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Weekly Credit Update
19 December 2014
Analyst
Gabriel Bergin
+46 8 568 80602
[email protected]
Analyst
Mads Rosendal
+46 8 568 80594
[email protected]
Important disclosures and certifications are contained from page 22 of this report.
Contents
- Market news
- Trade ideas
- Company news
- Chart pack
- List of official and shadow ratings and recommendations
2
What’s on our mind
- general credit market news
• In terms of iTraxx indices, this week is looking to close tighter than
last week, despite an intra-week peak of 10bp higher. The increased
volatility is in line with what happened for most risk assets as the
rouble weakening intensified on Tuesday after the oil price reached a
new recent record low.
• On Wednesday, we published our Credit outlook for 2015. Ín this
year’s edition you will find, apart from 14 sector comments with
updated valuation, a special section on the effects of the lower oil
price on Nordic credits and an update on Nordic default rates. Top
picks for the coming months were also identified (in order of
increasing risk/reward) as TVO, Volvo hybrid '23, SEB CoCo and
Nynas.
• Finally, we would like to wish all of you Happy Holidays and a Happy
New Year, as this is our last Weekly Credit Update for the year. See
you again in 2015.
Source: Bloamberg, Danske Bank Markets
3
Brian Børsting
+45 45 12 85 19
[email protected]
BUY SASSS 2017 outright
– Attractive absolute value – supported by adequate liquidity
•
SAS has just released its Q4 13/14 report. Although it
posted a result that was slightly worse than expected, we
believe it was supportive from a credit perspective. This
reflects the following:
•
•
•
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.
1000
900
SASSS 9 17
800
700
CCC
B-
600
500
400
300
200
100
0
0
2
4
6
8
10
12
Years to
maturity
Debt maturity profile, SEKm
2500
2000
1500
1000
500
0
2021
2020
2019
2018
2017
2016
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
SEK1-1.3bn for 2014/15. We expect the cost relief to
support the bond valuation.
Indicative SEK-equivalent ASW spread
2015
•
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 endFY 2018 are around SEK6.6bn.
Niklas Ripa
+45 45 12 80 47
[email protected]
Note: As of 31 October 2014.; SAS financial year from November to
October; hence, SAS AB 2017 bond expires in SAS 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)
4
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
the curve and to buy 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 pick-up 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 & Gas E&P capex
spending. However, since its exposure is fairly well
distributed over the entire Oil & 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.
Key risk for the case is, in our view, a further decline in
demand from the Mining segment in 2015.
Mads Rosendal
+46 8 568 80594
[email protected]
Indicative
ASW offer
(bps)
60
EUR bonds - Investment Grade
Industrials: BBB+
50
40
Brian Børsting
+45 45128503
[email protected]
ATCOA CDS EUR
SR 5Y
Industrials: A+
Industrials: A
ATCOA '23
(A/A2)
30
20
10
0
2014
ATCOA '19
(A/A2)
2015
2016
2017
2018
2019
2020
2021
2022
2023
-10
Indicative
YTM offer (%)
EUR bonds - Investment Grade
1,0
Euro Swap yield
curve
ATCOA '23
(A/A2)
A+/A/A-
0,5
ATCOA '19
(A/A2)
0,0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Source: Bloomberg (<SRCH>GO) and Danske Bank Markets
* Benchmarked against a sample of highly liquid EUR corporate issues
(min size: EUR500m, TTM:1yr-10yrs)
5
Recent trade ideas
Type
Outright
Trade
SASSS '17
Idea
We believe the SAS 2017 offers an attractive absolute
value – supported by adequate liquidity
Opened
Start spread
Curve spread
Switch from ATCOA '19 to
ATCOA '23
Outright
VLVY' 17 or VLVY'19
Outright
NYNAAB '18
The Atlas Copco 2019s trades tighter than the average
‘A+’ rated EUR corporate. Go out the curve and buy the
'23s
We see the VLVY cash curve at attractively valued and
an (uncertain) downgrade is more than priced in to
spreads
NYNAAB '18's, which we see as 'B+' indicatively trade
way too cheap relative to the industrial 'B+' curve
Opened
Start spread
Opened
Start spread
Opened
Start spread
Curve spread
Switch from SKFBSS '19 to
SKFBSS '18 or '20
Outright
SAABAB '19
COMHSS '19 looks cheap compared to other rated and
unrated issues in SEK. Trades like a B+, but is officially
rated BBSKF’s 2020s and 2018s offer attractive value relative to
the rating (‘BBB+’ NO and ‘Baa1’ S) Downgrade seems
priced in already
Trading wider than the ‘BBB+’ shadow rating would imply
Swith from STENA '19 to
STENA '20
Stena 2020 cheap compared with overall Stena credit
curve and the Stena 2019 bond.
