Weekly Credit Update
10 March 2015
Investment Research
www.danskebank.com/CI
Analyst
Ola Heldal
+47 85408433
[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
• The strong market tone continued last week. The iTraxx Main and
cross-over tightened by 2bp and 15bp, respectively.
• US non-farm payrolls were solid on Friday. This pushed US 10-year
treasury yields 13bp wider and the US dollar hit a 11-year high.
• The FTSE Eurofirst 300 rose to its highest close since 2007, as
”peripheral” government yields grinded tighter in conjunction with
the slide in the EUR, and European investors re-positioned for the
commencement of the ECB’s bond purchases.
• The ECB started its EUR60bn per month asset purchase
programme yesterday, however it does not include corporate bonds
for now.
• In the Nordic region, several mandates were awarded and some
new issues launched, including Storebrand Liv T2, NC-5 in NOK
which priced at 3M NIBOR+305bps, and Vattenfall, which was
roadshowing a new hybrid.
Sources: Bloomberg, Danske Bank Markets for both charts
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
19bps with 1.5 months extension,
which looks attractive, in our view.
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 SSABs SEK '19 to
SSABs EUR '19
Outright
CITCON '3.75
Outright
EGASDK '20
Sector spread
Switch from NDA AT1 to SEB AT1
Curve spread
Switch from SECUSS '17 to
SECUSS '21
Outright
SASSS '17
Curve spread
Switch from ATCOA '19 to
ATCOA '23
Outright
VLVY' 17 or VLVY'19
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'3.75s trade at an attractive Opened
level relative to the 'BBB' curve.
Start spread
10-02-2015
EGASDK '20s, which we see as 'B', indicatively trade
way too cheap relative to the industrial 'B' curve.
Opened
104
02-02-2015
Start spread
683
We have an ‘Overweight’ rating on SEB and an
Opened
‘Underweight’ rating on Nordea and don’t believe a
14bp pick-up for a four-year maturity extension is
Start spread
worthwhile.
The Securitas 2021 bond trades wider than the BBB- Opened
curve while the Securitas 2017 bond trades at the
BBB+ curve. We recommend buying the Securitas
2021 vs the Securitas 2017. Pick up 57bp (z-spread) Start spread
for a 4-year maturity extension.
26-01-2015
We believe the SAS 2017 offers attractive absolute
value – supported by adequate liquidity.
Opened
-8
23-01-2015
81
18-12-2014
Start spread
807
The Atlas Copco 2019s trade tighter than the
Opened
average ‘A+’ rated EUR corporate. Go out the curve
Start spread
and buy the 23s.
We see the VLVY cash curve as attractively valued
Opened
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
Ahlstrom
Volvo
Sandvik
News
Ahlstrom announced that it has sold part of its stake in Munksjö for a capital gain of about
EUR6m. The stake was a legacy from when the group divested its label-making business to
Munksjö. The news is slightly credit positive as uncertain and more volatile share value is
converted to more certain and stable cash value. We have not counted share values in our ratio
calculations i.e. the cash received from the proceeds should improve adj. ratios slightly unless
Ahlstrom decides to distribute proceeds to shareholders.
Volvo (Marketweight) announced it would sell some of its shares in Eicher Motors Limited (EML).
The disposal will have no impact on either the ownership or control of the Indian truck and bus
manufacturer, VE Commercial Vehicles (VECV), the JV between Volvo Group and Eicher. VECV is
currently the third largest manufacturer of commercial vehicles in the Indian market. The cash
gain of SEK2.4bn from the sale is positive from a credit perspective but is unlikely to move
Volvo’s leverage down to any significant degree. In our view, the main problem with Volvo
continues to be its profitability, and deleveraging will not solve this issue.
Sandvik (Marketweight): As previously communicated in 2013, Sandvik’s supply chain is to be
optimised, reducing the number of production units from 150 to about 125 over three to four
years. The first phase has progressed according to plan and was initiated in the fourth quarter of
2013, involving 11 unit closures (of which five had been implemented at year-end 2014).
Sandvik is now launching the second phase comprising a total of 10 unit closures, predominantly
in Europe. In addition, Sandvik will implement further measures to adjust the cost base to
current demand as well as make a project write-down related to Mining Systems. The total group
savings are estimated at approximately SEK1.1 billion on a yearly run rate by the end of 2016.
