Scope rates Danske Bank on a subscription basis. To view Scope’s subscription rating and rating report, or to register, please click here.

Danske is marketing a five-year offering with a call at four years. Initial price thoughts were100bp area over mid-swaps, according to Bond Radar (www.bondradar.com).

Scope’s ratings on Danske Bank are underpinned by its strong franchise as Denmark’s leading universal bank. The ratings take into account the bank's good asset quality, sound funding profile and solid capital buffers. They also reflects the bank’s resilient credit profile throughout the pandemic.

"Danske reported strong results for 2021, benefiting both from increased revenues and good cost management,” said Christian van Beek, lead analyst for Danske Bank. "Risk provisioning was very low after high pandemic-related impairment charges in 2020. The outlook for performance in 2022 remains positive, although downside risks connected to ongoing external investigations into former money-laundering remain high," he added.

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