Weekly Credit Update - Danske Bank · 2015-05-19 · LNG Partners and SEK1.2bn Skandiabanken FRN. ... Teekay Offshore Partners LP/Teekay ... USD2.6bn versus USD3.0bn in Q1 14 (consensus

19 May 2015

Weekly Credit Update

Important disclosures and certifications are contained from page 23 of this report

Analyst Ola Heldal +47 85 40 84 33 [email protected]

Investment Research www.danskebank.com/CI

2

- Market news

- Company news

- Trade ideas

Contents

- Chart pack

- List of official and shadow ratings and recommendations

- Best and worst performers

3

Sources: Bloomberg, Danske Bank Markets (both charts)

What's on our mind - General credit market news

• European credit indices remained range bound last week with iTraxx main trading the 59.5-62.5 range, ending unchanged at around 60bp. The iTraxx Crossover index was range bound between 272bp and 293bp, closing more or less unchanged at 276bp. The volatility in long dated rates continued with 10-year bund yields opening the week at around 53bp, widening to 77bp to close around 62bp.

• US jobless claims came in at 264,000 – the lowest level since April 2000 – while retail sales in the US recorded their first quarterly decline in three years. It is hoped the FOMC minutes released this week will shed more light on a future rate hike from the Fed.

• The new issue market in Scandinavia was relatively muted, due partly to last week's public holiday. However, there were a handful of deals printed, including NOK1bn Norwegian Air Shuttle, USD150m Golar LNG Partners and SEK1.2bn Skandiabanken FRN. We expect further issuance in the coming weeks across the ratings spectrum.

4

Best and worst performers - Investment grade

Source: Bloomberg, Danske Bank Markets (both charts)

1 week in local currencies 1 month in local currencies

11.8

3.6

2.5

1.8

1.4

1.4

1.0

1.0

0.9

0.9

-6.2

-6.5

-6.7

-6.8

-7.1

-7.4

-9.0

-12.3

-16.1

-21.1

-30-20-1001020

Lansforsakringar Bank AB SEK 2020

Nordea Bank AB SEK 2017

SBAB Bank AB SEK 2018

Sydbank A/S EUR 2016

Sampo Oyj EUR 2016

Svenska Handelsbanken AB EUR 2017

Nordea Bank AB EUR 2016

Nordea Bank AB EUR 2017

SpareBank 1 SMN EUR 2018

Nykredit Bank A/S EUR 2015

Danske Bank A/S EUR 2017

TeliaSonera AB EUR 2025

Skandinaviska Enskilda Banken AB EUR …

DNB Boligkreditt AS EUR 2016




Skandinaviska Enskilda Banken AB SEK …

Danske Bank A/S SEK 2019

TDC A/S EUR 2015

Change in local currencies (bp)

7.2

7.1

6.9

6.6

6.1

3.7

3.6

3.1

3.0

2.8

-16.0

-16.4

-17.8

-18.0

-18.1

-19.3

-24.7

-24.7

-25.9

-40.5

-50-40-30-20-10010

Telenor ASA EUR 2022

Vattenfall AB EUR 2024

Svenska Cellulosa AB SCA EUR 2023

Atlas Copco AB EUR 2023

SKF AB EUR 2019

Securitas AB EUR 2017

Metso OYJ EUR 2019


DONG Energy A/S EUR 2022

Investor AB EUR 2018

Danske Bank A/S EUR 2018

SBAB Bank AB SEK 2018



Investor AB EUR 2021

DNB Bank ASA EUR 2019


Skandinaviska Enskilda Banken AB SEK …

DNB Bank ASA EUR 2020

Danske Bank A/S SEK 2019


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Best and worst performers - High yield

Source: Bloomberg, Danske Bank Markets (both charts)

