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Weekly Credit Update
13 January 2015
Analyst
Brian Børsting
+45 45 12 85 19
brbr@danskebank.com
Analyst
Mads Rosendal
+46 8 568 80594
madro@danskebank.com
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
• After a relatively quiet start to the year in both the secondary and
primary markets the new issue market has started to gain traction
lately and the overall favourable market conditions could spur the
primary market in the coming weeks.
• Overall the credit market has started 2015 on a constructive note
and activity could pick up further in the coming weeks.
Sources: Bloomberg, Danske Bank Markets
3
Brian Børsting
+45 45 12 85 19
brbr@danskebank.com
BUY SASSS 2017 outright
Attractive absolute value – supported by adequate liquidity
Niklas Ripa
+45 45 12 80 47
madro@danskebank.com
•
We believe SAS’ Q4 13/14 report 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 endFY 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.
900
800
SASSS 9 17
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
2015
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
1000
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)
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 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 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
madro@danskebank.com
Indicative
ASW offer
(bps)
60
EUR bonds - Investment Grade
Industrials: BBB+
50
40
Brian Børsting
+45 45128503
brbr@danskebank.com
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
A+/A/A-
ATCOA '23
(A/A2)
0,5
ATCOA '19
(A/A2)
0,0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Benchmarked against a sample of highly liquid EUR corporate
issues (min size: EUR500m, TTM: 1yr-10yrs)
Source: Bloomberg (<SRCH>GO), Danske Bank Markets
5
Recent trade ideas
Type
Outright
Trade
SASSS '17
Curve spread
Switch from ATCOA '19 to
ATCOA '23
Idea
We believe the SAS 2017 offers an attractive absolute
value – supported by adequate liquidity
Opened
Start spread
Outright
Outright
VLVY' 17 or VLVY'19
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 as 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
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
Curve spread
Switch from SKFBSS '19 to
SKFBSS '18 or '20
Outright
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
SAS
Carlsberg
DFDS
News
SAS has released traffic figures for December 2014. Passenger traffic increased 0.2% y/y and
due to slight capacity cutbacks utiliisation increased 1.2 p.p. y/y. More importantly currency
adjusted average ticket prices increased by 1.5% y/y - this is positive in our view as SAS seems to
be able to keep prices stable despite the declining oil price (largest cost item). This combination
should - if this is a trend - translate into solid positive earnings in 2015. Although it is still early
days for 2015 but we see the traffic figures as credit positive for SAS. We keep our Buy
recommendation on the SAS 2017 bond.
Late Friday Moody's affirmed the Baa2 rating on Carlsberg but changed the outlook to Negative
from Stable. The Negative outlook reflects the ongoing deterioration in the Russian operating
environment and prolonged weakness in the Euro to Ruble exchange rate. Due tothis Moody's
expects it will be more challenging to maintain credit metrics in line with the Baa2 rating. In our
view the Negative outlook is not a huge surprise due to the Russian debacle. We believe the
negative impact from the deterioration in Russia will become more visible on 18 February where
Carlsberg reports Q4 14 numbers and - not least - gives guidance for 2015. Should the current 12
months forward EUR/RUB rate hold for the rest of 2015 Carlsbergs EBIT could get hit by
approximately DKK3bn compared to 2014. - which could affect Carlsbergs credit rating
negatively. It should be noted that Carlsberg has stated commitment to Investment Grade status.
We see the Carlsberg 5Y CDS as fairly priced and continue to see Carlsberg bond prices as
unattractive - hence we keep our Sell recommendation.
The Competition Appeal Tribunal last week decided to prohibit MyFerryLink (MFL) operating on the
route between Dover and Calais (following a three year legal competition battle). MFL is owned by
Eurotunnel and is one of DFDS´ competitors on the route. According to the ruling Eurotunnel will be
forced to withdraw from this ferry activity and has therefore ordered ferry operations to cease
within six months. We expect that the MFL volume is to be split equally between the three
remaining operators (Eurotunnel ‘the tunnel’, DFDS and P&O-ferries) following the planned closure
of MFL with an estimated positive annual effect in the area of some DKK100-150m pre-tax.
Needless to say we regard the implications of this ruling positive for DFDS since the events to
follow will likely increase future cash flows. We highlight that we continue to view DFDS’ credit
profile as commensurate with a ‘BBB-’ indicative rating due to the healthy credit metrics and
despite our expectation of increased future shareholder remuneration and the inherent moderate
M&A event risk linked to the credit. The DKK DFDS 2019 bond currently trades some 10bps
wider than the ‘BBB-‘ credit curve measured to CIBOR, not factoring in any discount for unrated
nature of the issue, why we regard this bond as tightly priced for the time being. Investors able to
hold NOK may consider switching from the DKK FRN 2019 bond into the NOK FRN 2016 or the
NOK 2018 bond or buying any of these two NOK issues outright. These two NOK bonds seem to
be priced with a discount to the ‘BBB-‘ curve measured to NIBOR of some 60bps and 30bps
respectively giving a prospective investor some compensation for the limited liquidity and unrated
nature of the issues - especially with regard to the NOK 2016 issue.
Source: Danske Bank Markets
Implication
Credit positive
Credit negative
Credit positive
7
Selected new issues
• The new issue market has started to gain traction.
