29-07-2010
Recomendations
BUY HOLD SELL
Trading & Sales Analytikere
Morten Storgaard Andersen + 45 8989 7678 Alex Hauge Andersen + 45 8989 7688
Henrik Hjorth Rasmussen + 45 8989 7679 Bo Andersen + 45 8989 7687
Henrk Lysdahl + 45 8989 7680 Henrik Colding Jørgensen + 45 8989 7686
Carsten Dam Hyldal + 45 8989 7674
EUR High Grade
Maturity 1-4 Maturity 4-7 Maturity 7-
GAZ CAPITAL SA (GAZPROM) 7,8% 27-09-2010 VESTAS WIND SYSTEMS A/S 4,625% 23-03-2015 GAZ CAPITAL SA (GAZPROM) 5,44% 02-11-2017
Offer/Yield/Gov. spread 100,75 2,63% 230 bp Offer/Yield/Gov. spread 102 4,14% 243 bp Offer/Yield/Gov. spread 102,75 4,97% 262 bp
Rating/Next call@price Baa1/BBB Rating/Next call@price Not rated/ Rating/Next call@price Baa1/BBB
Security codes B69124 XS0176996956 Security codes B05652 XS0496644609 Security codes B03178 XS0290581569
Min. trade/Remarks *50.000 Min. trade/Remarks *50.000 Min. trade/Remarks *50.000
Energy
https://jyskebank.com/wps/wcm/connect/cdc9c98042614241ac69acc1470faee1/332593_20100504GazpromQ42009.pdf?MOD=AJPERES
https://jyskebank.com/wps/wcm/connect/02dec28041c796b893ffb7d3c2f9d6eb/329092_20100316VestasNewIssue.pdf?MOD=AJPERES
https://jyskebank.com/wps/wcm/connect/cdc9c98042614241ac69acc14
GAZ CAPITAL SA (GAZPROM) 5,03% 25-02-2014 AP MOLLER-MAERSK A/S 4,875% 30-10-2014 DONG ENERGY A/S 5,5% 29-06-3005
Offer/Yield/Gov. spread 105,25 3,43% 222 bp Offer/Yield/Gov. spread 106,375 3,24% 172 bp Offer/Yield/Gov. spread 102,75 4,85% 307 bp
Rating/Next call@price Baa1/BBB Rating/Next call@price Not rated/ Rating/Next call@price Baa3/BBB 29-06-2015@100
Security codes B03179 XS0272762963 Security codes B05193 XS0462887349 Security codes B75307 XS0223249003
Min. trade/Remarks *50.000 Min. trade/Remarks *50.000 Min. trade/Remarks
https://jyskebank.com/wps/wcm/connect/cdc9c98042614241ac69acc1470faee1/332593_20100504GazpromQ42009.pdf?MOD=AJPERES 1
https://jyskebank.com/wps/wcm/connect/f8944880428c0de0b511ff68b98449e5/333640_20100512APMQ12010.pdf?MOD=AJPERES
https://jyskebank.com/wps/wcm/connect/6a8d8f0042a46f03b25ff31fc8
GLENCORE FINANCE EUROPE 5,375% 30-09-2011
Basicindustry
Offer/Yield/Gov. spread 100,75 3,78% Euribor+312,5 bp Offer/Yield/Gov. spread 107,25 4,16% 345 bp
Rating/Next call@price Ba2/BB+ 15-11-2010@100 Rating/Next call@price Ba2/BB+ 15-11-2011@103,625
Security codes B01844 XS0273978592 Security codes B01856 XS0273988393
Min. trade/Remarks *50.000 Min. trade/Remarks *50.000
https://jyskebank.com/wps/wcm/connect/01fe758042ba68da9d58dfa2c6d9ca27/335067_20100603BombardierQ12011.pdf?MOD=AJPERES
https://jyskebank.com/wps/wcm/connect/01fe758042ba68da9d58dfa2c6d9ca27/335067_20100603BombardierQ12011.pdf?MOD=AJPERES
ISS GLOBAL A/S 4,75% 18-09-2010 ISS HOLDINGS A/S 8,875% 15-05-2016
Offer/Yield/Gov. spread 99,75 6,48% 631 bp Offer/Yield/Gov. spread 103,25 7,86% 657 bp