1 week in local currencies 1 month in local currencies

68

56

55

51

51

39

35

30

30

24

-13

-14

-16

-18

-19

-24

-25

-25

-26

-115

-150-100-50050100

Teekay Offshore Partners LP/Teekay …

Meda AB SEK 2018

North Atlantic Drilling Ltd USD 2019

Meda AB SEK 2019

Meda AB SEK 2016

Olympic Ship AS NOK 2019

SAS AB SEK 2019

Klaveness Ship Holding AS NOK 2020

Norwegian Air Shuttle ASA NOK 2017

Stolt-Nielsen Ltd NOK 2018

Finnair OYJ EUR 2018

SSAB AB SEK 2017

Finnair OYJ EUR 2049

Seadrill Ltd SEK 2019

SAS AB SEK 2017

Seadrill Ltd USD 2017

North Atlantic Drilling Ltd NOK 2018

AX IV EG Holding III ApS DKK 2020

Color Group AS NOK 2015

Golden Close Maritime Corp Ltd USD …


53

33

28

24

12

11

3

2

0

0

-86

-90

-96

-97

-101

-114

-116

-153

-168

-209

-250-200-150-100-50050100

SAS AB SEK 2019

Meda AB SEK 2016

Olympic Ship AS NOK 2019

Meda AB SEK 2019

Meda AB SEK 2018

Farstad Shipping ASA NOK 2018

St1 Nordic Oy EUR 2019

Prosafe SE NOK 2016

Farstad Shipping ASA NOK 2017

Stora Enso OYJ EUR 2016

Color Group AS NOK 2015

Seadrill Ltd NOK 2018

J Lauritzen A/S NOK 2017

Odfjell SE NOK 2015


North Atlantic Drilling Ltd NOK 2018

Odfjell SE NOK 2017


North Atlantic Drilling Ltd USD 2019

Golden Close Maritime Corp Ltd USD …


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BUY TVO 19s vs SELL Fortum 19s – Spread compression ahead

Jakob Magnussen +45 45 12 85 03 [email protected]

Source: Danske Bank Markets, Bloomberg

• TVO (BBB/NO) is currently trading wider than the 'BB+' curve.

• Fortum (A-/NW) is in line or slightly tight to the 'BBB+' curve.

• The longer term spread trajectory of TVO should be positive, following more clarity on OL3 and arbitration.

• Fortum's trajectory is likely to be negative due to high shareholder focus, Russian exposure, divestment of stable assets and releveraging.

• Both companies are currently affected by weak Finnish power prices.

• We have an Overweight recommendation on TVO and an Underweight recommendation on Fortum.

• The spread between the two companies’ 2019s is currently 69bp.

• This trade also makes sense in longer maturities.

FUMVFH 4.5 16

FUMVFH 6 19TVO 6 16

FUMVFH 4 21

TVO 4.625 19

FUMVFH 2.25 22 (A2/A-)

'BB+' EU utilities

'BBB-' EU utilities

'BBB' EU utilities

'BBB+' EU utilities

TVO 2.5 21

TVO 2.25 25 (NR/BBB/BBB)

0

20

40

60

80

100

120

140

160

180

0 5 10 15

Z-spd (bp)

Years to maturity

mailto:[email protected]

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Source: Danske Bank Markets

Recent trade ideas

See the end of this presentation for a list of our coverage including shadow ratings and recommendations

Recent ideas

Type Trade Idea

Sector spread Switch from Fortum 19s to TVO 19s Sell the Fortum 19s trading tight compared with fair value and buy TVO 19s trading wide even if they are downgraded.

Opened 11-May-15

Start spread 69

Sector spread Switch from Metso 2019 to Sandvik

2026

We suggest selling the METSO 2019s, which have had a good run since the spin-off of the group’s Pulp, Paper & Power business in 2014. Metso and Sandvik have similar business exposure (mining and energy) but Sandvik is c.3x larger (in terms of revenues) and diversified into sectors to which Metso has no exposure.

Opened 27-Apr-15

Start spread 56

Outright Buy Neste Oil 2022 The Neste Oil 2022s trade wider than the 'BB+' curve, making them seem cheap relative to our shadow rating of 'BBB-‘.

Closed 21-Apr-15

Start spread 161

Outright Buy Akelius Residential 2019 in SEK The Akelius Residential SEK 2019 FRN 3M Stibor+240bp trades wide relative to other similar unrated SEK bonds.

Opened 13-Apr-15

Start spread 225

Outright Buy Vestas 2022 The Vestas EUR 2.75% 2022 trades cheap to a EUR corporate BBB. curve.

