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Weekly Credit Update
24 February 2015
Investment Research
www.danskebank.com/CI
Analyst
Niklas Ripa
+45 45 12 80 47
[email protected]
Important disclosures and certifications are contained from page 20 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
• Last week added more than EUR11bn of supply across senior and
subordinated notes in the EUR primary market. We saw multiple
times oversubscribed order books, issues with very low coupons
and very large hybrid tranches.
• Increasing risk appetite and the bridge-financing agreement
reached for Greece led to significant spread tightening across all
indices (especially the high beta part of the market). iTraxx Main and
Crossover tightened 6bp and 30bp respectively during last week.
• The very hot current temperature of the credit markets can be
illustrated by the hybrid deals issued by Total and TDC respectively;
• Total issued a subordinated perpetual non-call 6yr
instrument (Aa3) with a coupon of 2.25% and a subordinated
perpetual non-call 10yr instrument (Aa3) with a coupon of
2.625%. Both issues were oversubscribed by 4x in
aggregate.
• TDC issued a subordinated non-call 6yr instrument (Ba2e)
with final legal maturity in 3015 and priced with a coupon of
3.5%. This issue was oversubscribed by 5.5x. In addition
TDC issued a 12-year senior with a coupon of 1.75% and an
oversubscription of 3.5x. The spread on the sub issue
tightened moderately in the secondary market.
• Vestas (DBM shadow rating of BBB-) announced its plan to go on a
pan-European roadshow shortly. Depending on investor feedback a
euro-denominated bond issue may follow.
Sources: Bloomberg, Danske Bank Markets
3
Buy SSAB EUR 2019s against SSAB SEK 2019s (published 16 Feb)
EUR bonds - High Yield
Indicative ASW offer (bps)
•
From a credit perspective, SSAB
showed steady progress in its Q4
results despite a slight
underperformance versus
consensus earnings. Cash flow
was not enough to reduce the
overall net debt but credit metrics
still managed to improve due to a
larger LTM adjusted EBITDA.
•
Credit metrics are, in our view, a
little on the weak side for the
group’s ‘BB-’ rating but S&P has
built in an improvement in its basecase scenario and, as such, the
rating should not be in danger
given the strong momentum SSAB
is currently seeing.
•
We expect 2015 to be positive
from a credit point of view with
improved earnings and further
improvements in credit metrics.
•
The SEK bond trades at bid 97.26
(ASW EUR6m 322bp) and the EUR
bond at ask 100.75 (ASW EUR6m
341bp).
•
The trade provides a pick-up of
19bp with 1.5 months extension,
which in our view seems attractive.
400
Industrials: BB+
Industrials: BB
350
SSABAS EUR '19 (BB-/NR)
Industrials: BBSSABAS SEK '19 (BB-/NR)
300
250
200
150
100
50
0
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Source: Bloomberg, Danske Bank Markets
4
Recent trade ideas
Type
Trade
Currency trade
Switch from SSAB SEK '19 to SSAB
EUR '19
Outright
CITCON '3.75
Outright
EGASDK '20
Sector spread
Curve spread
Outright
Curve spread
Outright
Idea
SSAB's EUR bonds look cheap compared to the SEK
bonds and provide a pick-up of some 19bp with an
extension of 1.5 months.
Opened
17-02-2015
Start spread
19
We believe that CITCON'3.75 trades at an attractive Opened
level relative to the 'BBB' curve.
Start spread
10-02-2015
EGASDK'20, which we see as 'B' indicatively, trades
way too cheap relative to the industrial 'B' curve.
Opened
104
02-02-2015
Start spread
683
We have an ‘overweight’ recommendation on SEB and Opened
an ‘underweight’ recommendation on Nordea and do
Switch from NDA AT1 to SEB AT1
not believe a 14bp pick-up for a four-year maturity
Start spread
extension is worthwhile.
