Weekly Credit Update - Danske Bank9 January 2015 Weekly Credit Update Important disclosures and...
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9 January 2015 Weekly Credit Update Important disclosures and certifications are contained from page 20 of this report. Analyst Ola Heldal +47 8 540 8433 [email protected] Analyst Mads Rosendal +46 8 568 80594 [email protected]
Transcript of Weekly Credit Update - Danske Bank9 January 2015 Weekly Credit Update Important disclosures and...
9 January 2015
Weekly Credit Update
Important disclosures and certifications are contained from page 20 of this report.
Analyst Ola Heldal +47 8 540 8433 [email protected]
Analyst Mads Rosendal +46 8 568 80594 [email protected]
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- Market news
- Company news
- Trade ideas
Contents
- Chart pack
- List of official and shadow ratings and recommendations
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Sources: Bloomberg, Danske Bank Markets (both charts)
What’s on our mind - General credit market news
• European credit indices were drifting wider at the beginning of this week on the back of a very volatile week in equity markets combined with Brent crude breaching the USD50/bl level for the first time since 2009. However, indices ground tighter towards the end of the week and are looking to close more or less unchanged from the start of the week.
• It was a quiet start to the new year in both the secondary and primary markets but the new issue market reopened at the end of this week with several issues in the senior financials space.
• Overall, it was a very quiet but volatile start to the new year and we
expect activity to pick up in coming weeks.
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BUY SASSS 2017 outright Attractive absolute value – supported by adequate liquidity
• SAS recently released its Q4 13/14 report. Although it posted results that were slightly worse than expected, we believe it was supportive from a credit perspective. This reflects the following.
• SAS has sufficient liquidity, in our view, to handle debt maturities to end-FY 2018. Cash and cash equivalents were SEK7.4bn at end-2013/14. Debt maturities to end-FY 2018 are around SEK6.6bn.
• Cash flow from operations was solid, with SEK0.8bn in Q4 13/14 and SEK1.1bn for FY 2013/14. With limited capex for the coming years (SEK1bn expected in 2014/15) and financing secured for most aircraft deliveries in 2015-17, we expect SAS to be free cash flow positive in the years to come – and to be able to maintain adequate liquidity.
• We believe the SAS 2017 offers an attractive absolute return. SAS AB is rated B-/S with adequate liquidity. Due to the significant amount of pledged assets, we estimate the bond rating at CCC+/CCC.
• SAS has hedged 43% of fuel consumption for the next 12 months. The positive impact is offset by a weaker SEK versus the USD but we estimate a positive net impact of SEK1.0-1.3bn for 2014/15. We expect the cost relief to support the bond valuation.
Brian Børsting +45 45 12 85 19 [email protected]
Niklas Ripa +45 45 12 80 47 [email protected]
SASSS 9 17
CCC
B-
0
100
200
300
400
500
600
700
800
900
1000
0 2 4 6 8 10 12
Indicative SEK-equivalent ASW spread
Years to maturity
0
500
1000
1500
2000
2500
20
15
20
16
20
17
20
18
20
19
20
20
20
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Debt maturity profile, SEKm
Note: As of 31 October 2014, SAS’s financial year runs from
November to October; hence, SAS AB 2017 bond expires in SAS’s
financial year 2018; SAS AB 17 is a callable bond with first call 26
August 2016 @102.25, curve swapped to SEK
Source: Bloomberg, SAS AB, Danske Bank Markets (both charts)
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SELL ATCOA2019 2.625% – BUY ATCOA2023 2.500% The Atlas Copco 2019’s trade too tight for the rating, in our view
• The Atlas Copco 2019s trade tighter than the average ‘A+’ rated
EUR corporate. We suggest going further out on the curve and buying the Atlas Copco 2023s to get more value out of a fairly tight name. Alternatively, investors can sell 5YR protection on Atlas Copco for an even greater pickup relative to the cash curve.
• Atlas Copco has best-in-class low operational leverage as witnessed by its very strong margin protection in 2009.