Opened 19-Mar-15

Start spread 245

Currency trade Close of trade SSAB Recent performance in the SSAB EUR bond has closed the earlier 19bp gap between the EUR and the SEK 2019 bonds.

Opened 10-Mar-15

Start spread -2

Outright Buy Tallink 2018 FRN Tallink 2018 in NOK trades cheap to a global median 'BB-' credit curve (converted into NOK).

Opened 27-Feb-15

Start spread 470

Outright CITCON '3.75 We believe that CITCON'3.75s trade at an attractive level relative the 'BBB' curve.

Opened 10-Feb-15

Start spread 112

Outright EGASDK '20 EGASDK 20s, which we see as 'B‘, indicatively trade far too cheaply relative to the industrial 'B' curve.

Opened 2-Feb-15

Start spread 608

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Company news from the past week Name News Implication

Carlsberg

Carlsberg (Marketweight) reported a slightly better than expected Q1 15, with operating profit at DKK661m versus DKK451m in Q1 14 and consensus of DKK608m. Net profit in Q1 15 was DKK70m versus DKK62m in Q1 14. Western Europe continues to do better than expected on margins due to continued restructuring, while Eastern Europe was doing slightly worse than expected. Q1 is a small quarter constituting only some 5-7% of total 2015E EBIT – hence, we would not read too much into the numbers. Carlsberg kept its guidance for 2015 unchanged and continues to expect operating profit to grow organically by mid- to high single digit percentages. Due to the decline in profit in Eastern Europe (Russia), we expect the region to account for below 20% of group EBIT in 2015. Credit metrics were marginally weaker y/y, with reported net debt to EBITDA of 3.1x versus 2.9x in Q1 14 and 2.9x at end-2014. Carlsberg stated at the release of the 2014 results that net debt to EBITDA was going to be lower than 2.5x at end-2015. As Q1 is so small, this should still be possible but will require low capex spending in 2015. Bonds tightened somewhat in Q1 15, due mainly to a stronger RUB/EUR. We do not expect Moody's to change its Baa2/NO on the back of the Q1 report – and we do not expect big spread movements on the back of the results, which we see as credit neutral. We maintain our Marketweight recommendation on Carlsberg.

Credit neutral

J Lauritzen

J Lauritzen (‘B/B-’) reported Q1 15 figures below our already conservative estimates. The Dry Bulk division reported EBITDA of USD-13.3m versus our estimate of USD-5.1m. The LPG division reported EBITDA of USD5.8m versus our estimate of USD3.1m. The company reduced its full-year guidance as expected. We do not expect to see positive P&L for J Lauritzen in the coming quarters but we reiterate our focus on the liquidity situation, which remains sound, with USD255m of cash making the company ready to pay down the bond in May. NIBD increased from USD268m to USD282m. We conclude that the first quarter was, as expected, weak for its Dry Bulk division and the market remains weak. While the P&L will remain weak in 2015, the company is positioned, with its strong liquidity, to weather the storms. We keep our ‘B/B-’ rating on J Lauritzen.

Credit neutral

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Company news from the past week

A. P. Moller -

Maersk

APMM (Marketweight) reported Q1 15 results marginally weaker than expected. EBITDA was USD2.6bn versus USD3.0bn in Q1 14 (consensus USD2.7bn), due mainly to lower earnings in Maersk Oil. However, the lower oil earnings also translate into a lower tax payment and, therefore, the net profit of USD1.6bn in Q1 15 was above the USD1.2bn reported in Q1 14. Overall, Maersk Line and APM Terminals continue to perform strongly. APMM made a small adjustment to its FY 2015 expectations. It now expects underlying profit excluding proceeds from the sale of the Danske Bank stake of USD4bn versus the earlier guidance of underlying profit ‘slightly below USD4bn’. APMM still guides for total gross capex of around USD9bn in 2015 (USD8.7bn in 2014). Reported net debt to LTM EBITDA was 0.67x – at the same level as the 0.65x reported at end-2014 and slightly lower than the 0.8x reported in Q1 14. Overall, this report did not contain any significant credit-related news and was much in line with expectations. We maintain our Marketweight recommendation. Bonds have widened since the beginning of the year due to a more shareholder-friendly attitude and the difficulties in the Drilling and Oil related parts of the group. Although the valuation is becoming more attractive, we believe the risk of larger scale M&A combined with clear shareholder focus (share buybacks, divestment of Danske Bank stake and distribution of proceeds to shareholders) and the weakness in the oil- and drilling-related entities is making us hold our horses for now. We continue to believe APMM is a high-quality name within the ‘BBB+’ space.