The Securitas 2021 bond trades wider than the BBB- Opened
curve, while the Securitas 2017 bond trades at the
Switch from SECUSS '17 to SECUSS
BBB+ curve. We recommend buying the Securitas
'21
Start spread
2021 versus the Securitas 2017. Pick up 57bp (zspread) for four-year maturity extension.
26-01-2015
SASSS '17
We believe the SAS 2017 offers an attractive
absolute value – supported by adequate liquidity.
Opened
-8
23-01-2015
81
18-12-2014
Start spread
807
The Atlas Copco 2019 trades tighter than the
Opened
Switch from ATCOA'19 to ATCOA'23 average ‘A+’ rated EUR corporate. Go out on the curve
Start spread
and buy the '23.
We see the VLVY cash curve as attractively valued Opened
VLVY‘17 or VLVY'19
and an (uncertain) downgrade is more than priced into
Start spread
spreads.
18-12-2014
16
27-11-2014
72
See the end of this presentation for a list of our coverage including shadow ratings and recommendations
Source: Danske Bank Markets
5
Company news from the past week
Name
Carlsberg
Sydbank
News
Carlsberg (Sell) reported a slightly weaker than expected Q4 14 with operating profit before special items of
DKK1,786m vs. DKK2,304m in Q4 13 and consensus of DKK1,893m. The miss is due to Russia which saw
operating profit in Q4 of DKK545m vs. DKK1,139m in Q4 13 (-52% y/y). For FY 2014 reported net debt to
EBITDA was 2.74x - up from 2.55x in 2013. For 2015 Carlsberg does not give specific overall guidance but states
that it expects operating profit to grow organically mid-to high single digit (this does not include exchange rate
changes). However Carlsberg gives some strong signals from a credit perspective - and it seems the focus is very
much on preserving the balance sheet. First of all Carlsberg states that the M&A strategy will have a low priority
for a period of time. Furthermore capex is guided at just DKK4bn in 2015 (2014: DKK6.7bn) AND net debt to
EBITDA is expected to be less than 2.5x end-2015 (2.74x end-2014). This priority is showing a strong
commitment to the company’s stated investment grade ambition. A net debt to EBITDA of less than 2.5x is in our
view commensurate with a BBB rating (Moody’s: BBB/Negative outlook; Fitch: BBB/Stable). We believe the very
clear credit focus from Carlsberg should be seen as a positive from a bond perspective. However the bond
valuation already reflects the BBB rating and we do not see upside to cash bond prices.
Sydbank Q4 14: net profit 18% below consensus due to 7% lower-than-expected income mainly caused by trading
income. This is the same trend we have seen in other banks but consensus should have adjusted for that, so it is a
bit negative. Loan losses were the main positive and what we really focus on: DKK39m or 21% below consensus
and as much as 83% or DKK740m below Q4 last year! Reported CET1 was 13.9% and the total capital ratio 16%.
New capital targets of 13.5% in CET1 and 17% in total capital ratio. Sydbank says that it wants to issue
c.DKK750m in Tier-2 debt during H1 2015. The group will move closer to meeting the capital targets in the
coming years. An adjustment of the group’s capital structure to the capital targets will require subordinated
capital to be issued after which share buybacks are believed to be an option. ‘In 1H 2015 the Board of Directors
will commence work on the first phase of the capital adjustment in which the possibility of issuing Tier 2 capital of
approx DKK 750m will be reviewed.’ All in all a good result as the bank delivers on the loan losses, which have been
the biggest uncertainty in Sydbank. We stick to our Overweight recommendation.
Source: Danske Bank Markets
Implication
Credit positive
Credit positive
6
Company news from the past week
Name
News
Swedish Match (Marketweight) showed continued improvement in operating profit and continued to mitigate the
fierce price competition with cost restructuring in Q4 14. Operating profit from product areas was SEK900m in
Q4 14 - an 8% increase y/y but below consensus of SEK970m. Net profit improved by 4% to SEK700m in Q4 14.
