Corporate Bond Universe

03-08-2010
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-
GAZPROM (GAZ CAPITAL SA) 7,8% 27-09-2010 VESTAS WIND SYSTEMS A/S 4,625% 23-03-2015 GAZPROM (GAZ CAPITAL SA) 5,44% 02-11-2017
Offer/Yield/Gov. spread 100,75 2,36% 209 bp Offer/Yield/Gov. spread 102,5 4,02% 239 bp Offer/Yield/Gov. spread 103 4,93% 265 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
GAZPROM (GAZ CAPITAL SA) 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% 229 bp Offer/Yield/Gov. spread 107 3,08% 165 bp Offer/Yield/Gov. spread 103,00 4,80% 309 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 102,75 2,90% 224 bp

Rating/Next call@price Baa2/BBB-
Security codes B74604 XS0202202957
Min. trade/Remarks 1.000 https://jyskebank.com/wps/wcm/connect/322f8b80428f0484a69cb60afcfd5626/333793_20100518GlencoreQ12010.pdf?MOD=AJPERES
LINDE FINANCE BV 4,375% 24-04-2012 LINDE FINANCE BV 4,75% 24-04-2017
Offer/Yield/Gov. spread 104,50 1,69% 95 bp Offer/Yield/Gov. spread 110,50 3,00% 83 bp
Rating/Next call@price A3/A- Rating/Next call@price A3/A-
Security codes B04430 XS0297698853 Security codes B04431 XS0297699588
Industry

Min. trade/Remarks 1.000 Min. trade/Remarks 1.000

https://jyskebank.com/wps/wcm/connect/e0ed8280426141caac16acc1470faee1/332551_20100504LindeQ12010.pdf?MOD=AJPERES
https://jyskebank.com/wps/wcm/connect/e0ed8280426141caac16acc1470faee1/332551_20100504LindeQ12010.pdf?MOD=AJPERES
REXAM PLC 4,375% 15-03-2013 LINDE FINANCE BV 7,375% 14-07-2066
Offer/Yield/Gov. spread 104,25 2,71% 183 bp Offer/Yield/Gov. spread 111,25 5,13% 314 bp
Rating/Next call@price Baa3/BBB- Rating/Next call@price Baa2/BBB 14-07-2016@100
Security codes B03346 XS0248005471 Security codes B01473 XS0259604329
Min. trade/Remarks *50.000 Min. trade/Remarks *50.000
https://jyskebank.com/wps/wcm/connect/1f60160043661c1292159ef0da32bec6/339041_20100728RexamQ2.pdf?MOD=AJPERES&CACHEID=1f60160043661c1292159ef0da32bec6 https://jyskebank.com/wps/wcm/connect/e0ed8280426141caac16acc14
CARLSBERG BREWERIES A/S 6% 28-05-2014
Offer/Yield/Gov. spread 112,25 2,58% 134 bp
Brewery

Rating/Next call@price Baa3/Not rated

Security codes B04505 XS0430698455
Min. trade/Remarks *50.000 https://jyskebank.com/wps/wcm/connect/bc2a81004196ca12b45dfc39df4aa4c5/327404_20100224Carlsberg2009.pdf?MOD=AJPERES

EUR High Yield

-

Maturity 1-4 Maturity 4-7 Maturity 7-

FAGE DAIRY INDUSTRIES SA 7,5% 15-01-2015
Consumption

Offer/Yield/Gov. spread 92,50 9,61% 830 bp

Rating/Next call@price B3/B- 02-09-2010@103,75
Security codes B74873 XS0210695150
Min. trade/Remarks 5.000 https://jyskebank.com/wps/wcm/connect/5b88df80420eade4b6f6ff5092f724fb/330337_20100331FageDairy2009.pdf?MOD=AJPERES
AGROKOR D.D 10% 07-12-2016
Offer/Yield/Gov. spread 105,25 8,74% 711 bp
Retail