Rating/Next call@price Not rated/B Rating/Next call@price Caa1/B 15-05-2011@104,438
Security codes B69092 XS0176317054 Security codes B01283 XS0253470644
Min. trade/Remarks 1.000 https://jyskebank.com /wp
Min. trade/Remarks
s /wc m /c o n n e
*50.000
c t /8 e 0 8 cb https://jyskebank.com
0 0 42 e 5 8 9 778 a 2 8 ffe 6 9 5 d 2 8 18 c /3 3 43 5 1_ 2 0 10 0 5 2 0 I S S Q 12 0 10 .p d f ?M O D =AJP ER ES & CACH EI D =8 e 0 8 cb 0 0 42 e 5 8 9 778 a 2 8 ffe 6 9 5 d 2 8 18 c /wp s /wc m /c o n n e c t /8 e 0 8 cb 0 0 42 e 5 8 9 778 a 2 8 ffe 6 9 5 d 2 8 18 c /3 3 43 5 1_ 2 0 10 0 5 2 0 I S S Q 12 0 10 .p d f ?M O D =AJP ER ES & CACH EI D =8 e 0 8 cb 0 0 42 e 5 8 9 778 a 2 8 ffe 6 9 5 d 2 8 18 c
https://jyskebank.com /wp s /wc m /c o n n e c t /8 e 0 8 cb 0 0 42 e 5 8 9 778 a 2 8 ffe 6 9 5 d 2 8 18 c /3 3 43 5 1_ 2 0 10 0 5 2 0 I S S Q 12 0 10 .p d f ?M O D =AJP ER ES & CACH EI D =8 e 0 8 cb 0 0 42 e 5 8 9 778 a 2 8 ffe 6 9 5 d 2 8 18 c
Offer/Yield/Gov. spread 101 -3,92% -404 bp Offer/Yield/Gov. spread 114,75 5,55% 383 bp
Rating/Next call@price Caa1 /*+/B- /*+ Rating/Next call@price Ba1/BB
Security codes B88174 US404119AA75 Security codes B04097 USU31436AD72
Min. trade/Remarks 1.000 Min. trade/Remarks 2.000
https://jyskebank.com/wps/wcm/connect/4ca6990040422de5ad84efb38624eea3/317501_20091109HCAQ32009.pdf?MOD=AJPERES
https://jyskebank.com/wps/wcm/connect/52b5b70042614079ab44abc1470faee1/332543_20100504FreseniusQ1.pdf?MOD=AJPERES
WIND ACQUISITION FIN SA 11,75% 15-07-2017
Offer/Yield/Gov. spread 107,25 9,86% 814 bp
Rating/Next call@price B2/B+ 15-07-2013@105,875
Security codes B04709 USL97437AC80
Telecom
Maturity 1-4
* Denotes that customers which have a deposit at Jyske Bank have the possibility to minimum trades of 1.000,00. However, holdings of less than the minimum trading lot cannot be transferred to another bank.
** The bond is grandfathered - Grandfathered indicates if the security is affected by the EU Savings Directive
Corporate Bond Universe
Selskabsbeskrivelse
Company Description
Agrokor - Was founded in 1976 and is today Croatia's largest food producer and retail chain. Agrokor operates mainly in Crotia and it has three business areas. Food Retail Business, Food & Beverage Production Business and Other Businesses. Agrokor
is privately owned and 92% of the shares are owned by the president of the company, Ivica Todoric.
A.P. Møller - Mærsk (APM) - APM is the largest group of companies in Denmark , reporting sales of above DKK 300bn. The group's main activities are shipping and oil exploration/offshore activities (E&P, offshore rings, supply ships). Other business
areas include retail trade (68% stake in Denmark's largest grocery group Dansk Supermarked) as well as shipyards and manufacturing industry. Finnally, APM owns 20% of Danske Bank (Denmark).