The operating margin from product areas was 25.5% in Q4 14 vs. 26.3% in Q4 13 - we believe fears of any
Swedish Match significant margin pressure from the low cost competitors in e.g. Sweden should ease following the last quarterly
results where Swedish Match has proven its ability to adjust to the new market environment. Net debt to EBITDA
declined to 2.0x end-2014 from 2.1x end-2013. We believe that Swedish Match will continue to keep a stable
leverage ratio - and continue to adjust its share buy back programme in this respect. We continue to see Swedish
Match as a BBB company and see bond valuation as fair - hence we keep our Marketweight recommendation.
Source: Danske Bank Markets
Implication
Credit neutral
7
Selected new issues
Selected new issues
Date
Issuer
Coupon
CCY Volume
16-02-2015
Teliasonera Ab
1.625%
EUR
500 m
20-02-2015
Tdc A/S
1.75%
EUR
19-02-2015
Tdc A/S
3.5%
EUR
19-02-2015
Total Sa
2.625%
19-02-2015
Total Sa
2.25%
Maturity
S&P / Mdy / Fitch ASW/DM
Perp
A- / A3 / A-e
63
800 m
Perp
/ Baa3e / BBBe
100
750 m
Feb-15
/ Ba2e / BB+e
EUR
2 500 m
Perp
/ Aa3 /
EUR
2 500 m
Perp
/ Aa3 /
215
Source: Danske Bank Markets
8
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 Financial, Danske Bank Markets [all charts]
9
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]
10
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, Danske Bank Markets [all charts]
11
Chart pack: fund flows
Europe, net sales
US, net sales
Sweden, net sales
Norway, net sales
Source: Macrobond Financial, Danske Bank Markets [all charts]
12
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]
13
Our coverage and shadow ratings 1 of 5
Company
Ahlstrom Oyj
Akelius Residential Property 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
Billerudkorsnas Ab
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
Elenia Oy
Elisa Oyj
Rating
B+
BBBBBBBBB+
Danske Bank
Outlook Sr. Unsec
Stable
Stable
BBBStable
Stable
Stable
Stable
Stable
Stable
Stable
BB
Stable
BB-
Stable
BBB
B
ABBB
Moody's
Rating Outlook
BBB+
Stable
Baa1
Stable
A
AA-
Stable
Stable
A2
A1
Stable
Stable
Baa2
Neg
Fitch
Rating Outlook
Stable
BBB+
BBB
B
BBBBB+
BBB-
BBBBBBBB-
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
BBB
Stable
Wr
BBB
Pos
Baa2
Neg
Stable
BBB+
Stable
Stable
Stable
Stable
WD
Stable
Stable
Analyst(s)
Recomm.
Mads Rosendal
Louis Landeman
Jakob Magnussen
Brian Børsting
OVERWEIGHT
Mads Rosendal
Mads Rosendal
UNDERWEIGHT
Ola Heldal
MARKET WEIGHT
T. Hovard / L. Holm
T. Hovard / L. Holm
Øyvind Mossige
Mads Rosendal
Øyvind Mossige
Mads Rosendal
Brian Børsting
MARKET WEIGHT
Knut-Ivar Bakken
Emil Hjalmarsson
Niklas Ripa
Ola Heldal
Jakob Magnussen
Niklas Ripa
Mads Rosendal
Ola Heldal