• Atlas Copco is exposed to oil and gas E&P capex spending. However, as its exposure is fairly well distributed over the entire oil and gas E&P value chain, downside to new orders in 2015 as a result of the lower oil price should be fairly limited, in our view.
• Having added substantial amounts of debt to its balance sheet with the acquisition of Edwards group in 2014, we view the risk of large-scale M&A as limited in Atlas Copco. Our base case is that Atlas Copco continues with smaller bolt-on acquisitions in the first half of 2015.
• The key risk to the case is, in our view, a further decline in demand from the mining segment in 2015.
Brian Børsting +45 45128503 [email protected]
Mads Rosendal +46 8 568 80594 [email protected]
ATCOA CDS EUR SR 5Y
ATCOA '23 (A/A2)
ATCOA '19 (A/A2)
-10
0
10
20
30
40
50
60
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Indicative ASW offer
(bps)
EUR bonds - Investment Grade
Industrials: BBB+
Industrials: A+
Industrials: A
ATCOA '23 (A/A2)
ATCOA '19 (A/A2)
0,0
0,5
1,0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Indicative YTM offer (%)
EUR bonds - Investment Grade
Euro Swap yield
curve
A+/A/A-
* Benchmarked against a sample of highly liquid EUR corporate issues
(minimum size: EUR500m, TTM:1Y-10Y)
Source: Bloomberg (<SRCH>GO), Danske Bank Markets (both charts)
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Recent trade ideas
See the end of this presentation for a list of our coverage including shadow ratings and recommendations
Type Trade Idea
Opened 18 dec 2014
Start spread 807
Opened 18 dec 2014
Start spread 16
Opened 27 nov 2014
Start spread 72
Opened 25 nov 2014
Start spread 640
Opened 19 nov 2014
Start spread 450
Opened 18 nov 2014
Start spread 2
Opened 13 nov 2014
Start spread 115
Opened 24 okt 2014
Start spread 126
Outright SAABAB '19 Trading wider than the ‘BBB+’ shadow rating would imply
Curve spread Swith from STENA '19 to
STENA '20
Stena 2020 cheap compared with overall Stena credit curve and the Stena 2019 bond.
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 seems priced in already
Outright VLVY' 17 or VLVY'19 We see the VLVY cash curve as attractively valued and an (uncertain) downgrade is more than priced in to spreads
Outright NYNAAB '18 NYNAAB '18's, which we see as 'B+' indicatively trade way too cheap relative to the industrial 'B+' curve
Outright COMHSS '19 COMHSS '19 looks cheap compared to other rated and unrated issues in SEK. Trades like a B+, but is officially rated BB-
Outright SASSS '17 We believe the SAS 2017 offers an attractive absolute value – supported by adequate liquidity
Curve spread Switch from ATCOA '19 to
ATCOA '23
The Atlas Copco 2019s trades tighter than the average ‘A+’ rated EUR corporate. Go out the curve and buy the '23s
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Company news from the past week
Name News Implication
Vestas
Vestas upgraded its free cash flow expecations to EUR850m for FY 2014 (earlier guidance EUR400-700m) mainly driven by better than improved working capital. We maintain our BBB- rating on the name. The upgrade should only moderately impact credit spreads due to the very short maturity of the outstanding March 2015 bond.
Credit positive
Tallink
On Monday the 5th of January Tallink reported passenger and freight numbers for Q4 2014 and
December 2014. During the quarter the overall number of passengers, passenger cars and cargo units
declined 4.5% y/y, 1.7% y/y and 1.2% y/y respectively. Some of the decline in the passenger numbers
may be explainable by scheduled maintenance of one of the ferries on the Finland-Sweden route, but
the company did not provide any details in this respect. We therefore cautiously note that the
declining passenger numbers are not encouraging. The release also showed relatively strong cargo
numbers on the important Estonia-Finland route (+8.2% y/y) and the Estonia-Sweden route (+8.2% y/y)
during Q4 14, although this development did not compensate for the declines in cargo experienced on
the Finland-Sweden (-8,9%y/y) and Latvia Sweden (-58,8% y/y) routes during the quarter. However, the
overall number of cargo units actually increased towards the end of the year witnessed by a 2.8% y/y
overall increase during December 2014 – again driven by the development on the Estonia-Finland
route. The company did not release any preliminary earnings or cash flow numbers, but the overall
passenger and cargo trends point to the risk of moderately declining cash flows for 2014 versus 2013,
despite an expected moderately positive effect from lower bunker fuel prices. In our view the overall
release should be viewed as slightly credit negative. We maintain our issuer shadow rating of ‘BB‘ and
issue rating of ‘BB-‘ on the TALLNK 18’s for the time being, but stresses that we could see moderately
wider spreads following the release.
