To ensure flexible, efficient access to the markets, the Danske Bank Group has established a number of funding programmes that lay the foundation for its bond issues. The chart below shows the most important programmes.
 |
|
Moody's |
S&P |
Fitch |
| US commercial paper |
USD 30 bn |
P-1 |
A-1 |
F1 |
| European commercial paper |
EUR 13 bn |
P-1 |
A-1 |
F1 |
| French commercial paper |
EUR 10 bn |
P-1 |
A-1 |
F1 |
| UK certificate of deposit |
USD 15 bn |
P-1 |
A-1 |
F1 |
| European Medium Term Note |
EUR 60 bn |
A1 |
A |
A+ |
| US MTN (144A) |
USD 10 bn |
A1 |
A |
A+ |
| Global covered bond programme |
EUR 25 bn |
Aaa |
AAA |
AAA |
Most of the certificate of deposit and commercial paper programmes have short maturities, while the Medium Term Note programmes are used mainly for longer maturities.
The funding programmes ensure that the Group has sufficient flexibility when choosing the following:
- maturity
- currency
- interest rate (fixed/floating)
- geographic market (Europe/USA/Asia)
The programmes make it possible for the Group to adjust its issues to the prevailing market conditions and to investors' desires.