Outright
COMHSS '19
Opened
Start spread
Opened
Start spread
Opened
Start spread
Curve spread
Opened
Start spread
18 dec 2014
807
18 dec 2014
16
27 nov 2014
72
25 nov 2014
640
19 nov 2014
450
18 nov 2014
2
13 nov 2014
115
24 okt 2014
126
See the end of this presentation for a list of our coverage including shadow ratings and recommendations
Source: Danske Bank Markets
6
Company news from the past week
Name
News
Stora Enso
Hoist Finance
Stora Enso is to divest a specialty and coated paper mill in Germany with a production capacity.
This is a relatively small deal, Stora will book a non-recurring loss of EUR30m in Q4 but receive a
cash gain of EUR7m either in Q1 or Q2 15. The sale will reduce Stora Enso's revenues by
EUR155m. Stora Enso has long been looking for a buyer so the sale is not a surprise as it fits into
Stora Enso's strategy of reducing its graphic paper exposure.
Hoist Finance has acquired a "landmark" portfolio in Italy. So most likely a relatively large
acquisition, though in line with stated strategy and the geography not surprising given acq of
Italian servicer TRC in July. Hoist also announced a rights issue of SEK100m among existing
shareholders, probably to stabilise capital ratios after the acquisition. Difficult to estimate exactly
where they end up post transactions, but at face value credit neutral - we expect Hoist to continue
acquire portfolios and at the same time to defend a certain buffer to minimum regulatory capital.
Implication
Credit positive
Credit neutral
TVO
According to Finnish media, Areva confirms that the OL3 reactor they are building for TVO (BUY)
will be ready for commercial use in 2018. If true, this is a key positive for TVO. Their bonds have
been hammered in recent months due to increased fears over Areva not being able/willing to
complete the reactor on time because of the company's downturn. Encouragingly, Areva/Siemens
note that they expect to be finished already by 2016, after which years of testing will be on the
agenda. If this story holds merit it should be spread positive for TVO.
Credit positive
Outokumpu
According to Bloomberg EU has ordered customs to register stainless steel imports from China
and Taiwan. This is in order to make it possible to impose import tariffs retroactively for these
volumes, in case the ongoing anti-dumping investigations lead to duties. Should lead to declining
import volumes of stainless steel into Europe in Q1'15. Positive for Outokumpu, supporting our
view that the European stainless market will pick up after weak Q4. From a credit perspective we
still see risks from the delay and technical issues in the US plant, but the news shows that the EU
is willing to take a stance against what is most likely highly subsidized imports from China and
Taiwan so overall positive for the credit story.
Credit positive
Source: Danske Bank Markets
7
Company news from the past week
Name
News
SAS
Stockmann
Volvo
Q4 result slightly worse than expected - but SEK0.8bn in operating cash flow is solid. No drama
regarding the Q4 result. Net debt is SEK 1.1bn. Financial short tem debt SEK2.5bn - cash and cash
equivalents SEK7.4bn - and on top of that unutilized credit facililities of SEK2.4bn. SAS expects
positive pre-tax profit in 14/15 (but we heard that before!). Most assets already pledged so
operations has to be profitable going forward. This is difficult due to fierce low cost competition.
However short term liquidity is adequate. SAS has hedged 43% of expected fuel consumption for
the next 12 months (with around 80% hedged for the next 6 months. SAS is rated B-/S. We
believe the Q4 report will support short term sentiment regarding SAS bonds - sufficient liquidity
and lower fuel costs should make SAS profitable in 2014/15.
Stockmann to downsize or withdraw Hobby Hall, Stockmann Beauty, Seppala businesses. Only the
best performing stores of Seppala is to remain and about 70 jobs will be cut as a part of the new
strategy. Further the Lindex unit plans to enter the Chinese market at some point in the near
future. Stockmann has had a tough couple of quarters being hit by a double whammy of the falling
rouble in its Russian division (17% of revenues) and declining demand in Finland. Its Lindex unit in
Sweden has performed to a satisfactory level but not been able to mitigate decline in other units.
