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.
Authorised and regulated by the Danish Financial Services Authority (Finanstilsynet). Deemed authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.
Danske Bank’s research reports are prepared in accordance with the recommendations of the Danish Securities Dealers Association.
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.
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.
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.
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.
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.
Equity Research recommendation structure
Equity Research disclosures
All disclosures (pdf)
Commissioned Research disclosures
All disclosures (pdf)
Credit Research recommendation history
Credit Research Recommendation History (.xls file)
Credit Portfolios Recommendation History
Recommendation History (.xls file)
Research disclosures for Credit Research
All disclosures (pdf)
International credit portfolios
All covered credit portfolio companies (pdf)
Fixed Income Research Methodology
Fixed Income Research Methodology (pdf)
Fixed Income Trade Recommendation History
Fixed Income Trade Recommendation History (.xlsx file)
Foreign Exchange Research Methodology
Foreign Exchange Research Methodology (pdf)
Foreign Exchange Trade Recommendation History
Foreign Exchange Trade Recommendation History (.xlsx file)
Credit Research Methodology
Research disclosures for Danish Covered Bond Handbook
Danish Covered Bond Handbook disclosures (pdf)