T. Hovard / L. Holm UNDERWEIGHT
Jakob Magnussen MARKET WEIGHT
Brian Børsting
Jakob Magnussen
T. Hovard / L. Holm
T. Hovard / L. Holm
Brian Børsting
MARKET WEIGHT
Jakob Magnussen
OVERWEIGHT
Ola Heldal
OVERWEIGHT
14
Our coverage and shadow ratings 2 of 5
Entra Eiendom As
AStable
Farstad Shipping Asa
BB
Neg
Fingrid Oyj
Finnair Oyj
BB
Stable
Fortum Oyj
Fortum Varme Holding Samagt Med Stockholms Stad Ab
Fred Olsen Energy Asa
BB
Stable
G4S Plc
Getinge Ab
BB+
Neg
Golden Close Maritime Corp Ltd
B
Heimstaden Ab
BB
Stable
Hemso Fastighets Ab
BBB+
Stable
Hkscan Oyj
BB
Stable
Hoist Kredit Ab
BBStable
Husqvarna Ab
BBBPos
Ikano Bank Ab
BBB
Stable
Investor Ab
Iss A/S
J Lauritzen A/S
B
Stable
Jernhusen Ab
AStable
Jyske Bank A/S
Kesko Oyj
BBB
Stable
Klaveness Ship Holding As
BBStable
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
BBA+
Stable
A1
Stable
A+
Stable
ABBB+
Neg
Stable
A2
Neg
A-
Neg
BBB-
Stable
AABBB-
Stable
Stable
A1
Stable
A-
Stable
Baa1
Neg
BB
BBB
Stable
Stable
B1
Baa2
Pos
Stable
BB
Pos
Ba2
Pos
BB-
BBBBB
B+
B-
B+
BB
Stable
Ola Heldal
Øyvind Mossige
Jakob Magnussen
Brian Børsting
Jakob Magnussen
Jakob Magnussen
Sondre Stormyr
Brian Børsting
Louis Landeman
Sondre Stormyr
Louis Landeman
Emil Hjalmarsson
Brian Børsting
Gabriel Bergin
Emil Hjalmarsson
T. Hovard / L. Holm
Brian Børsting
Brian Børsting
Bjørn Kristian Røed
Gabriel Bergin
T. Hovard / L. Holm
Mads Rosendal
Bjørn Kristian Røed
Brian Børsting
Louis Landeman
Louis Landeman
Mads Rosendal
Mads Rosendal
Emil Hjalmarsson
Jakob Magnussen
Ola Heldal
Jakob Magnussen
OVERWEIGHT
UNDERWEIGHT
OVERWEIGHT
OVERWEIGHT
MARKET WEIGHT
OVERWEIGHT
MARKET WEIGHT
MARKET WEIGHT
MARKET WEIGHT
15
Our coverage and shadow ratings 3 of 5
Company
North Atlantic Drilling Ltd
Norwegian Air Shuttle Asa
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
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
Sognekraft As
Solstad Offshore Asa
Spar Nord Bank A/S
Sparebank 1 Boligkreditt As
Sparebank 1 Nord Norge
Rating
BBBBBBB-
Danske Bank
Outlook Sr. Unsec
Neg
B+
Stable
B+
Stable
B+
B+
BBB+
B+
BBB+
B
Stable
Stable
Stable
Stable
Pos
Pos
ABBB+
BB
BB+
Stable
Stable
Stable
Stable
BBB+
Stable
BBB
BB
Stable
Neg
BBB+
Stable
BBB
BBBBB+
A-
Stable
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
Baa2
Stable
B+
B
B
BBB
BA
A-
Neg
Stable
Neg
Stable
Wr
A2
Stable
Neg
BBB
A+
Stable
Neg
Wr
A1
Neg
BBB+
Neg
Baa1
Stable
Aaa
A2
Neg
BBA+
Pos
BBB
B+
A
Stable
Analyst(s)
Sondre Stormyr
Brian Børsting
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
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
Emil Hjalmarsson
Mads Rosendal
Jakob Magnussen
Øyvind Mossige
T. Hovard / L. Holm
T. Hovard / L. Holm
T. Hovard / L. Holm
Recomm.
