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Introduction
Please read this notice carefully. By accessing this site, you agree to be bound by the following terms of use of this site and any materials contained herein.

Ownership of site, copyrights and trademarks
This site is owned and maintained by Danske Bank research departments, a division of Danske Bank A/S. Danske Bank A/S reserves all rights with regard to copyright and trademark ownership of all material at this site and will enforce such rights to the full extent of the law. Any duplication or redistribution of the information on this site is prohibited.

Our particulars
Danske Bank A/S is incorporated in Denmark and regulated by Finanstilsynet.

Restrictions
The contents of this site may only be accessed by, or issued or passed on to, a person in the United Kingdom if that person is an - investment professional- as described in Article 19 of the Financial Services & Markets Act 2000 (Financial Promotions) Order 2001. Any information or opinions contained herein are not intended for distribution to, or use by, any person in any jurisdiction or country where such distribution or use would be unlawful and, specifically, are not intended for distribution to, or use by, any "US Person" within the meaning of the United States Securities Act of 1933, nor any private customer in the United Kingdom.

No offer for financial instruments
The contents of this site are for information purposes only. Any information or opinions contained herein have been produced by Danske Bank research departments based on information obtained from sources believed to be reliable but which it has not independently verified. Danske Bank A/S makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy and completeness. Neither the information nor any opinion expressed herein constitutes an offer to buy or sell any investment. Such information and opinions are subject to change without notice. Danske Bank A/S, its directors, officers or employees accept no liability for any damages or losses arising from the use of this site or its contents. Clients should be aware that the regulatory regimes and compensation arrangements in overseas locations will be different in each jurisdiction. Readers should not rely on any material contained herein and should seek independent advice wherever necessary.

Disclosure of interest
Danske Bank A/S, its affiliates, and any of their directors, officers or employees may, to the extent permitted by law, have a position or otherwise be interested in (including purchasing or selling to their clients on a principal basis) any transaction, in any investment (including derivatives) mentioned at this site. Danske Bank equities research analysts are not permitted to invest in Equities under coverage in their research sector. Danske Bank A/S, or any of its affiliates, may provide, or have provided, significant advice or investment services (including, acting as underwriter, placement agent, adviser or lender) to any issuer mentioned herein.

Price information
Prices, rates and values are provided for information purposes only and are indicative unless otherwise stated. Such prices, rates and values do not necessarily represent the terms on which a new transaction could be entered into or an existing position could be liquidated.

United Kingdom
The contents of this site have been approved for publication in the United Kingdom by Danske Bank A/S, which is regulated in the conduct of designated investment business in the UK by the Financial Conduct Authority and the Prudential Regulation Authority.

Linked sites
Danske Bank A/S has not reviewed, and accepts no responsibility for, the content of off-site pages or any other site linked to this site.

No warranty
Danske Bank A/S accepts no responsibility for, and makes no warranty that, functions contained at this site will be uninterrupted or error-free, or that errors will be corrected. Neither Danske Bank A/S nor any of its officers and employees accepts any liability for any direct or consequential loss arising from any use of this site or its contents, including any harm or defect caused to your computer as a result of access and use of the server that makes this site available.

Danske Bank Equity Research recommendation structure
The Danske Bank Markets recommendation system is absolute. It means that each stock is rated on the basis of a total return, measured by the upside potential (including dividends and capital reimbursement) over a 12-month time horizon.
The Danske Bank Equity Research spectrum of recommendations (or ratings) for each stock comprises three categories: Buy, Hold, Sell (in short B, H, S). In specific cases and for a limited period of time, analysts may have to rate stocks as Rating Suspended (RS) or Not Rated (NR), as explained below.

Meaning of each rating or recommendation

Buy: we expect the stock to generate a total return of more than 10% over the next 12 months.

Hold:
we expect the stock to generate a total return of 0% to 10% over the next 12 months.

Sell:
we expect the stock to generate a total return below 0% over the next 12 months.

Rating Suspended:
the rating is suspended due to a capital operation (e.g. takeover bid, share issue) where the issuer or a related party of the issuer is or could be involved or to a change of analyst covering the stock.

Not Rated:
Danske Bank Equity Research produces investment research on Danske Bank but does not have an investment recommendation to buy, hold or sell or any target price on the stock.

Research disclosures in alphabetical order
Disclosures A-B in English
Disclosures C-D in English
Disclosures E-F in English
Disclosures G-H in English
Disclosures I-K in English
Disclosures L-M in English
Disclosures N-O in English
Disclosures P-R in English
Disclosures S-T in English​
Disclosures U-Z in English

DCM Research recommendation history
Credit Research Recommendation History

Credit Portfolios Recommendation History
Recommendation History

Research disclosures for Debt Capital Markets Research
All dis​closures​​

Trade recommendation overview
Trade recommendation overview

International credit portfolios
All covered credit portfolio companies​
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Fixed Income Research Methodology
Fixed Income Research Methodology​
​​​
Fixed Income Trade Recommendation History
Fixed Income Trade Recommendation History​
​​​
Credit Research Methodology
Methodology​
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Research disclosures for Nordic Covered Bond Handbook credit research
Nordic Covered Bond Handbook disclosures

Research disclosures for Danish Covered Bond Handbook
Danish Covered Bond Handbook disclosures

Research disclosure and disclaimer for FX Research
Research disclosure and disclaimer for FX Research​​​​
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