weekly credit update - danskebank.com · no drama regarding the q4 result. net debt is sek 1.1bn....
TRANSCRIPT
19 December 2014
Weekly Credit Update
Important disclosures and certifications are contained from page 22 of this report.
Analyst Gabriel Bergin +46 8 568 80602 [email protected]
Analyst Mads Rosendal +46 8 568 80594 [email protected]
2
- Market news
- Company news
- Trade ideas
Contents
- Chart pack
- List of official and shadow ratings and recommendations
3 Source: Bloamberg, Danske Bank Markets
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.
4
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:
• 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 SEK1-1.3bn 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
21
Debt maturity profile, SEKm
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)
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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 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.
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-
Source: Bloomberg (<SRCH>GO) and Danske Bank Markets
* Benchmarked against a sample of highly liquid EUR corporate issues
(min size: EUR500m, TTM:1yr-10yrs)
6 Source: Danske Bank Markets
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 at 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
7 Source: Danske Bank Markets
Company news from the past week
Name News Implication
Stora Enso
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.
Credit positive
Hoist Finance
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.
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
8 Source: Danske Bank Markets
Company news from the past week
Name News Implication
SAS
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.
Credit positive
Stockmann
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.
Credit positive
Volvo
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
Credit neutral/negative
9 Source: Danske Bank Markets
Company news from the past week
Name News Implication
St1 Nordic
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.
Credit negative
Victoria Park
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
Credit neutral
SCA
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.
Credit neutral/negative
10 Source: Danske Bank Markets
Selected new issues
•Very calm on the new issue front as the Christmas holidays are near and volatility is high.
Selected new issues
Date Issuer Coupon CCY Volume Maturity S&P / Mdy / Fitch ASW/DM
2014-12-18 Jpmorgan Chase & Co 0.837% SEK 3 000 m 2017-12-22 A / A3e / A+e2014-12-16 Kfw EUR003M +-9bps EUR 2 000 m 2020-03-23 AAA / Aaae / AAAe
Source: Bloomberg, Informa Global Markets och Danske Bank Markets
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Chart pack: Euro spreads and returns Euro IG ASW, iBoxx indices
Source: Macrobond, 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, Danske Bank Markets [all charts]
Euro vs US CDS indices - IG (Markit)
Nordic fin and non-fin corporates (IG) vs iTraxx
Euro vs US HY bond indices (Merrill Lynch)
13
Chart pack: General market development European swap and government yields
Source: Macrobond, Danske Bank Markets [all charts]
Euro swap curve spread
3m TED-spread, US & Euro Area
Euro/USD basis swaps
14
Chart pack: Fund flows Europe, net sales
Source: Macrobond, Danske Bank Markets [all charts]
Sweden, net sales
US, net sales
Norway, net sales
15
Chart pack: Macro GDP y/y growth, calendar adjusted
Source: Macrobond, Danske Bank Markets [all charts]
Euro area y/y chg in bank lending
Purchasing Manager’s Indices
Euro area lending standards
16
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 BB+ 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 HOLDElisa Oyj BBB Pos Baa2 Stable Ola Heldal BUYEntra Eiendom As A- Stable Ola HeldalFarstad Shipping Asa BB Neg BB- Øyvind Mossige
Recomm.Danske Bank S&P Moody's Fitch
17
Our coverage and shadow ratings 2 of 5
Analyst(s)
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookFingrid 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 SELLNorth Atlantic Drilling Ltd BB Neg BB- Sondre Stormyr
Recomm.Danske Bank S&P Moody's Fitch
18
Our coverage and shadow ratings 3 of 5
Analyst(s)
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookNorwegian 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 Pos 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 SELLSolstad 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 HOLDSparebank 1 Smn A2 Neg A- Stable T. Hovard / L. Holm HOLDSparebank 1 Sr-Bank Asa A2 Neg A- Stable T. Hovard / L. Holm HOLD
Recomm.Danske Bank S&P Moody's Fitch
19
Our coverage and shadow ratings 4 of 5
Analyst(s)
Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookSponda 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 Baa1 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+ Neg 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 HOLDVasakronan Ab A- Stable Louis LandemanVattenfall Ab A- Stable A3 Stable A- Neg Jakob Magnussen HOLD
Recomm.Danske Bank S&P Moody's Fitch
20
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 OutlookVestas 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 HOLDYit Oyj B Neg Louis Landeman
Recomm.Danske Bank S&P Moody's Fitch
21
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 sSrvices +47 85 40 54 91 [email protected]
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Disclosures
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