Credit neutral

Nynas

Nynas Q1 15 (‘B+’) out. The report is decent from a credit perspective. Sales decreased 23% due to the sharp fall in the oil price y/y, filtering through to end-product prices. Encouragingly, Nynas reported that it was able to maintain total production volumes by increasing naphthenic output, offsetting lower bitumen output due to the closed Central European Bitumen division. Group comparable EBITDA fell to SEK14m, down 81% y/y. This reflects Nynas's FIFO inventory principle, meaning that it is now using the ‘old’ and expensive part of its crude oil inventories for production of end-products. This effect was flagged in the Q4 results and should not have taken markets by surprise. Furthermore, Nynas had a high inventory build-up in Q1 (which is part of the normal cycle preparing for the summer bitumen peak sales season). These effects caused group cash flow to be negative SEK770m, taking adjusted net debt up by 29% q/q. Subsequently, we see adjusted net debt to EBITDA at 4.0x, down from 3.2x last quarter. We expect the leverage metric to fall again in H2, when sales and production volume increase, coupled with lower input costs (when all the expensive oil is used) will boost cash flows. Overall, this was a weak report but not more than could be expected. Metrics remain in line with our 'B+' indicative rating. This report should not move spreads.

Credit neutral

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Company news from the past week

Nykredit Bank

Nykredit Bank (Marketweight) reported a net deficit of DKK375m in Q1, which is actually an improvement from Q4 14 (net deficit of DKK946m) but worse than Q1 14 (net deficit of DKK10m). Unsurprisingly, the main reason for the deficit was the falling interest rate (DK 30Y swap rate from c1.7% to 1.1% in Q1), which had cost Nykredit Bank DKK992m in Q1 on the interest rate swaps contracts it has made with clients. Moreover, Nykredit Bank booked DKK69m on the interest rate swaps contracts due to worse conditions for housing co-operations (andelsforeninger), which are the main clients for these contracts. Further to the negative result, the NII fell as much as 24% or by DKK141m q/q as a result of a 33% reduction in the bond portfolio. Positively, the fees were high as seen in other Danish banks (remortgaging fees among others) and the loan losses excluding interest rate swaps were a small reversal of DKK19m (DKK100m cost in Q4 14). Nykredit expects to issue ‘special senior debt’ and so on compliant with S&P's ALAC concept in order to improve its rating at S&P following yesterday's credit watch negative rating action. This sounds interesting to us and is something we intend to look into further. CET1 improved to 15.1% from 13.1% at end-2014 due mainly to the DKK2bn injection from the parent in February 2015 (c.2% impact).

Credit neutral

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.


Selected new issues

Selected new issues

Date Issuer Coupon CCY Volume Maturity S&P / Mdy / Fitch ASW/DM

12-05-2015 Norwegian Air Shuttle As NIBOR3M +575bps NOK 1 000 m May-18 / / 575

11-05-2015 Golar Lng Partners Lp US0003M +440bps USD 150 m May-20 / / 440

12-05-2015 Skandiabanken Ab STIB3M +50bps SEK 1 200 m May-18 / / 50

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Chart pack: euro spreads and returns Euro IG ASW, iBoxx indices

Source: Macrobond Financial, 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

13

Chart pack: relative value iTraxx vs iBoxx

Source: Bloomberg, Macrobond Financial, Danske Bank Markets [all charts]

Euro vs US CDS indices - IG (Markit)

EUR CDS Spreads – Nordic Banks

Euro vs US HY bond indices (Merrill Lynch)