Rating/Next call@price B2/B 07-12-2013@105

Security codes B05258 XS0471612076
Min. trade/Remarks *50.000 https://jyskebank.com/wps/wcm/connect/c9944f8042b7a62bbfa4ff1fc8d01bc8/334811_20100601AgrokorQ12010.pdf?MOD=AJPERES
BOMBARDIER INC 3,808% 15-11-2013 BOMBARDIER INC 7,25% 15-11-2016
Capital Goods

Offer/Yield/Gov. spread 100 4,02% Euribor+312,5 bp Offer/Yield/Gov. spread 106,75 4,53% 390 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 6,61% 651 bp Offer/Yield/Gov. spread 104,25 7,55% 648 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

ISS FINANCING PLC 11% 15-06-2014

Offer/Yield/Gov. spread 112,25 5,46% 484 bp
Rating/Next call@price Not rated/B 15-12-2011@105,5
Security codes B04750 XS0441258117
Min. trade/Remarks *50.000
Service

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

EUROPCAR GROUPE SA 8,125% 15-05-2014

Offer/Yield/Gov. spread 95,75 9,48% 849 bp
Rating/Next call@price Caa1/B /*- 15-05-2011@102,031
Security codes B01325 XS0254144115
Min. trade/Remarks *50.000 https://jyskebank.com/wps/wcm/connect/d789e48041efa23c95ceb7d3c2f9d6eb/330108_20100325EuropcarFY2009.pdf?MOD=AJPERES
EUROPCAR GROUPE SA 4,183% 15-05-2013
Offer/Yield/Gov. spread 93,25 7,06% Euribor+350 bp
Rating/Next call@price B3/B+ /*- 14-09-2010@100
Security codes B01324 XS0254147480
Min. trade/Remarks *50.000 https://jyskebank.com/wps/wcm/connect/d789e48041efa23c95ceb7d3c2f9d6eb/330108_20100325EuropcarFY2009.pdf?MOD=AJPERES
FRESENIUS FINANCE BV 5% 31-01-2013 FRESENIUS US FINANCE II 8,75% 15-07-2015
Offer/Yield/Gov. spread 105,5 2,70% 185 bp Offer/Yield/Gov. spread 117,50 4,74% 307 bp
Rating/Next call@price Ba1/BB Rating/Next call@price Ba1/BB
Security codes b00976 XS0240918218 Security codes B04096 XS0390398344
Health-care