Nonrecurring charges associated with the initiatives, totaling about SEK1.9 billion, will impact
Q1 15. Approximately SEK500m of these savings have already been achieved and the second
phase is set to bring a further SEK600m, which is a fairly small amount considering the size of
Sandvik. Overall, neutral to slightly positive news from a credit perspective in our view. We
maintain our Marketweight rating on the name.
Source: Danske Bank Markets
Implication
Credit positive
Credit positive
Credit positive
6
Company news from the past week
Name
News
SAS AB (rated B-/S) reported Q1 15 figures in line with expectations (taking into account the
significant volatility in the airline industry) but weaker than Q1 14. Reported EBITDA was
negative SEK375m vs SEK461m in Q1 14 (however Q1 14 was positively impacted by a nonrecurring gain of SEK1.044m related to payroll expenses - so underlying EBITDA improved
slightly y/y. Adjusted for one-offs, the pretax loss was SEK0.8bn vs SEK-1.2bn in Q1 14. Net
debt rose to SEK2.1bn and reported net debt to LTM EBITDA was 2.8x (this excludes the NPV
of op. leasing). Importantly, SAS continues to have a solid cash position with cash and cash
equivalents of SEK7.1bn at end Q1 15. Committed undrawn facilities were SEK2.8bn. Shortterm financial debt was SEK3.8bn. The strike in late February cost SAS a total of SEK50m. All
SAS
in all, pretty much as we expected - the large cash position is comforting but earnings are still
unsatisfying to us despite Q1 always being a difficult quarter. We continue to be positive on the
SAS 2017s but after strong performance in recent months, upside is capped in our view. For
the full year, SAS still expects to be able to make a pre-tax profit. This will be supported by lower
fuel costs. SAS has now hedged 75% of expected fuel consumption for the next 12 months.
(SAS has hedged 68% of its expected USD deficit on a 12-month basis). Based on current
hedge levels, the expected group fuel cost for SAS in the 2015 financial year is SEK8.0-8.2bn
vs SEK8.8bn in FY 14 (some of the positive impact from the decline in jet fuel is mitigated by the
weakening SEK vs USD). We expect a further positive effect in 2016.
Outokumpu (DBM:'b'): The EU is set to impose antidumping duties on imports of stainless steel
cold rolled sheet from China and Taiwan later this month, which should be very good for
Outokumpu
stainless steel prices in Europe and hence also good for Outokumpu
Norwegian (DBM shadow rating: BB-/B+) cancelled a significant part of its flights on Friday
(Sweden, Denmark and Norway) due to a pilot strike. Based on experience from a largely
grounded fleet following the Icelandic ash cloud, we guesstimate the daily cost to be some
NOK20-30m. As of end 2014, NAS had a cash position of NOK2.0bn with short-term debt of
NOK3.1bn. However, the majority of the short-term debt (according to Norwegian) is in fact
related to aircraft financing. This part of the short-term debt will be funded by the Ex-Im bank
and therefore is de-facto long-term financing/debt. Nevertheless, due to accounting issues NAS
has to present it as short-term debt until aircrafts are delivered. This mitigates the short-term
Norwegian
liquidity pressure - although a prolonged strike would definitely be a serious matter. At the same
time it should be noted that NOK8.8bn of the NOK10.2bn long-term financing is aircraft
financing - this is mainly done through the US import-export bank (state-guaranteed) and is long
term in nature. We believe NAS has the ability to free up capital by doing sale and lease backs in
order to mitigate the short-term liquidity pressure in 2015. Furthermore, we believe that NAS
will continue to honour the bond covenants - again due to its strong asset base and potential
Source: Danske Bank Markets
sale and leaseback transactions. As a last resort, it could carry out a rights issue.