Truck deliveries fell 10% y/y in November. On a regional basis November deliveries declined by
16% in South America due to lower deliveries in Brazil. Deliveries in Europe declined by 31%, as a
result of high deliveries in 2013. Deliveries in North America increased by 21% in November
thanks to a continuously high demand due to fleet renewal and a good economic development in
general. In Asia deliveries increased 10%. Key take aways are the many regional differences in
deliveries, but highlights the strength of being geographically diversified. A decline in deliveries is
not positive for the case but Volvo becoming a more lean organization is still the key driver from a
credit perspective. We maintain our BUY recommendation on the name
Source: Danske Bank Markets
Implication
Credit positive
Credit positive
Credit neutral/negative
8
Company news from the past week
Name
News
St1 Nordic
Victoria Park
SCA
St1 Nordic has today announced that it will purchase Shell Norway’s downstream fuel retail
network. St1 will also be launching an aviation fuel JV with Shell in Norway. The transaction is
expected to close in H2 2015 pending competition authorities approval. Before this transaction,
St1 only had a minor share of the Norwegian fuel & diesel retail market (below 4%). With Shell’s
around 400 stations, we estimate that St1 will take its market share to roughly 45%.
Overall this transaction will improve St1’s Nordic geographical diversification as the Group now
has meaningful presence in all 4 Nordic countries. We suspect, however, that the acquisition price
(not disclosed) could potentially force St1 Nordic to do new primary market funding. This, coupled
with integration risk of the new assets could put some pressure on St1 Nordic’s bonds.
Yesterday the company announced the acquisition of a property portfolio in Gothenburg for
SEK925m. This will increase leverage somewhat further but management confirms a
commitment to the financial policy of maintaining a debt to assets ratio of below 70% (end
Q3:65%). Since end Q3 the company has also carried out some minor asset sales
France’s autorite de la concurrence fines 11 companies a total of EU951.2m over price-fixing of
cleaning and hygiene products, according to website statement. Between 2003 and 2006 co.s
coordinated business policy related to large retailers and planned price increases, regulator says.
SCA tissue was among the companies fined. It must now pay EUR45m or about SEK425m to the
French authorities.
Source: Danske Bank Markets
Implication
Credit negative
Credit neutral
Credit neutral/negative
9
Selected new issues
•Very calm on the new issue front as the Christmas holidays are near and volatility is high.
Selected new issues
Date
2014-12-18
2014-12-16
Issuer
Jpmorgan Chase & Co
Kfw
Coupon
0.837%
EUR003M +-9bps
CCY Volume
Maturity
S&P / Mdy / Fitch ASW/DM
SEK 3 000 m 2017-12-22
A / A3e / A+e
EUR 2 000 m 2020-03-23 AAA / Aaae / AAAe
Source: Bloomberg, Informa Global Markets och Danske Bank Markets
Source: Danske Bank Markets
10
Chart 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, Danske Bank Markets [all charts]
11
Chart pack: Relative value
iTraxx vs iBoxx
Nordic fin and non-fin corporates (IG) vs iTraxx
Euro vs US CDS indices - IG (Markit)
Euro vs US HY bond indices (Merrill Lynch)