14

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 and euro area

EUR/USD basis swaps

15

Chart pack: fund flows Europe, net sales


Sweden, net sales

US, net sales

Norway, net sales

16

Chart pack: macro GDP y/y growth, calendar adjusted


Euro area y/y change in bank lending

Purchasing Manager Indices

Euro area lending standards

17

Our coverage and shadow ratings 1 of 5

Ratings from S&P/Moody's/Fitch and Danske Bank Markets shadow ratings

Analyst(s)

Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookAhlstrom Oyj B+ Stable Mads RosendalAkelius Residential Property Ab BBB- Stable BBB- Louis LandemanAmbu A/S BBB- Stable Jakob MagnussenAp Moeller - Maersk A/S BBB+ Stable Baa1 Stable Brian Børsting MARKETWEIGHTArla Foods Amba BBB+ Stable Mads RosendalAtlas Copco Ab A Stable A2 Stable Mads Rosendal UNDERWEIGHTAvinor As AA- Stable A1 Stable Ola Heldal MARKETWEIGHTBank 1 Oslo Akershus As BBB+ Stable T. Hovard / L. HolmBank Norwegian As BBB Stable T. Hovard / L. HolmBeerenberg Holdco Ii As B Stable Øyvind MossigeBillerudkorsnas Ab BBB- Stable Mads RosendalBw Offshore BB+ Stable Øyvind MossigeCargotec Oyj BBB- Stable Mads RosendalCarlsberg Breweries A/S Baa2 Neg BBB Stable Brian Børsting MARKETWEIGHTCermaq Asa BB Stable Knut-Ivar BakkenCitycon Oyj BBB Stable Baa2 Stable Emil Hjalmarsson OVERWEIGHTColor Group As BB- Stable B+ Niklas RipaCom Hem Holding Ab BB- Stable Ola HeldalCorem Property Group Ab BB- Stable B+ Emil HjalmarssonDanfoss A/S BBB Stable Jakob MagnussenDanske Bank A/S A Neg A3 A StableDfds A/S BBB- Stable Niklas RipaDlg Finance As BB- Stable Mads RosendalDna Ltd BBB- Stable Ola HeldalDnb Bank Asa A+ Stable A1 T. Hovard / L. Holm UNDERWEIGHTDong Energy A/S BBB+ Stable Baa1 Stable BBB+ Stable Jakob Magnussen MARKETWEIGHTDsv 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. HolmEksportfinans Asa BBB- Pos Ba3 Stable T. Hovard / L. HolmElectrolux Ab BBB Stable Wr WD Brian Børsting MARKETWEIGHT

Recomm.Danske Bank S&P Moody's Fitch

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Analyst(s)

Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookElenia Oy Jakob Magnussen OVERWEIGHTElisa Oyj BBB+ Stable Baa2 Stable Ola Heldal OVERWEIGHTEntra Eiendom As A- Stable Ola HeldalFarstad Shipping Asa BB Neg BB- Øyvind MossigeFingrid Oyj A+ Stable A1 Stable A+ Stable Jakob Magnussen MARKETWEIGHTFinnair Oyj BB Stable Brian BørstingFortum Oyj A- A2 A- Neg Jakob Magnussen UNDERWEIGHTFortum Varme Holding Samagt Med Stockholms Stad Ab BBB+ Stable Jakob MagnussenFred Olsen Energy Asa BB Stable BB- Sondre StormyrG4S Plc BBB- Stable Brian Børsting OVERWEIGHTGetinge Ab BB+ Neg Louis LandemanGolden Close Maritime Corp Ltd B- Sondre StormyrHeimstaden Ab BB Stable BB- Louis LandemanHemso Fastighets Ab BBB+ Stable BBB A- Stable Emil HjalmarssonHkscan Oyj BB Stable Brian Børsting MARKETWEIGHTHoist Kredit Ab BB- Stable B+ Gabriel BerginHusqvarna Ab BBB- Pos Emil HjalmarssonIkano Bank Ab BBB Stable T. Hovard / L. HolmInvestor Ab AA- Stable A1 Stable Brian Børsting OVERWEIGHTIss A/S BBB- Pos Brian Børsting OVERWEIGHTJ Lauritzen A/S B Stable B- Bjørn Kristian RøedJernhusen Ab A- Stable Gabriel BerginJyske Bank A/S A- Stable Baa T. Hovard / L. Holm OVERWEIGHTKesko 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 BB Stable B1 Pos Mads Rosendal MARKETWEIGHTMetso Oyj BBB Stable Baa2 Stable Mads Rosendal MARKETWEIGHTNcc Ab BBB- Stable Emil HjalmarssonNeste Oil Oyj BBB- Stable Jakob Magnussen OVERWEIGHTNokia Oyj BB+ Pos Ba2 Stable BB Pos Ola Heldal MARKETWEIGHT