Implication
Credit neutral
Credit positive
Credit negative
7
Selected new issues
Date
Issuer
Coupon
CCY Volume
Maturity
S&P / Mdy / Fitch ASW/DM
02-03-2015
Nordea Bank Ab
NIBOR3M +310bps
NOK
1 250 m
Perp
/ / BBBe
310
05-03-2015
Nordea Bank Ab
STIB3M +310bps
SEK
2 250 m
Perp
/ /
310
05-03-2015
Berkshire Hathaway Inc
1,625%
EUR
1 000 m
Mar-35
AA / Aa2 / A+
05-03-2015
Berkshire Hathaway Inc
0,75%
EUR
750 m
Perp
AA / Aa2 / A+
05-03-2015
Berkshire Hathaway Inc
1,125%
EUR
1 250 m
Perp
AA / Aa2 / A+
04-03-2015
Storebrand Livsforsikrin
NIBOR3M +305bps
NOK
1 000 m
BBB / /
27
305
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
Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings
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
Source: Standard & Poor's, Moody's, Fitch, Danske Bank Markets
WD
Stable
Stable
Analyst(s)
Recomm.
Mads Rosendal
Louis Landeman
Jakob Magnussen
Brian Børsting
MARKET WEIGHT
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
Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings
Danske Bank
Company
Rating Outlook Sr. Unsec
Entra Eiendom As
AStable
Farstad Shipping Asa
BB
Neg
BBFingrid Oyj
Finnair Oyj
BB
Stable
Fortum Oyj
Fortum Varme Holding Samagt Med Stockholms Stad Ab
Fred Olsen Energy Asa
BB
Stable
BBG4S Plc
Getinge Ab
BB+
Neg
Golden Close Maritime Corp Ltd
BHeimstaden 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
Source: Standard & Poor's, Moody's, Fitch, Danske Bank Markets
S&P
Rating Outlook
Moody's
Rating Outlook
Fitch
Rating Outlook
A+
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
Stable
Analyst(s)
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
Recomm.
MARKET WEIGHT
UNDERWEIGHT
OVERWEIGHT
OVERWEIGHT
MARKET WEIGHT
OVERWEIGHT
MARKET WEIGHT
MARKET WEIGHT
MARKET WEIGHT
15
Our coverage and shadow ratings 3 of 5
Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings
Company
North Atlantic Drilling Ltd
Norwegian Air Shuttle Asa
Norwegian Property Asa
Nykredit Bank A/S
Nynas Group
Ocean Yield Asa
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
Rating
BBBBBBB-
Danske Bank
Outlook Sr. Unsec
Neg
B+
Stable
B+
Stable
B+
BB
B+
BBB+
B+
BBB+
B
Stable
ABBB+
BB
BB+
Stable
Stable
Stable
Stable
BBB+
Stable
BBB
BB
Stable
Stable
Stable
Pos
Pos
Stable
Neg
BBB+
Stable
BBB
BBBBB+
A-
Stable
Stable
Stable
Stable
Source: Standard & Poor's, Moody's, Fitch, Danske Bank Markets
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+
BBB
B
BBB
BA
A-
Neg
Stable
Neg
Stable
Wr
A2
Stable
Neg
BBB
A+
Stable
Neg
Wr
A1
Neg
BBB+
Neg
Baa1
Stable
BB-
BBB
B+
Aaa
A+
Pos
Analyst(s)
Sondre Stormyr
Brian Børsting
Ola Heldal
T. Hovard / L. Holm
Jakob Magnussen
Øyvind Mossige
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
Recomm.
MARKET WEIGHT
UNDERWEIGHT
MARKET WEIGHT
MARKET WEIGHT
MARKET WEIGHT
MARKET WEIGHT
MARKET WEIGHT
OVERWEIGHT
UNDERWEIGHT
16
Our coverage and shadow ratings 4 of 5
Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings
Company
Sparebank 1 Nord Norge
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
Rating
BBBBB
Danske Bank
Outlook Sr. Unsec
Moody's
Rating Outlook
A2
Neg
A2
Neg
A2
Neg
Fitch
Rating Outlook
A
Stable
AStable
AStable
Stable
Stable
BBB+
Stable
B+
BB+
Stable
Stable
BBB+
BBBABBB
Stable
Stable
Stable
Stable
A-
S&P
Rating Outlook
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
Source: Standard & Poor's, Moody's, Fitch, Danske Bank Markets
BBB+
Analyst(s)
Recomm.
T. Hovard / L. Holm
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
UNDERWEIGHT
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
Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings
Company
Thon Holding As
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+
BBB+
Danske Bank
Outlook Sr. Unsec
Stable
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
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]
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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
Ola Heldal, Analyst.
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