Danske Markets FICC Research

Research coverage

How to subscribe to Research

How to request client login to restricted Research

November 2016

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Research – where to find us

Research – open Research websiteEnglish web: danskebank.com/danskeresearchDanish web: danskebank.dk/danskeanalyseRSS: danskemarkets.com/RSS

Exclusive research for Danske Clients* :English web: danskebank.com/danskemarketsresearchDanish web: danskebank.dk/danskemarketsresearchBloomberg: DBDK <GO>

Download iPad app from the App Store* Search for ‘Danske Bank’

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Non-restricted Research

Available on Danske Bank's open website

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Daily morning reports

Markedsnyt is a Danish translation of Danske Daily.

Also available in the Danish home bank under ’Markedskommentarer’

English: Danske Daily includes a brief overnight summary and a list of the coming day’s most important events and key data on the equity, money, foreign exchange and bond markets. Danske Daily may contain specific trading recommendations. The publication is aimed at institutional investors and corporate customers.

A publication on daily developments in fixed income and foreign exchange markets written mainly for the benefit of Swedish companies and investors. The publication is in Swedish.

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Macro – ad hoc research

Research notes are longer ad hoc analysis with financial implications when plausible. Aimed towards a reader with interest in and some knowledge of the economy of the specific country or region, primarily institutional clients, corporate clients and journalists. The comments are in English.

Flash Comments are short ad hoc analysis with financial implications when plausible. Published in conjunction with key data and events. Aimed towards a reader with interest in and some knowledge of the economy of the specific country or region, primarily institutional clients, corporate clients and journalists. The comments are in English.

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Macro - periodcals

Weekly Focus includes a review of the week and a preview on next week’s indicators and economic events, as well as our view of global macro and market themes. Weekly Focus contains the latest economic and financial forecast and is available with financial forecasts in DKK, SEK, and NOK.

The Big Picture is a bi-annual report that spotlights the outlook for the world economy and global economic perspectives. The report also offers our view of the major risks to the global economy . The publication is in English.

Nordic Outlook is a quarterly review of the Nordic economies in English. It also includes a small paragraph about the rest of the world and long-term financial estimates. Nordic Outlook caters to a large group of readers.

Emerging Markets Briefer is a quarterlypublication on the outlook for Emerging Markets. The EM Briefer covers around 23 Emerging Markets and presents Danske Research’s views on Emerging Markets in a short and concise form. The publication also contains forecast for monetary policy in different Emerging Markets as well as FX forecasts. Emerging Markets Briefer is in English.

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Macro – Danish reports

Monthly statistics of the development in Danish house prices nationwide and regional. The statistics are based on actual trading prices with the estate agency chain home and prepared by home and DanskeBank. The report is in Danish.

Monthly statistics of the development in the price of owner-occupied flats in Denmark (region Hovedstadenand region Midtjylland). The statistics are based on actual trading prices with the estate agency chain home and prepared by home and DanskeBank. The report is in Danish.

Quarterly report on the estimated outlook for the personal finances of DanskeBank's average family. The report is based on the Nordic

Outlook and is in Danish.

Monthly statistics on the development of the showing of houses or flats for sale, prepared by home and Danske Bank. The report is in Danish.

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Macro – Danish periodicals

Ugefokus includes a review of the week and a preview on next week’s indicators and economic events, as well as our view of global macro and market themes. Ugefokuscontains the latest economic and financial forecast . The publication is in Danish.

Also available in the Danish home bank under ’Markedskommentarer’

Det Globale Billede is a bi-annual report that spotlights the outlook for the world economy and global economic perspectives. The report also offers our view of the major risks to the global economy. The publication is in Danish.

Nordisk Økonomi is a quarterly review of the Nordic economies . It also includes a small paragraph about the rest of the world and long-term financial estimates. Nordisk Økonomicaters to a large group of readers. The publication is in Danish.

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Restricted research available to client segments:

C&I, Business Banking, Private Banking

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FX Research – periodicals

FX Trends / FX Top Trades is Markets Research’s flagship FX publication focusing on the global foreign exchange markets. The publication is aimed at the professional client and is published three times per year plus once as the ‘FX Top Trades’. The publication is in English.

Provides Markets Research’s official FX forecast on a 1, 3, 6 and 12-month horizon for the G10 FX universe. An introductory text presents the main FX market themes, followed by individual pages on the major FX crosses. The publication is published every month close to the 15th.

Provides an overview of last week’s positioning in the FX and commodities market based on the weekly CFTC data. The reader gets in-depth knowledge of flows and positioning in the FX and Commodities market. Published every Monday morning.

FX Quant Strategy provides a quantitative overview of the FX option market focusing on Scandinavian, G10 and EMEA currencies.

The report is targeted at leveraged funds and currency overlay managers with FX option mandates, but can also provide useful input for trading corporate and institutional clients hedging FX risk via options. Published every two weeks (mid-week). In English.

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FX Research – ad hoc research

FX Strategy, FX Edge and Danske Bank FX Trading Portfolio are ad hoc research notes covering specific issues shaping the FX market published on an ad hoc basis. Often contains a specific FX trading-recommendation. FX Edge notes are aimed at the professional investor who wants an in-depth coverage of the specific topics on the currency markets. The publications are in English.

