 of 5
Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings
Danske Bank S&P Moody's Fitch Analyst(s) Recomm.
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating Outlook
Spar Nord Bank A/S BBB+ Stable T. Hovard / L. Holm
Sparebank 1 Boligkreditt As A- Stable Aaa T. Hovard / L. Holm
Sparebank 1 Nord Norge A2 A Stable T. Hovard / L. Holm UNDERWEIGHT
Sparebank 1 Smn A2 A- Stable T. Hovard / L. Holm UNDERWEIGHT
Sparebank 1 Sr-Bank Asa A2 A- Stable T. Hovard / L. Holm UNDERWEIGHT
Sponda Oyj BBB- Stable Emil Hjalmarsson
St1 Nordic Oy BB Stable Jakob Magnussen
Statkraft Sf A- Stable Aaa Stable Jakob Magnussen OVERWEIGHT
Statnett Sf A+ Stable Wr Stable Jakob Magnussen MARKET WEIGHT
Statoil Asa AA- Stable Aa2 Stable Jakob Magnussen UNDERWEIGHT
Steen & Strom As BBB+ Stable Ola Heldal
Stena Ab BB Stable B2 Stable Niklas Ripa MARKET WEIGHT
Stockmann Oyj Abp B+ Stable Mads Rosendal
Stolt-Nielsen Ltd BB+ Stable BB Bjørn Kristian Røed
Stora Enso Oyj BB Stable Ba2 Stable WD Mads Rosendal MARKET WEIGHT
Storebrand Bank Asa BBB+ Stable BBB+ Neg Nr T. Hovard / L. Holm
Storebrand Livsforsikring As A- Neg Baa1 Stable T. Hovard / L. Holm
Sunnfjord Energi As BBB- Stable BBB- Jakob Magnussen
Suomen Hypoteekkiyhdistys A- Stable T. Hovard / L. Holm
Svensk Fastighetsfinansiering Ab BBB Stable Louis Landeman
Svenska Cellulosa Ab Sca A- Stable Baa1 Stable Mads Rosendal OVERWEIGHT
Svenska Handelsbanken Ab AA- Neg Aa3 AA- Stable T. Hovard / L. Holm MARKET WEIGHT
Swedavia Ab A- Stable Gabriel Bergin
Swedbank Ab A+ Neg A1 A+ Pos T. Hovard / L. Holm MARKETWEIGHT
Swedish Match Ab BBB Stable Baa2 Stable Brian Børsting OVERWEIGHT
Sydbank A/S Baa T. Hovard / L. Holm OVERWEIGHT
Saab Ab BBB+ Stable Wr Emil Hjalmarsson
Tallink Grupp As BB Stable BB- Niklas Ripa
Tdc A/S BBB Neg Baa3 Stable BBB Neg Ola Heldal MARKET WEIGHT
Teekay Offshore Partners Lp BB- Stable B+ Bjørn Kristian Røed
Tele2 Ab BBB Stable Ola Heldal
Telefonaktiebolaget Lm Ericsson BBB+ Stable Baa1 Stable BBB+ Stable Ola Heldal MARKET WEIGHT
18Our coverage and shadow ratings 5 of 5
Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings
Danske Bank S&P Moody's Fitch Analyst(s) Recomm.
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating Outlook
Telenor Asa A Stable A3 Stable Ola Heldal MARKET WEIGHT
Teliasonera Ab A- Stable A3 Neg A- Stable Ola Heldal UNDERWEIGHT
Teollisuuden Voima Oyj BBB Neg Wr BBB Stable Jakob Magnussen OVERWEIGHT
Thon Holding As BBB+ Stable Ola Heldal
Tine Sa BBB+ Stable Ola Heldal
Upm-Kymmene Oyj BB+ Stable Ba1 Stable WD Mads Rosendal MARKET WEIGHT
Vasakronan Ab A- Stable Emil Hjalmarsson
Vattenfall Ab A- Stable A3 Stable A- Neg Jakob Magnussen MARKET WEIGHT
Vestas Wind Systems A/S BBB- Pos Niklas Ripa OVERWEIGHT
Victoria Park Ab BB- Stable B+ Louis Landeman
Source: Standard & Poor's, Moody's, Fitch, Danske Bank Markets
Volvo Ab BBB Neg Baa2 Neg BBB Stable Mads Rosendal MARKET WEIGHT
Wilh Wilhelmsen Asa BBB- Stable Bjørn Kristian Røed
Yit Oyj B Neg Emil Hjalmarsson
19Fixed Income Credit Research team
Thomas Hovard, Chief Analyst Brian Børsting, Senior Analyst Ola Heldal, Senior Analyst
Head of Credit Research Industrials TMT
+45 45 12 85 05 +45 45 12 85 19 +47 85 40 84 33
hova@danskebank.com brbr@danskebank.com olh@danskebank.com
Louis Landeman, Senior Analyst Lars Holm, Senior Analyst Sondre Dale Stormyr, Senior Analyst
TMT, Industrials Financials Offshore Rigs
+46 8 568 80524 +45 45 12 80 41 +47 85 40 70 70
llan@danskebank.com laho@danskebank.dk sost@danskebank.com
Mads Rosendal, Analyst Gabriel Bergin, Analyst Henrik René Andresen, Senior Analyst
Industrials, Pulp & Paper Strategy, Industrials Credit Portfolios
+46 8 568 80594 +46 8 568 80602 +45 45 13 33 27
madro@danskebank.com gabe@danskebank.com hena@danskebank.com
Jakob Magnussen, Senior Analyst Niklas Ripa, Senior Analyst Øyvind Mossige, Senior Analyst
Utilities, Energy High Yield, Industrials Oil Services
+45 45 12 85 03 +45 45 12 80 47 +47 85 40 54 91
jakja@danskebank.com niri@danskebank.com omss@danskebank.com
Knut-Ivar Bakken, Senior Analyst Bjørn Kristian Røed, Senior Analyst Emil Hjalmarsson, Senior Analyst
Fish Farming Shipping Real Estate, Construction
+47 85 40 70 74 +47 85 40 70 72 +46 8 568 80634
knb@danskebank.com bred@danskebank.com emih@danskebank.com
20Disclosures
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.
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