Source: Bloomberg, Macrobond, Danske Bank Markets [all charts]
12
Chart pack: General market development
European swap and government yields
3m TED-spread, US & Euro Area
Euro swap curve spread
Euro/USD basis swaps
Source: Macrobond, Danske Bank Markets [all charts]
13
Chart pack: Fund flows
Europe, net sales
US, net sales
Sweden, net sales
Norway, net sales
Source: Macrobond, Danske Bank Markets [all charts]
14
Chart pack: Macro
GDP y/y growth, calendar adjusted
Purchasing Manager’s Indices
Euro area y/y chg in bank lending
Euro area lending standards
Source: Macrobond, Danske Bank Markets [all charts]
15
Our coverage and shadow ratings 1 of 5
Company
Ahlstrom Oyj
Akelius Residential Ab
Ambu A/S
Ap Moeller - Maersk A/S
Arla Foods Amba
Atlas Copco Ab
Avinor As
Bank 1 Oslo Akershus As
Bank Norwegian As
Beerenberg Holdco Ii As
Bw Offshore
Cargotec Oyj
Carlsberg Breweries A/S
Cermaq Asa
Citycon Oyj
Color Group As
Com Hem Holding Ab
Danfoss A/S
Danske Bank A/S
Dfds A/S
Dlg Finance As
Dna Ltd
Dnb Bank Asa
Dong Energy A/S
Dsv A/S
Eg Holding
Eika Boligkreditt As
Eika Gruppen As
Electrolux Ab
Elisa Oyj
Entra Eiendom As
Farstad Shipping Asa
Rating
B+
BB+
BBBBBB+
Danske Bank
Outlook Sr. Unsec
Stable
Pos
BB
Stable
Stable
Stable
Stable
Stable
Stable
BB
Stable
BB-
Stable
BBB
B
ABBB
ABB
Moody's
Rating Outlook
BBB+
Stable
Baa1
Stable
A
AA-
Stable
Stable
A2
A1
Stable
Stable
Baa2
Stable
Fitch
Rating Outlook
Stable
BBB+
BBB
B+
BB+
BBB-
BB+
BBBBB-
S&P
Rating Outlook
BBB
Stable
Baa2
Stable
BBBBB
A
Stable
Stable
Neg
A3
Stable
BBB
Stable
A
Stable
B+
Stable
Stable
Stable
A+
BBB+
Stable
Stable
A1
Baa1
Neg
Stable
BBB
BBB
Stable
Pos
Wr
Baa2
Stable
BBB+
Stable
Stable
Stable
Stable
Stable
Neg
BB-
WD
Stable
Analyst(s)
Mads Rosendal
Louis Landeman
Jakob Magnussen
Brian Børsting
Mads Rosendal
Mads Rosendal
Ola Heldal
T. Hovard / L. Holm
T. Hovard / L. Holm
Øyvind Mossige
Øyvind Mossige
Mads Rosendal
Brian Børsting
Knut-Ivar Bakken
Louis Landeman
Niklas Ripa
Ola Heldal
Jakob Magnussen
Niklas Ripa
Mads Rosendal
Ola Heldal
T. Hovard / L. Holm
Jakob Magnussen
Brian Børsting
Jakob Magnussen
T. Hovard / L. Holm
T. Hovard / L. Holm
Brian Børsting
Ola Heldal
Ola Heldal
Øyvind Mossige
Recomm.
BUY
SELL
HOLD
SELL
HOLD
HOLD
HOLD
BUY
16
Our coverage and shadow ratings 2 of 5
Danske Bank
Company
Rating Outlook Sr. Unsec
Fingrid Oyj
Finnair Oyj
BB
Stable
Fortum Oyj
Fortum Varme Holding Samagt Med Stockholms Stad Ab
Fred Olsen Energy Asa
BB+
Neg
G4S Plc
Getinge Ab
BB+
Neg
Golden Close Maritime Corp Ltd
B
Heimstaden Ab
BB
Stable
BBHemso Fastighets Ab
BBB+
Stable
BBB
Hkscan Oyj
BB
Stable
Hoist Kredit Ab
BBStable
B+
Husqvarna Ab
BBBPos
Ikano Bank Ab
BBB
Stable
Investor Ab
Iss A/S
J Lauritzen A/S
B
Stable
BJernhusen Ab
AStable
Jyske Bank A/S
Kesko Oyj
BBB
Stable
Klaveness Ship Holding As
BBStable
B+
Loomis Ab
BBBStable
Luossavaara-Kiirunavaara Ab
BBB+
Stable
Meda Ab
BBStable
Metsa Board Oyj
Metso Oyj
Ncc Ab
BBBStable
Neste Oil Oyj
BBBStable
Nokia Oyj
Nokian Renkaat Oyj
BBB+
Stable
Nordea Bank Ab
North Atlantic Drilling Ltd
BB
Neg
BB-
S&P
Rating Outlook
A+
Stable
Moody's
Rating Outlook
A1
Stable
A2
Neg
Fitch
Rating Outlook
A+
Stable
ABBB+
Neg
Stable
A-
Neg
BBB-
Stable
AABBB-
Stable
Stable
A1
Stable
A-
Stable
Baa1
Neg
B+
BBB
Pos
Stable
B1
Baa2
Pos
Stable
BB
Pos
Ba2
Pos
BB
Stable
AA-
Neg
Aa3
Neg
AA-
Stable
Analyst(s)
Recomm.