19



Analyst(s)

Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookNokian Renkaat Oyj BBB+ Stable Jakob MagnussenNordax Finans Ab BBB- Stable T. Hovard / L. HolmNordea Bank Ab AA- Neg Aa3 AA- Stable T. Hovard / L. Holm UNDERWEIGHTNorth Atlantic Drilling Ltd BB- Neg B+ Sondre StormyrNorwegian Air Shuttle Asa BB- Neg B+ Brian BørstingNorwegian Property Asa BBB- Stable Ola HeldalNykredit Bank A/S A+ Neg Baa A Stable T. Hovard / L. Holm MARKETWEIGHTNynas Group B+ Stable B+ Jakob MagnussenOcean Yield Asa BB BB- Øyvind MossigeOdfjell Se B+ Stable B Bjørn Kristian RøedOlav Thon Eiendomsselskap Asa BBB+ Stable Ola HeldalOrava Residential Reit Plc B+ Stable B+ Mads RosendalOlympic Ship As B+ Stable B Øyvind MossigeOrkla Asa BBB+ Pos Ola HeldalOutokumpu Oyj B Pos Mads RosendalPohjola Bank Oyj AA- Neg Aa3 Stable A+ Stable T. Hovard / L. Holm MARKETWEIGHTPosten Norge As A- Stable Ola HeldalPostnord Ab BBB+ Stable Gabriel BerginProsafe Se BB Stable Sondre StormyrRamirent Oyj BB+ Stable Brian BørstingSandnes Sparebank BBB+ Stable T. Hovard / L. HolmSandvik Ab BBB Neg Mads Rosendal OVERWEIGHTSas Ab B- Stable Wr Stable Brian BørstingSbab Bank Ab A Neg A2 Stable T. Hovard / L. Holm MARKETWEIGHTScania Ab A- Stable Mads Rosendal MARKETWEIGHTSchibsted Asa BBB Stable Ola HeldalSeadrill Ltd BB Neg BB- Sondre StormyrSecuritas Ab BBB Stable Wr Brian Børsting MARKETWEIGHTSkandinaviska Enskilda Banken Ab A+ Neg A1 A+ Pos T. Hovard / L. Holm OVERWEIGHTSkanska Ab BBB+ Stable Emil HjalmarssonSkf Ab BBB Stable Baa1 Neg Mads Rosendal UNDERWEIGHTSognekraft As BBB Stable BBB Jakob Magnussen


20



Analyst(s)

Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookSolstad Offshore Asa BB- Stable B+ Øyvind MossigeSpar Nord Bank A/S BBB+ Stable T. Hovard / L. HolmSparebank 1 Boligkreditt As A- Stable T. Hovard / L. HolmSparebank 1 Nord Norge A2 A Stable T. Hovard / L. Holm UNDERWEIGHTSparebank 1 Smn A2 A- Stable T. Hovard / L. Holm MARKETWEIGHTSparebank 1 Sr-Bank Asa A2 A- Stable T. Hovard / L. Holm UNDERWEIGHTSponda Oyj BBB- Stable Emil HjalmarssonSsab Ab BB- Stable Mads RosendalSt1 Nordic Oy BB Stable Jakob MagnussenStatkraft Sf A- Stable Aaa Stable Jakob Magnussen OVERWEIGHTStatnett Sf A+ Stable Wr Stable Jakob Magnussen MARKETWEIGHTStatoil Asa AA- Stable Aa2 Stable Jakob Magnussen UNDERWEIGHTSteen & Strom As BBB+ Stable Ola HeldalStena Ab BB Stable B2 Stable Niklas Ripa MARKETWEIGHTStockmann Oyj Abp B+ Stable Mads RosendalStolt-Nielsen Ltd BB+ Stable BB Bjørn Kristian RøedStora Enso Oyj BB Stable Ba2 Stable WD Mads Rosendal MARKETWEIGHTStorebrand Bank Asa BBB+ Stable BBB+ Neg Nr T. Hovard / L. HolmStorebrand Livsforsikring As A- Neg Baa1 Stable T. Hovard / L. HolmSunnfjord Energi As BBB- Stable BBB- Jakob MagnussenSuomen Hypoteekkiyhdistys A- Stable T. Hovard / L. HolmSvensk Fastighetsfinansiering Ab BBB Stable Louis LandemanSvenska Cellulosa Ab Sca A- Stable Baa1 Stable Mads Rosendal MARKETWEIGHTSvenska Handelsbanken Ab AA- Neg Aa3 AA- Stable T. Hovard / L. Holm MARKETWEIGHTSwedavia Ab A- Stable Gabriel BerginSwedbank Ab A+ Neg A1 A+ Pos T. Hovard / L. Holm MARKETWEIGHTSwedish Match Ab BBB Stable Baa2 Stable Brian Børsting MARKETWEIGHTSydbank A/S Baa T. Hovard / L. Holm OVERWEIGHTSaab Ab BBB+ Stable Wr Emil HjalmarssonTallink Grupp As BB Stable BB- Niklas RipaTdc A/S BBB Neg Baa3 Stable BBB Neg Ola Heldal MARKETWEIGHTTeekay Offshore Partners Lp BB- Stable B+ Bjørn Kristian Røed


21


Source: Standard & Poor's, Moody's, Fitch, Danske Bank Markets


Analyst(s)

Company Rating Outlook Sr. Unsec Rating Outlook Rating Outlook Rating OutlookTele2 Ab BBB Stable Ola HeldalTelefonaktiebolaget Lm Ericsson BBB+ Stable Baa1 Stable BBB+ Stable Ola Heldal MARKETWEIGHTTelenor Asa A Stable A3 Stable Ola Heldal MARKETWEIGHTTeliasonera Ab A- Stable A3 Neg A- Stable Ola Heldal UNDERWEIGHTTeollisuuden Voima Oyj BBB Neg Wr BBB Stable Jakob Magnussen OVERWEIGHTThon Holding As BBB+ Stable Ola HeldalTine Sa BBB+ Stable Ola HeldalUpm-Kymmene Oyj BB+ Stable Ba1 Stable WD Mads Rosendal MARKET WEIGHTVasakronan Ab A- Stable Emil HjalmarssonVattenfall Ab A- Stable A3 Stable A- Neg Jakob Magnussen MARKETWEIGHTVestas Wind Systems A/S BBB- Pos Niklas Ripa OVERWEIGHTVictoria Park Ab BB- Stable B+ Louis LandemanVolvo Ab BBB Neg Baa2 Neg BBB Stable Mads Rosendal MARKETWEIGHTWilh Wilhelmsen Asa BBB- Stable Bjørn Kristian RøedWihlborgs Fastigheter Ab BB+ Stable BB Louis LandemanYit Oyj B Stable Emil Hjalmarsson


22

Fixed Income Credit Research team Thomas Hovard, Chief Analyst Head of Credit Research +45 45 12 85 05 [email protected]

Louis Landeman, Senior 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, Senior 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, Senior Analyst Shipping +47 85 40 70 72 [email protected]

Ola Heldal, Senior Analyst TMT +47 85 40 84 33 [email protected]

Sondre Dale Stormyr, Senior Analyst Offshore Rigs +47 85 40 70 70 [email protected]

Henrik René Andresen, Senior Analyst Credit Portfolios +45 45 13 33 27 [email protected]

Øyvind Mossige, Senior Analyst Oil Services +47 85 40 54 91 [email protected]

Emil Hjalmarsson, Analyst Real Estate, Construction +46 8 568 80634 [email protected]
















23

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.

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

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Documents

Weekly Credit Update - Danske Bank · 2015-05-19 · LNG Partners and SEK1.2bn Skandiabanken FRN. ... Teekay Offshore Partners LP/Teekay ... USD2.6bn versus USD3.0bn in Q1 14 (consensus