Credit Research

Nordic Financial Issues

Nordic Financial Issues June 2013 Nordic Financial Issues March 2013 Nordic Financial Issues November 2012 Nordic Financial Issues October 2012 Nordic Financial Issues June 2012 Nordic Financial Issues March 2012 Nordic Financial Issues December 2011 Nordic Financial Issues September 2011 Nordic Financial Issues July 2011 Nordic Financial Issues March 2011  

Corporate Bonds

Corporate Bonds March 2014 Corporate Bonds November 2013 Corporate Bonds September 2013 Corporate Bonds June 2013 Corporate Bonds March 2013 Corporate Bonds November 2012 Corporate Bonds September 2012 Corporate Bonds May 2012 Corporate Bonds March 2012 Corporate Bonds November 2011 Non-Financial Corporate Bonds September 2011 Non-Financial Corporate Bonds June 2011  

Credit flash

Sydbank - growth above profitability (20 February 2014) BNP Paribas - 2013 marred by one-off costs (14 February 2014) Société Générale - 2013 was a year of transformation (12 February 2014) Danske bank - financial statements showing good progress (7 February 2014) Svenska Handelsbanken - continuing organic growth (6 February 2014) SEB - impressive 2013 report (5 february 2014) SocGen - we start coverage of two Tier 1 bonds with CoCo element (29 January 2014) Nordea - Q4/2013 disappointing on most counts (30 January 2014) Sydbank - FSA inspection triggers additional DKK 600m provisioning need (6 December 2013) Société Générale - we initiate our coverage of two Tier 1 bonds wit Buy (28 November 2013) Danske Bank - interim report showing good progress (4 November 2013) BNP Paribas - robust results (1 November 2013) Sydbank - business volumes still shrinking (29 October 2013) SEB - decent performance (25 October 2013) Svenska Handelsbanken - stagnant earnings (24 October 2013) Nordea - slightly disappointing performance (24 October 2013) Danske Bank makes tender offer for its Tier 2 bond DANBNK 7.125% 2037 (18 September 2013) BNP Paribas - we initiate our coverage of three Tier 1 bonds with Buy (5 September 2013) Sydbank - portfolio investment income ensures decent bottom line (21 August 2013) Svenska Handelsbanken - earnings at full speed (18 July 2013) Nordea - fee income up, lending down (18 July 2013) Swedbank - good interim report dotted by one-off items (17 July 2013) SEB - impressive interim report (16 July 2013) DNB - Focus on capital ratios (12 July 2013) EU finance ministers agree on bail-in rules for senior debt (28 June 2013) Danske Bank ordered by the danish FSA to change its IRB models (19 June 2013) DONG forces bondholders to loss-making exchange (11 June 2013) Munich Re - few major losses underpin strong interim results (7 May 2013) Danske Bank - disappointing Q1 results, but also bright spots (3 May 2013) Nordea - good Q1 report and lower impairments (24 April 2013) Svenska Handelsbanken - drop in both costs and impairment losses (25 April 2013) Swedbank - decent progress for several financial items (24 April 2013) SEB - quarterly results slightly disappointing (24 April 2013) S&P methodology change will affect Danske Bank 7.125% (4 April 2013) Champagne bubbles bursting (21 February 2013) Sydbank - decent FY results despite high impairment level (20 February 2013) DNB - growing income but also increasing impairment losses (8 February 2013) Danske Bank - growing into its potential (8 February 2013) Svenska Handelsbanken - higher impairment and costs (7 February 2013) SEB - interim report reflects one-off effects (1 February 2013) Swedbank - all-round improvemnet (31 January 2013) Nordea - robust Q4/2012 with rising income (31 January 2013) Bank recommendations - Nordic peers comparison (28 January 2013) Sydbank - record-high profit thanks to investment portfolio income (31 October 2012) DNB - increasing core income and costs (26 October 2012) Nordea - disappoints in Q3 due to rising impairment losses (25 October 2012) Swedbank - sound Q3/2012 results (24 October 2012) Svenska Handelsbanken - mediocre Q3 performance (23 October 2012) Revival of bank Tier 2 capital (17 September 2012) Financial senior bonds have become too expensive (6 September 2012) Sydbank - new impairment rules put bottom line in red (23 August 2012) Danske Bank delivers positive surprise in Q2/2012 (8 August 2012) Proposal for directive on conversion of banks' senior debt to equity (31 July 2012) Swedbank - disappointing Q2/2012 performance (31 July 2012) Nordea - good Q2/2012 results (30 July 2012) Svenska Handelsbanken - somewhat disappointing Q2/2012 (25 July 2012) SEB - impressive Q2/2012 results (20 July 2012) DNB - back on track (19 July 2012) Allianz - A smooth insurance operation (16 May 2012) Sydbank - strong results despite high impairment level (3 May 2012) DNB - disappointing Q1/2012 results (1 May 2012) Svenska Handelsbanken - impressive growth in core income (30 April 2012) Swedbank - very strong Q1/2012 results (30 April 2012) SEB - solid Q1/2012 results (26 April 2012) Nordea - impairment losses show surprising decline (25 April 2012) Sydbank redeems Tier 2 issue of EUR 100m in April 2012 (23 February 2012) Changes in recommendations on bank hybrid and Tier 2 capital (22 February 2012) We change our recommendation from buy to hold on corporate bonds (22 February 2012) Svenska Handelsbanken - very good performance also in Q4/2011 (22 February 2012) Swedbank - another good quarter (16 February 2012) DNB - Q4 better than expected (14 February 2012) SEB - improvement in core income in late 2011 (8 February 2012) Nordea - higher income and growing impairment losses in Q4 (25 January 2012) High event risk relating to Danske Bank over the next six months (19 January 2012) We recommend Nordic bank senior bonds (11 January 2012) SEB - net reversal of impairment losses continues (10 November 2011) Svenska Handelsbanken - good performance in Q3/2011 (3 November 2011) Swedbank - sound Q3/2011 results (2 November 2011) Nordea - focus on risk-weighted assets (2 November 2011) Sydbank records disappointing Q3 profit, but for good reasons (2 November 2011) Danske Bank redeems hybrid capital in Danica Pension (1 September 2011) Danske Bank abandons early redemption of government hybrid capital (31 August 2011) Sydbank – disapppointing performance with a few bright spots (18 August 2011) Danske Bank – Q2/2011 both positive and negative (10 August 2011) Svenska Handelsbanken – fair growth in H2/2011 (3 August 2011) Nordea – Q2 shows lacking earnings growth (29 July 2011) SEB – reversals of impairment charges surprisingly large (27 July 2011) DnB NOR – improved bottom line but disappointing income (22 July 2011) DnB NOR – disappointing first quarter (30 May 2011) SEB – reversals of loan impairment provisions surprisingly large (11 May 2011) Sydbank – back on track (6 May 2011) Nordea – disappointing Q1/2011 results (4 May 2011) Svenska Handelsbanken – status quo (29 April 2011) Svenska Handelsbanken - continued organic growth (1 March 2011) Sydbank – poor Q4 results, but a strong credit case (21 February 2011) Danske Bank – share issue a reality (17 February 2011) SEB's 2010 results impressive due to heavy fall in impairment charges (14 February 2011) Nordea – improved results, but growth stunted by capital (8 February 2011) Nordea – impressive Q3, but Danmark a disappointment (28 October 2010) Svenska Handelsbanken – Q3 shows continued good progress (20 October 2010)