Jakob Magnussen
Brian Børsting
Jakob Magnussen
Jakob Magnussen
Sondre Stormyr
Brian Børsting
Louis Landeman
Sondre Stormyr
Louis Landeman
Louis Landeman
Brian Børsting
Gabriel Bergin
Louis Landeman
T. Hovard / L. Holm
Brian Børsting
Brian Børsting
Bjørn Kristian Røed
Gabriel Bergin
Thomas M. Hovard
Mads Rosendal
Bjørn Kristian Røed
Brian Børsting
Louis Landeman
Louis Landeman
Mads Rosendal
Mads Rosendal
Louis Landeman
Jakob Magnussen
Ola Heldal
Jakob Magnussen
T. Hovard / L. Holm
Sondre Stormyr
BUY
SELL
BUY
BUY
HOLD
BUY
HOLD
HOLD
HOLD
SELL
17
Our coverage and shadow ratings 3 of 5
Company
Norwegian Property Asa
Nykredit Bank A/S
Nynas Group
Odfjell Se
Olav Thon Eiendomsselskap Asa
Olympic Shipping As
Orkla Asa
Outokumpu Oyj
Pohjola Bank Oyj
Posten Norge As
Postnord Ab
Prosafe Se
Ramirent Oyj
Saab Ab
Sampo Oyj
Sandnes Sparebank
Sandvik Ab
Sas Ab
Sbab Bank Ab
Scania Ab
Schibsted Asa
Seadrill Ltd
Securitas Ab
Skandinaviska Enskilda Banken Ab
Skanska Ab
Skf Ab
Solstad Offshore Asa
Spar Nord Bank A/S
Sparebank 1 Boligkreditt As
Sparebank 1 Nord Norge
Sparebank 1 Smn
Sparebank 1 Sr-Bank Asa
Rating
BBB-
Danske Bank
Outlook Sr. Unsec
Stable
B+
B+
BBB+
B+
BBB+
B
Stable
Stable
Stable
Stable
Pos
Pos
ABBB+
BB
BB+
BBB+
Stable
Stable
Stable
Stable
Stable
BBB+
Stable
BBB
BB+
Stable
Stable
BBB+
Stable
BBBBB+
A-
Stable
Stable
Stable
S&P
Rating Outlook
Moody's
Rating Outlook
Fitch
Rating Outlook
A+
Neg
Baa2U
Stable
A
Stable
AA-
Neg
Aa3
Neg
A+
Stable
Wr
Baa2
Stable
B+
B
B
BBB
BA
A-
Neg
Stable
Neg
Stable
Wr
A2
Pos
Neg
BBB
A+
Stable
Neg
Wr
A1
Neg
BBB+
Neg
Baa1
Stable
A2
A2
A2
Neg
Neg
Neg
BB
A+
Pos
B+
A
AA-
Stable
Stable
Stable
Analyst(s)
Ola Heldal
T. Hovard / L. Holm
Jakob Magnussen
Bjørn Kristian Røed
Ola Heldal
Øyvind Mossige
Ola Heldal
Mads Rosendal
T. Hovard / L. Holm
Ola Heldal
Gabriel Bergin
Sondre Stormyr
Brian Børsting
Louis Landeman
T. Hovard / L. Holm
T. Hovard / L. Holm
Mads Rosendal
Brian Børsting
T. Hovard / L. Holm
Mads Rosendal
Ola Heldal
Sondre Stormyr
Brian Børsting
T. Hovard / L. Holm
Louis Landeman
Mads Rosendal
Øyvind Mossige
T. Hovard / L. Holm
Lars Holm
T. Hovard / L. Holm
T. Hovard / L. Holm
T. Hovard / L. Holm
Recomm.
HOLD
SELL
HOLD
HOLD
HOLD
HOLD
HOLD
BUY
SELL
HOLD
HOLD
HOLD
18
Our coverage and shadow ratings 4 of 5
Company
Sponda Oyj
St1 Nordic Oy
Statkraft Sf
Statnett Sf
Statoil Asa
Steen & Strom As
Stena Ab
Stockmann Oyj Abp
Stolt-Nielsen Ltd
Stora Enso Oyj
Storebrand Bank Asa
Suomen Hypoteekkiyhdistys
Swedavia Ab
Swedbank Ab
Swedish Match Ab
Svensk Fastighetsfinansiering Ab
Svenska Cellulosa Ab Sca
Svenska Handelsbanken Ab
Sydbank A/S
Tallink Group As
Tdc A/S
Teekay Offshore Partners Lp
Tele2 Ab
Telefonaktiebolaget Lm Ericsson
Telenor Asa
Teliasonera Ab
Teollisuuden Voima Oyj
Thon Holding As
Tine Sa
Upm-Kymmene Oyj
Vasakronan Ab
Vattenfall Ab
Rating
BBBBB
Danske Bank
Outlook Sr. Unsec
Stable
Stable
BBB+
Stable
B+
BB+
Stable
Stable
BBB+
AA-
Stable
Stable
Stable
BBB
S&P
Rating Outlook
Moody's
Rating Outlook
Fitch
Rating Outlook
AA+
AA-
Stable
Stable
Stable
Aaa
Wr
Aa2
Stable
Stable
Stable
BB
Stable
B2
Stable
BB
BBB+
Stable