Credit negative
Akelius Residential
We currently have Akelius Residential at BB+ with positive outlook, with its bonds one notch lower. The announced revised financial policy is very positive as it confirms the company's commitment to a strong balance sheet and solid liquidity position, bringing the financial risk profile of Akelius in line with the requirements for an investment-grade rating. We will publish a credit update on Akelius in conjunction with the release of Q4 earnings where we will also take the revised financial policy into consideration. Note that with a more conservative financial policy this could also impact our decision of notching / not notching down the company's senior unsecured bonds.
Credit positive
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Source: Danske Bank Markets
Selected new issues
• The new issue market was quiet at the beginning of the week but reopened on Wednesday. Selected new issues
Date Issuer Coupon CCY Volume Maturity S&P / Mdy / Fitch ASW/DM
07-01-2015 Abbey Natl Treasury Serv 1,125% EUR 1 500 m Jan-22 / A2e / Ae 6507-01-2015 Rabobank Nederland EUR003M +19bps EUR 2 500 m Jan-17 / Aa2e / AA-e 1908-01-2015 Bnp Paribas EUR003M +40bps EUR 750 m Jan-20 / A1e / A+e 4008-01-2015 Lloyds Bank Plc 1,25% EUR 1 000 m Jan-25 / / 5508-01-2015 Volkswagen Intl Fin Nv EUR003M +30bps EUR 1 000 m Jul-18 / A3e / 3008-01-2015 Volkswagen Intl Fin Nv 0,875% EUR 1 000 m Jan-23 / A3e / 4008-01-2015 Volkswagen Intl Fin Nv 1,625% EUR 1 000 m Jan-30 / A3e / 65
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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 return, 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)
Nordic financial and non-financial corporates (IG) vs iTraxx
Euro vs US HY bond indices (Merrill Lynch)
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Chart pack: general market development European swap and government yields
Source: Macrobond Financial, Danske Bank Markets [all charts]
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
Source: Macrobond Financial, Danske Bank Markets [all charts]
Sweden, net sales
US, net sales
Norway, net sales
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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 managers’ indices
Euro area lending standards
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Our coverage and shadow ratings 1 of 5
Analyst(s)
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookAhlstrom Oyj B+ Stable Mads RosendalAkelius Residential Ab BB+ Pos BB Louis LandemanAmbu A/S BBB- Stable Jakob MagnussenAp Moeller - Maersk A/S BBB+ Stable Baa1 Stable Brian Børsting BUYArla Foods Amba BBB+ Stable Mads RosendalAtlas Copco Ab A Stable A2 Stable Mads Rosendal SELLAvinor As AA- Stable A1 Stable Ola Heldal HOLDBank 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 Stable BBB Stable Brian Børsting SELLCermaq 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 Neg T. Hovard / L. Holm HOLDDong Energy A/S BBB+ Stable Baa1 Stable BBB+ Stable Jakob Magnussen HOLDDsv 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 HOLDElenia Oy Jakob Magnussen BUYElisa Oyj BBB Pos Baa2 Stable Ola Heldal BUYEntra Eiendom As A- Stable Ola Heldal
Recomm.Danske Bank S&P Moody's Fitch
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Our coverage and shadow ratings 2 of 5