MARKET WEIGHT
UNDERWEIGHT
MARKET WEIGHT
MARKET WEIGHT
MARKET WEIGHT
MARKET WEIGHT
MARKET WEIGHT
OVERWEIGHT
UNDERWEIGHT
UNDERWEIGHT
16
Our coverage and shadow ratings 4 of 5
Company
Sparebank 1 Smn
Sparebank 1 Sr-Bank Asa
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
Sunnfjord Energi As
Suomen Hypoteekkiyhdistys
Svensk Fastighetsfinansiering Ab
Svenska Cellulosa Ab Sca
Svenska Handelsbanken Ab
Swedavia Ab
Swedbank Ab
Swedish Match Ab
Sydbank A/S
Saab Ab
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
Rating
BBBBB
Danske Bank
Outlook Sr. Unsec
Stable
B+
BB+
Stable
Stable
BBB+
BBBABBB
Stable
Stable
Stable
Stable
Fitch
Rating Outlook
AStable
AStable
AA+
AA-
Stable
Stable
Stable
Aaa
Wr
Aa2
Stable
Stable
Stable
BB
Stable
B2
Stable
BB
BBB+
Stable
Neg
Ba2
Baa2
Stable
Neg
AAA-
Stable
Neg
Baa1
Aa3
Stable
Neg
A+
BBB
Neg
Stable
A1
Baa2
Baa1
Wr
BBB
Neg
BBB+
A
ABBB
Stable
Stable
Stable
Neg
BB
WD
BBB-
AA-
Stable
Neg
Stable
Neg
A+
Pos
Baa3
Stable
BBB
Neg
Baa1
A3
A3
Wr
Stable
Stable
Neg
BBB+
Stable
ABBB
Stable
Stable
Stable
BBB+
BB
Stable
Stable
BBBBB
Stable
Stable
BBB+
Moody's
Rating Outlook
A2
Neg
A2
Neg
Stable
Stable
BBB+
A-
S&P
Rating Outlook
Stable
BBB+
Analyst(s)
Recomm.
T. Hovard / L. Holm
T. Hovard / L. Holm
Emil Hjalmarsson
Jakob Magnussen
Jakob Magnussen
Jakob Magnussen
Jakob Magnussen
Ola Heldal
Niklas Ripa
Mads Rosendal
Bjørn Kristian Røed
Mads Rosendal
T. Hovard / L. Holm
Jakob Magnussen
T. Hovard / L. Holm
Louis Landeman
Mads Rosendal
T. Hovard / L. Holm
Gabriel Bergin
T. Hovard / L. Holm
Brian Børsting
T. Hovard / L. Holm
Emil Hjalmarsson
Niklas Ripa
Ola Heldal
Bjørn Kristian Røed
Ola Heldal
Ola Heldal
Ola Heldal
Ola Heldal
Jakob Magnussen
Ola Heldal
UNDERWEIGHT
UNDERWEIGHT
OVERWEIGHT
MARKET WEIGHT
UNDERWEIGHT
OVERWEIGHT
MARKET WEIGHT
OVERWEIGHT
MARKET WEIGHT
MARKETWEIGHT
OVERWEIGHT
OVERWEIGHT
MARKET WEIGHT
MARKET WEIGHT
MARKET WEIGHT
UNDERWEIGHT
OVERWEIGHT
17
Our coverage and shadow ratings 5 of 5
Company
Tine Sa
Upm-Kymmene Oyj
Vasakronan Ab
Vattenfall Ab
Vestas Wind Systems A/S
Victoria Park Ab
Volvo Ab
Wilh Wilhelmsen Asa
Yit Oyj
Rating
BBB+
Danske Bank
Outlook Sr. Unsec
Stable
A-
Stable
BBBBB-
Pos
Stable
BBBB
Stable
Neg
S&P
Rating Outlook
Moody's
Rating Outlook
Fitch
Rating Outlook
BB+
Stable
Ba1
Stable
WD
A-
Stable
A3
Stable
A-
Neg
BBB
Neg
Baa2
Neg
BBB
Stable
B+
Analyst(s)
Recomm.
Ola Heldal
Mads Rosendal
MARKET WEIGHT
Emil Hjalmarsson
Jakob Magnussen MARKET WEIGHT
Niklas Ripa
OVERWEIGHT
Louis Landeman
Mads Rosendal
MARKET WEIGHT
Bjørn Kristian Røed
Emil Hjalmarsson
Source: Standard & Poor's, Moody's, Fitch, Danske Bank Markets
18
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 Services
+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]
Emil Hjalmarsson, Analyst
Real Estate, Construction
+46 8 568 80634
[email protected]
19
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
Niklas Ripa, Analyst.
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
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