Selected new issues
Date
Issuer
07-01-2015 Abbey Natl Treasury Serv
07-01-2015
Rabobank Nederland
08-01-2015
Bnp Paribas
08-01-2015
Lloyds Bank Plc
08-01-2015 Volkswagen Intl Fin Nv
08-01-2015 Volkswagen Intl Fin Nv
08-01-2015 Volkswagen Intl Fin Nv
Coupon
1,125%
EUR003M +19bps
EUR003M +40bps
1,25%
EUR003M +30bps
0,875%
1,625%
CCY
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Volume
1 500 m
2 500 m
750 m
1 000 m
1 000 m
1 000 m
1 000 m
Maturity
Jan-22
Jan-17
Jan-20
Jan-25
Jul-18
Jan-23
Jan-30
S&P / Mdy / Fitch ASW/DM
/ A2e / Ae
65
/ Aa2e / AA-e
19
/ A1e / A+e
40
/ /
55
/ A3e /
30
/ A3e /
40
/ A3e /
65
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
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 Financial, Danske Bank Markets [all charts]
10
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 Financial, 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’s indices
Euro area y/y chg 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 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
Elenia Oy
Elisa Oyj
Entra Eiendom As
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
A-
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-
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
Stable
WD
Stable
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
Jakob Magnussen
Ola Heldal
Ola Heldal
Recomm.
BUY
SELL
HOLD
SELL
HOLD
HOLD
HOLD
BUY
BUY
14
Our coverage and shadow ratings 2 of 5
Danske Bank
Company
Rating Outlook Sr. Unsec
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+
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
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
B+
BBB
Pos
Stable
B1
Baa2
Pos
Stable
BB
Pos
Ba2
Pos
BB
Stable
AA-
Neg
Aa3
Neg
AA-
Stable
Analyst(s)
Øyvind Mossige
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
Recomm.
BUY
SELL
BUY
BUY
HOLD
BUY
HOLD
HOLD
HOLD
SELL
15
Our coverage and shadow ratings 3 of 5
Company
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
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
Sognekraft As
Solstad Offshore Asa
Spar Nord Bank A/S
Sparebank 1 Boligkreditt As
Sparebank 1 Nord Norge
Rating
BBBBB-
Danske Bank
Outlook Sr. Unsec
Stable
B+
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
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
Wr
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
A2
Neg
BB
A+
Pos
BBB
B+
A
Stable
Analyst(s)
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
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
Jakob Magnussen
Øyvind Mossige
T. Hovard / L. Holm
Lars Holm
T. Hovard / L. Holm
Recomm.
HOLD
SELL
HOLD
HOLD
HOLD
HOLD
HOLD
BUY
SELL
HOLD
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
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
Rating
BBBBB
Danske Bank
Outlook Sr. Unsec
Stable
B+
BB+
Stable
Stable
BBB+
AA-
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
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+
Stable
ABBB
Stable
Stable
BB+
Stable
Ba1
Stable
WD
BB
Stable
BB
Stable
BB-
BBBBB
Stable
Stable
B+
BBB+
BBB+
Moody's
Rating Outlook
A2
Neg
A2
Neg
Stable
Stable
BBB+
BBB
S&P
Rating Outlook
Stable
Stable
Analyst(s)
Recomm.
T. Hovard / L. Holm
T. Hovard / L. Holm
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
HOLD
HOLD
BUY
HOLD
SELL
BUY
HOLD
BUY
HOLD
BUY
HOLD
BUY
HOLD
HOLD
HOLD
SELL
BUY
HOLD
17
Our coverage and shadow ratings 5 of 5
Company
Vasakronan Ab
Vattenfall Ab
Vestas Wind Systems A/S
Victoria Park Ab
Wilh Wilhelmsen Asa
Volvo Ab
Rating
ABBBBBBBB-
Danske Bank
Outlook Sr. Unsec
Stable
Pos
Stable
Stable
S&P
Rating Outlook
Moody's
Rating Outlook
Fitch
Rating Outlook
A-
Stable
A3
Stable
A-
Neg
BBB
Neg
Baa2
Neg
BBB
Stable
B+
Analyst(s)
Louis Landeman
Jakob Magnussen
Niklas Ripa
Louis Landeman
Bjørn Kristian Røed
Mads Rosendal
Recomm.
HOLD
BUY
BUY
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
hova@danskebank.com
Brian Børsting, Senior Analyst
Industrials
+45 45 12 85 19
brbr@danskebank.com
Ola Heldal, Analyst
TMT
+47 85 40 84 33
olh@danskebank.com
Louis Landeman, Analyst
TMT, Industrials
+46 8 568 80524
llan@danskebank.com
Lars Holm, Senior Analyst
Financials
+45 45 12 80 41
laho@danskebank.dk
Sondre Dale Stormyr, Analyst
Offshore Rigs
+47 85 40 70 70
sost@danskebank.com
Mads Rosendal, Analyst
Industrials, Pulp & Paper
+46 8 568 80594
madro@danskebank.com
Gabriel Bergin, Analyst
Strategy, Industrials
+46 8 568 80602
gabe@danskebank.com
Henrik René Andresen, Analyst
Credit Portfolios
+45 45 13 33 27
hena@danskebank.com
Jakob Magnussen, Senior Analyst
Utilities, Energy
+45 45 12 85 03
jakja@danskebank.com
Niklas Ripa, Senior Analyst
High Yield, Industrials
+45 45 12 80 47
niri@danskebank.com
Øyvind Mossige, Senior Analyst
Oil Services
+47 85 40 54 91
omss@danskebank.com
Knut-Ivar Bakken, Analyst
Fish Farming
+47 85 40 70 74
knb@danskebank.com
Bjørn Kristian Røed, Analyst
Shipping
+47 85 40 70 72
bred@danskebank.com
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Disclosures
This research report has been prepared by Danske Bank Markets, a division of Danske Bank A/S (‘Danske Bank’).
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