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 BUYFinnair Oyj BB Stable Brian BørstingFortum Oyj A- Neg A2 Neg A- Neg Jakob Magnussen SELLFortum Varme Holding Samagt Med Stockholms Stad Ab BBB+ Stable Jakob MagnussenFred Olsen Energy Asa BB+ Neg Sondre StormyrG4S Plc BBB- Stable Brian Børsting BUYGetinge 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 BUYIss A/S BBB- Stable Brian Børsting HOLDJ Lauritzen A/S B Stable B- Bjørn Kristian RøedJernhusen Ab A- Stable Gabriel BerginJyske Bank A/S A- Stable Baa1 Neg Thomas M. Hovard BUYKesko 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 B+ Pos B1 Pos Mads RosendalMetso Oyj BBB Stable Baa2 Stable Mads Rosendal HOLDNcc Ab BBB- Stable Louis LandemanNeste Oil Oyj BBB- Stable Jakob Magnussen HOLDNokia Oyj BB Pos Ba2 Pos BB Stable Ola Heldal HOLDNokian Renkaat Oyj BBB+ Stable Jakob MagnussenNordea Bank Ab AA- Neg Aa3 Neg AA- Stable T. Hovard / L. Holm SELL
Recomm.Danske Bank S&P Moody's Fitch
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Our coverage and shadow ratings 3 of 5
Analyst(s)
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookNorwegian Air Shuttle Asa BB- Stable B+ Brian BørstingNorwegian Property Asa BBB- Stable Ola HeldalNykredit Bank A/S A+ Neg Baa2U Stable A Stable T. Hovard / L. Holm HOLDNynas 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 SELLPosten 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 HOLDSandnes Sparebank BBB+ Stable T. Hovard / L. HolmSandvik Ab BBB Neg Mads Rosendal HOLDSas Ab B- Stable Wr Stable Brian BørstingSbab Bank Ab A Neg A2 Neg T. Hovard / L. Holm HOLDScania Ab A- Stable Mads Rosendal HOLDSchibsted Asa BBB Stable Ola HeldalSeadrill Ltd BB+ Stable BB Sondre StormyrSecuritas Ab BBB Stable Wr Brian Børsting HOLDSkandinaviska Enskilda Banken Ab A+ Neg A1 Neg A+ Pos T. Hovard / L. Holm BUYSkanska Ab BBB+ Stable Louis LandemanSkf Ab BBB+ Neg Baa1 Stable Mads Rosendal SELLSognekraft 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 Lars HolmSparebank 1 Nord Norge A2 Neg A Stable T. Hovard / L. Holm HOLD
Recomm.Danske Bank S&P Moody's Fitch
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Our coverage and shadow ratings 4 of 5
Analyst(s)
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookSparebank 1 Smn A2 Neg A- Stable T. Hovard / L. Holm HOLDSparebank 1 Sr-Bank Asa A2 Neg A- Stable T. Hovard / L. Holm HOLDSponda Oyj BBB- Stable Louis LandemanSt1 Nordic Oy BB Stable Jakob MagnussenStatkraft Sf A- Stable Aaa Stable Jakob Magnussen BUYStatnett Sf A+ Stable Wr Stable Jakob Magnussen HOLDStatoil Asa AA- Stable Aa2 Stable Jakob Magnussen SELLSteen & Strom As BBB+ Stable Ola HeldalStena Ab BB Stable B2 Stable Niklas Ripa BUYStockmann Oyj Abp B+ Stable Mads RosendalStolt-Nielsen Ltd BB+ Stable BB Bjørn Kristian RøedStora Enso Oyj BB Stable Ba2 Stable WD Mads Rosendal HOLDStorebrand Bank Asa BBB+ Stable BBB+ Neg Baa2 Neg T. Hovard / L. HolmSuomen Hypoteekkiyhdistys A- Stable T. Hovard / L. HolmSwedavia Ab A- Stable Gabriel BerginSwedbank Ab A+ Neg A1 Neg A+ Pos T. Hovard / L. Holm BUYSwedish Match Ab BBB Stable Baa2 Stable Brian Børsting HOLDSvensk Fastighetsfinansiering Ab BBB Stable Louis LandemanSvenska Cellulosa Ab Sca A- Stable Baa1 Stable Mads Rosendal BUYSvenska Handelsbanken Ab AA- Neg Aa3 Neg AA- Stable T. Hovard / L. Holm HOLDSydbank A/S Baa1 Neg T. Hovard / L. Holm BUYTallink Group As BB Stable BB- Niklas RipaTdc A/S BBB Neg Baa3 Stable BBB Stable Ola Heldal HOLDTeekay Offshore Partners Lp BB- Stable B+ Bjørn Kristian RøedTele2 Ab BBB Stable Ola HeldalTelefonaktiebolaget Lm Ericsson BBB+ Stable Baa1 Stable BBB+ Stable Ola Heldal HOLDTelenor Asa A Stable A3 Stable Ola Heldal HOLDTeliasonera Ab A- Stable A3 Neg A- Stable Ola Heldal SELLTeollisuuden Voima Oyj BBB Neg Wr BBB Stable Jakob Magnussen BUYThon Holding As BBB+ Stable Ola HeldalTine Sa BBB+ Stable Ola HeldalUpm-Kymmene Oyj BB+ Stable Ba1 Stable WD Mads Rosendal HOLD
Recomm.Danske Bank S&P Moody's Fitch
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Our coverage and shadow ratings 5 of 5