Neg
Ba2
Baa1
Stable
Neg
WD
A+
BBB
Neg
Stable
A1
Baa2
Neg
Stable
A+
Pos
AAA-
Stable
Neg
Baa1
Aa3
Baa1
Stable
Neg
Neg
AA-
Stable
BBB
Neg
Baa3
Stable
BBB
Stable
BBB+
A
ABBB
Stable
Stable
Stable
Neg
Baa1
A3
A3
Wr
Stable
Stable
Neg
BBB+
Neg
ABBB
Stable
Stable
BB+
Stable
Ba1
Stable
WD
A-
Stable
A3
Stable
A-
BB
Stable
BB
Stable
BB-
BBBBB
Stable
Stable
B+
BBB+
BBB+
Stable
Stable
A-
Stable
Neg
Analyst(s)
Louis Landeman
Jakob Magnussen
Jakob Magnussen
Jakob Magnussen
Jakob Magnussen
Ola Heldal
Niklas Ripa
Mads Rosendal
Bjørn Kristian Røed
Mads Rosendal
T. Hovard / L. Holm
T. Hovard / L. Holm
Gabriel Bergin
T. Hovard / L. Holm
Brian Børsting
Louis Landeman
Mads Rosendal
T. Hovard / L. Holm
T. Hovard / L. Holm
Niklas Ripa
Ola Heldal
Bjørn Kristian Røed
Ola Heldal
Ola Heldal
Ola Heldal
Ola Heldal
Jakob Magnussen
Ola Heldal
Ola Heldal
Mads Rosendal
Louis Landeman
Jakob Magnussen
Recomm.
BUY
HOLD
SELL
BUY
HOLD
BUY
HOLD
BUY
HOLD
BUY
HOLD
HOLD
HOLD
SELL
BUY
HOLD
HOLD
19
Our coverage and shadow ratings 5 of 5
Company
Vestas Wind Systems A/S
Victoria Park Ab
Wilh Wilhelmsen Asa
Volvo Ab
Yit Oyj
Rating
BBBBBBBB-
Danske Bank
Outlook Sr. Unsec
Pos
Stable
B+
Stable
S&P
Rating Outlook
BBB
B
Neg
Neg
Moody's
Rating Outlook
Baa2
Neg
Fitch
Rating Outlook
BBB
Stable
Analyst(s)
Recomm.
Niklas Ripa
Louis Landeman
Bjørn Kristian Røed
Mads Rosendal
Louis Landeman
BUY
HOLD
Source: Standard & Poor's, Moody's, Fitch, Danske Bank Markets
20
Fixed Income Credit Research team
Thomas Hovard, Chief Analyst
Head of Credit Research
+45 45 12 85 05
[email protected]
Brian Børsting, Senior Analyst
Industrials
+45 45 12 85 19
[email protected]
Ola Heldal, Analyst
TMT
+47 85 40 84 33
[email protected]
Louis Landeman, Analyst
TMT, Industrials
+46 8 568 80524
[email protected]
Lars Holm, Senior Analyst
Financials
+45 45 12 80 41
[email protected]
Sondre Dale Stormyr, Analyst
Offshore Rigs
+47 85 40 70 70
[email protected]
Mads Rosendal, Analyst
Industrials, Pulp & Paper
+46 8 568 80594
[email protected]
Gabriel Bergin, Analyst
Strategy, Industrials
+46 8 568 80602
[email protected]
Henrik René Andresen, Analyst
Credit Portfolios
+45 45 13 33 27
[email protected]
Jakob Magnussen, Senior Analyst
Utilities, Energy
+45 45 12 85 03
[email protected]
Niklas Ripa, Senior Analyst
High Yield, Industrials
+45 45 12 80 47
[email protected]
Øyvind Mossige, Senior Analyst
Oil sSrvices
+47 85 40 54 91
[email protected]
Knut-Ivar Bakken, Analyst
Fish Farming
+47 85 40 70 74
[email protected]
Bjørn Kristian Røed,, Analyst
Shipping
+47 85 40 70 72
[email protected]
21
Disclosures
This research report has been prepared by Danske Bank Markets, a division of Danske Bank A/S (‘Danske Bank’).
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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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See http://www-2.danskebank.com/Link/researchdisclaimer for further disclosures and information.
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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
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