Position updates on FX Danske Market’s FX trading recommendations. Published when we move or when our profit/loss targets are hit.

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FX – technical research (daily)

Danske Technical Update is published every morning and provides a technical overview of financial markets. The report offers support and resistance levels, trends, moving averages and strategies based on Technical Research. The publication is in English.

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Commodities (not available for US clients)

Research Commodities are longer ad hoc reports of commodities markets The updates are in English. Subscribe to ‘Commodities Research ’.

Commodities Update are short ad hoc analysis of commodities markets The updates are in English. Subscribe to ‘Commodities Research ’.

Outlook and forecasts for the Commodities Marke, in English. Subscribe to ‘Commodities Research ’.

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Yield forecast – periodicals

Monthly update on global and Danish bond yields forecasts. In English

Monthly update on global and Danish bond yields forecasts. In Danish.

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Interest Rate and FX Hedging – periodicals

Danish version of the Market Guide.

The Market Guide is designed for euro-based companies and aims to strengthen corporate processes in relation to financial decision-making.

The Market Guide is published monthly and presents a brief overview of recent developments in - and our outlook for - the financial markets plus our recommendations on interest rate and FX hedging.

The publication is in English.

Swedish version of the Market Guide.

Norwegian version of the Market Guide.

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Interest Rate Strategy

Reading the Markets Norway is an ad hoc publication on Norwegian interest rate market sand focuses on short-term development on the bond markets. Reading the Markets Norway is aimed at the professional investor with an interest in interest rate and bond markets. The publication is in English. In addition strategies are produced on an ad hoc basis.

Reading the Markets Sweden covers issues for Sweden. It is published weekly and focuses on short-term development on the bonds markets. Reading the Markets Sweden is aimed at the professional investor with an interest in interest rate and bonds markets. The publication is in English. In addition strategies are produced on an ad hoc basis.

A quantitative run through of the Swedish Fixed Income market, starting with the Riksbank and Money Markets before moving on to government and mortgage bonds.

Scandi Market Ahead takes a look at the coming week’s events in the Scandinavian countries. The publication is in English.

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Fixed Income- ad hoc

Covered Bond Update is published on ad hoc basis, and describes the recent trends in the European and Scandicovered bond market (for professional investors). In English only.

This publication is published every Friday and gives an overview of ASW spreads in the European and Scandicovered bond universe (for professional investors).

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Fixed Income - periodicals

Government Bonds Weekly describes the recent trends in the European and Scandinavian government bond market (for professional investors). Followed up on an hoc basis by Strategy. In English only.

Danish Mortgage Bonds is published monthly and describes the recent trends in the Danish mortgage bond market. The publication includes our views and strategies for the Danish mortgage bond market and is aimed at professional investors. Moreover Strategies are published on an ad hoc basis. In English.

Realkredit is the Danish version of Danish Mortgage

Bonds. Strategies are published on an ad hoc basis.

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Fixed Income - Handbooks

In this handbook we describe the Danish market for covered bonds with focus on bonds issued according to the "pass-through" principle. We describe the regulation, the various bond types and finally how to trade Danish covered bonds. Ad hoc.

Our Nordic Covered Bond Handbook provides an overview of the Nordic issuers of covered bonds. Ad hoc.

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Credit Research

Company Credit Research –Corporates

Company Updates on Corporates under coverage and themes on Industrials . Ad hoc.

Company Credit Research –Financials

Company Updates on Financials under coverage and themes on Industrials. Ad hoc.

Weekly Credit Update offers a top-down perspective on the credit markets.

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Credit Handbooks

Scandi Handbook - the credit handbook of large and medium-sized corporate and financial credit bond issuers in the Scandinavian region includes company overviews, key credit considerations, liquidity details, current performance drivers and recommendations. Bi-annual.

Scandi High-Yield Handbook -the credit handbook of selected high-yield corporate issuers and issues in the Scandinavian region. Bi-annual.

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Weekly Research Overview

Every Monday morning we summarize all research distributed in the previous week in our Weekly Research

Overview product – one for

English language research

and one for Danish language

research.

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How to subscribe

To subscribe clients to research from Danske Bank Markets, please download the

subscription form

Fill in name, surname, company name, email and country of the client and send the subscription form to Research Support on the mail group DR_editing.

Please note that US-based clients should be subscribed through Danske Bank Inc.

To request password to the restricted Research website, tick the relevant box on the subscription form. Clients will receive a mail with username and password direct.

Username and password is valid for the Danske Bank Markets research website

as well as the Research app for iPad, which can be downloaded from the App Store.

The Research app is not available for android tablets.

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The Danske Bank Markets Research app for iPad gives clients instant access to the Bank’s research product across several asset classes. Our institutional clients can use the app to view reports by our Research team on more than 220 Nordic stocks as well as Fixed Income markets, Currencies, Commodities, Credit and Macro strategy.

The app includes:• the ability to customise easily the contentthat you wish to see on your dashboard,• online and offline access to view our fullresearch offering,• market data from various exchangesincluding stock prices, indices, commodities,currencies and interest rates.

This innovative app is designed to give our institutional clients easy access to our research anytime and anywhere.

Usernames and passwords for the app are identical to logins for our relevant research websites. Institutional clients should contact their sales representative forassistance.)

Danske Bank Research app for iPad