Source: Standard & Poor's, Moody's, Fitch, Danske Bank Markets
Analyst(s)
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookVasakronan Ab A- Stable Louis LandemanVattenfall Ab A- Stable A3 Stable A- Neg Jakob Magnussen HOLDVestas Wind Systems A/S BBB- Pos Niklas Ripa BUYVictoria Park Ab BB- Stable B+ Louis LandemanWilh Wilhelmsen Asa BBB- Stable Bjørn Kristian RøedVolvo Ab BBB Neg Baa2 Neg BBB Stable Mads Rosendal HOLD
Recomm.Danske Bank S&P Moody's Fitch
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Fixed Income Credit Research team Thomas Hovard, Chief Analyst Head of Credit Research +45 45 12 85 05 [email protected]
Louis Landeman, 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, 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, Analyst Shipping +47 85 40 70 72 [email protected]
Ola Heldal, Analyst TMT +47 85 40 84 33 [email protected]
Sondre Dale Stormyr, Analyst Offshore Rigs +47 85 40 70 70 [email protected]
Henrik René Andresen, Analyst Credit Portfolios +45 45 13 33 27 [email protected]
Øyvind Mossige, Senior Analyst Oil Services +47 85 40 54 91 [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’).
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.
Regulation
Danske Bank is authorised and subject to regulation by the Danish Financial Supervisory Authority and is subject to the rules and regulation of the relevant regulators in all other jurisdictions where it conducts business. Danske Bank is subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority (UK). Details on the extent of the regulation by the Financial Conduct Authority and the Prudential Regulation Authority are available from Danske Bank on request.
The research reports of Danske Bank are prepared in accordance with the Danish Society of Financial Analysts’ rules of ethics and the recommendations of the Danish Securities Dealers Association.
Conflicts of interest
Danske Bank has established procedures to prevent conflicts of interest and to ensure the provision of high-quality research based on research objectivity and independence. These procedures are documented in Danske Bank’s research policies. Employees within Danske Bank’s Research Departments have been instructed that any request that might impair the objectivity and independence of research shall be referred to Research Management and the Compliance Department. Danske Bank’s Research Departments are organised independently from and do not report to other business areas within Danske Bank.
Research analysts are remunerated in part based on the overall profitability of Danske Bank, which includes investment banking revenues, but do not receive bonuses or other remuneration linked to specific corporate finance or debt capital transactions.
Danske Bank, its affiliates and subsidiaries are engaged in commercial banking, securities underwriting, dealing, trading, brokerage, investment management, investment banking, custody and other financial services activities, may be a lender to the companies mentioned in this publication and have whatever rights are available to a creditor under applicable law and the applicable loan and credit agreements. At any time, Danske Bank, its affiliates and subsidiaries may have credit or other information regarding the companies mentioned in this publication that is not available to or may not be used by the personnel responsible for the preparation of this report, which might affect the analysis and opinions expressed in this research report.
See http://www-2.danskebank.com/Link/researchdisclaimer for further disclosures and information.
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