Ardagh Glass - The Ardagh Glass Group is one of Europe’s largest glass packaging producers and today it operates 20 production facilities in seven countries. The group has a 33% market share in northern Europe and produces glass packaging for all
segments in the food and medical industries.
Bank TuranAlem (BTAS) - The 2end largest bank in Kazakhstan with representative offices in Kazakhstan, Russia, Ukraine, China, Belarus, Kyrgyzstan, Georgia, Tajikistan and Armenia.
Reynold - The 2end largest company in the world within aseptic packaging for long-lift products. Reynold also sells and leases the machines filling up the packaging and provides service and support. Reynolds owned by the private equity fund Rank
Group Holdings Limited.
Bombardier - Has two core areas: Bombardier Aerospace which designs og produces regional/commercial and business aircraft and Bombardier Transportation which produces and services train systems.
Cable & Wireless - Offers internet and telecommunications services to customers in the UK, Europe and the Caribbean.
Carlsberg Breweries A/S - The worlds fourth largest brewery measured in volume. Carlsberg is listed on the Danish stock exchange and is primarily controled by The Carlsberg Foundation with 30%.
DONG Energy A/S - Leading energy company in Denmark and supplies energy – natural gas, oil and electricity - to more than one million Danish customers and a rising number of foreign customers. The company is expected to be listed on the stock
exchange when the stock markets settle down.
Eircom - Is the largest provider of fixed telephony in Ireland (2,6 mill. customers). Further, they provide broad band and mobile telephony. Eircom has a very strong market position on the Irish market. In general, Eircom has a market share of 60%-80%
on their markets of business. Eircom is owned by Eircom holdings, an Australian investment company and a fund (ESOT) that, on behalf of the current and former employess, manages the investments in Eircom.
Europcar International - An internation car rental company. The company has a fleet of more than 250,000 vehicles at 2,977 localities in 170 different countries.
Fage Dairy - The leading dairy producer and the second-largest food producer in Greece. The company produces and distributes yoghurts and dairy desserts, milk, dairy creams and packaged cheeses under the FAGE and TOTAL brands.
FRESENIUS - Fresenius operates within the health-care sector through its three divisions Fresenius Medical Care (FMC), Fresenius Kabi and Fresenius ProServe. Fresenius is domiciled in Germany, and FMC is included in the German DAX30 index. The
company is a global actor within the health-care sector offering products and services within dialysis treatment (FMC), clinical nutrition and infusion therapy (Kabi) and hospital operations and management (ProServe)
Gazprom - Gazprom is the world’s largest vertically integrated natural gas company in terms of reserves, production and transportation. Gazprom is also involved in oil production and oil refining, petrochemicals and other oilrelated products.
Gazprom’s key activities are located in Russia, and the Russian state owns a majority stake in the company.
Glencore - Glencore is one of the worlds largest commodity traders, complemented by a substanciaL upstream diversification in metal mining and processing activities.
HCA Inc. - The largest operator and owner of hospitals in the US market for emergency treatment. As of 31.03.07, the company had a portfolio of 173 hospitals and 107 freestanding surgery centres in 20 US states, the UK and Switzerland. HCA Inc. has
a strong market position in Florida and Texas.
Ineos - Is a holding company for a group of chemicals companies. The group's main products are petrochemicals and oil products but the product range also includes a broad range of special chemicals. Is the 3rd largest chemical company in the world
in terms of sales.
ISS(FS Funding AS) - One of Europe’s largest companies within cleaning and facility services. Facility services cover all service-related jobs in a company such as cleaning, property services, mail handling, reception service and much more.
Kerling Plc - Kerling Plc is the leading manufacturer of Polyvinyl chloride (PVC) and caustic soda in Europe, which are used in many industries, both as raw materials and as finished products. Kerling is the largest manufacturer of PVC in Europe and the
second-largest manufacturer of caustic soda in Europe with a market share of 23% and 13%, respectively. Kerling Plc consists of a number of subsidiaries and Ineos Limited owns a controlling stake in Kerling.
Linde - Is one of the world's largest producers of industrial, therapeutic as well as electronic gases Also, Linde is a large global player within the construction of gas plants.
Meinl European Land - Meinl Bank’s property company. The company owns, runs and constructs properties for retail purposes in Eastern Europe and Turkey.
Mobile Telesystems - the largest mobileoperator in Russia and CIS. Inclusive of its subsidiaries, the company has more than 87 million customers. The company is primarily owned by Sistema, a Russian conglomerate which holds a 50.6% stake. The
company is listed on the New York Stock Exchange and the stock exchange in Moscow.
M-Real - M-real is the leading European producer of fibre paperboard and a large paper product manufacturer.The company’s paperboards are mainly used for the packaging of cosmetics, pharmaceuticals,food, cigarettes and
durable consumer goods. Its paper is used mainly for stationery and wallpaper. The company is listed, and 60% of the voting rights are held by Metsäliitto Group.
Rexam - Is the world leading beverage can producer. Rexam is the market leader in Europe and the third biggest in North America. Further, Rexam produces plastic wrapping for the medical, cosmethics and food industry. Rexam is listed and has no
major shareholders.
Rhodia - Rhodia is a diversified chemical company. They have a leading market position within chemical intermediates (2nd globally) and engineering plastics (3rd globally). Rohdia is headquartered in Paris and has a strong market position in Europe.
Furthermore, the company has a strong position in North America, Latin America and especially the rapid growing market in Asia
TDC A/S - A leading provider of telecommunications solutions within fixed-line and mobile telecoms services, data communications, system integration, homepage hosting, internet access and cable TV solutions. Furthermore, the company publishes
online and traditional telephone directories. TDC has operations in several European countries, primarily in Denmark and Switzerland.
Wind - An integrated telecoms provider in Italy where the company offers fixed-line telephone services, mobile telephone services and internet services.
Disclaimer & Disclosure
Jyske Bank's analysts are subject to the recommendations of The Danish Securities Dealers Association on the handling of conf licts of interest within investment banks.
The analysis is based on information which Jyske Bank finds reliable, but Jyske Bank does not assume any responsibility for t he correctness of the material nor for transactions made on the basis of the information or the estimates of the analysis. The e stimates and recommendations of the
analysis may be changed without notice. The analysis is for the personal use of Jyske Bank's customers and may not be copied.
Conflicts of interest
Jyske Bank has prepared procedures to prevent conflicts of interest, although analysts may have different tasks. These proced ures have been incorporated in the business procedures covering the corporate -bond analysis activities of Jyske Markets, a business unit of Jyske Bank.
Jyske Bank's corporate-bond analysts may not hold positions in the instruments that they analyse. Jyske Bank may hold positions or have interests in the companies that are analysed. The analysis has not been presented to the company prior to the release . The analysts receive no payment from
persons interested in individual analyses.
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Financial models
Jyske Bank uses mainly Credit Edge from Moody’s.
Risk
Investment in this corporate bond is associated with risk. Movements in the credit market, the sector and/or news flows, etc. regarding the company may affect the price of the bond. See the front page of the analysis for our view of the risk associated with the corporate bond. The risk factors
stated and/or sensitivity calculations in the analysis are not to be considered exhaustive. If the corporate bond is denomina ted in a currency other than the investor’s base currency, the investor accepts an FX risk.
See the front page for the initial date of publication of the analysis.
All prices stated are the latest trading prices at the time of the release of the analysis, unless otherwise stated.
Recommendation concepts
Our recommendations are based on market developments and an assessment of the expected return. A positive recommendation (BUY ) is based on expectations that investment in the corporate bond will generate a return above that of the general credit market. On the other hand, a
negative recommendation (SELL) implies that we expect investment in the corporate bond to generate a return below that of the general credit market.
Return after costs depends on a number of factors relating to individual customer relations, custodian charges, volume of tra de, as well as market-, currency- and product-specific factors.