Min. trade/Remarks 1.000 Min. trade/Remarks 1.000

https://jyskebank.com/wps/wcm/connect/52b5b70042614079ab44abc1470faee1/332543_20100504FreseniusQ1.pdf?MOD=AJPERES
https://jyskebank.com/wps/wcm/connect/52b5b70042614079ab44abc1470faee1/332543_20100504FreseniusQ1.pdf?MOD=AJPERES
FRESENIUS FINANCE BV 5,5% 31-01-2016
Offer/Yield/Gov. spread 103,5 3,81% 339 bp
Rating/Next call@price Ba1/BB 31-01-2011@102,75
Security codes B00977 XS0240919372
Min. trade/Remarks 1.000 https://jyskebank.com/wps/wcm/connect/52b5b70042614079ab44abc1470faee1/332543_20100504FreseniusQ1.pdf?MOD=AJPERES
Disclaimer:
Ansvarsfraskrivelse:
Se venligst
Please refersidste
to lastside.
page.
 EUR High Yield
Maturity 1-4 Maturity 4-7 Maturity 7-
INEOS GROUP HOLDINGS PLC 7,875% 15-02-2016 REXAM PLC 6,75% 29-06-2067
Offer/Yield/Gov. spread 82,25 12,41% 1092 bp Offer/Yield/Gov. spread 96,5 7,41% 520 bp
Rating/Next call@price Caa3/CCC 15-02-2011@103,938 Rating/Next call@price Ba2/BB 29-06-2017@100
Security codes B01059 XS0242945367 Security codes B02811 XS0307868744
Min. trade/Remarks *50.000 Min. trade/Remarks *50.000
https://jyskebank.com/wps/wcm/connect/a3dd37804360387180c7b145501921f2/338938_20100727IneosQ22010TradingStatement.pdf?MOD=AJPERES&CACHEID=a3d
https://jyskebank.com/wps/wcm/connect/1f60160043661c1292159ef0d
INEOS FINANCE PLC 9,25% 15-05-2015 RHODIA SA 7% 15-05-2018
Offer/Yield/Gov. spread 103 8,30% 725 bp Offer/Yield/Gov. spread 104,75 6,01% 416 bp
Rating/Next call@price B2/B 15-05-2013@104,625 Rating/Next call@price B1/BB- 15-05-2014@103,5
Security codes B05810 XS0508553764 Security codes B05790 XS0506721827
Min. trade/Remarks *50.000 Min. trade/Remarks *50.000
https://jyskebank.com/wps/wcm/connect/a3dd37804360387180c7b145501921f2/338938_20100727IneosQ22010TradingStatement.pdf?MOD=AJPERES&CACHEID=a3d
https://jyskebank.com/wps/wcm/connect/5a0d5d00419a5351bfa6ff39d
RHODIA SA 3,585% 15-10-2013 KERLING PLC 10,625% 28-01-2017 ARDAGH GLASS FINANCE 8,75% 01-02-2020
Offer/Yield/Gov. spread 96,50 4,82% Euribor+275 bp Offer/Yield/Gov. spread 106,25 9,15% 749 bp Offer/Yield/Gov. spread 104,75 7,90% 573 bp
Rating/Next call@price B1/BB- 02-09-2010@100 Rating/Next call@price B3/B 01-02-2014@105,313 Rating/Next call@price B3/B 01-02-2015@104,375
Security codes B01690 XS0270503369 Security codes B05454 XS0480857415 Security codes B05431 XS0480219640
Min. trade/Remarks *50.000 Min. trade/Remarks *50.000 Min. trade/Remarks
https://jyskebank.com/wps/wcm/connect/5a0d5d00419a5351bfa6ff39df4aa4c5/327574_20100225Rhodia2009.pdf?MOD=AJPERES *50.000
https://jyskebank.com/wps/wcm/connect/8f032a804365ea4287c3b745501921f2/339063_20100728KerlingQ22010.pdf?MOD=AJPERES&CACHEID=8f032a804365ea42
https://jyskebank.com/wps/wcm/connect/70faf50041227a1091469309c
REYNOLDS GRP ISS/REYNOLD 8% 15-12-2016
Offer/Yield/Gov. spread 97 8,62% 672 bp
Industry

Rating/Next call@price Caa1/B- 15-06-2011@104

Security codes B03553 XS0307398502
Min. trade/Remarks *50.000 https://jyskebank.com/wps/wcm/connect/a235af8042adaaa28b12dfa2c6d9ca27/334587_20100527ReynoldsQ12010.pdf?MOD=AJPERES
REYNOLDS GRP ISS/REYNOLD 9,5% 15-06-2017
Offer/Yield/Gov. spread 101,25 9,17% 768 bp
Rating/Next call@price Caa1/B- 15-06-2012@104,75
Security codes B02612 XS0307399062
Min. trade/Remarks *50.000 https://jyskebank.com/wps/wcm/connect/a235af8042adaaa28b12dfa2c6d9ca27/334587_20100527ReynoldsQ12010.pdf?MOD=AJPERES
ARDAGH GLASS FINANCE 7,125% 15-06-2017
Offer/Yield/Gov. spread 97,25 7,65% 559 bp
Rating/Next call@price B3/B 15-06-2012@103,563
Security codes B02525 XS0304675159
Min. trade/Remarks *50.000 https://jyskebank.com/wps/wcm/connect/d9c9788041f26f3796cab7d3c2f9d6eb/330030_20100325ArdaghGlass.2009.pdf?MOD=AJPERES
ARDAGH GLASS FINANCE 9,25% 01-07-2016
Offer/Yield/Gov. spread 113,25 5,72% 484 bp
Rating/Next call@price Ba3/BB 01-07-2013@104,625
Security codes B04663 XS0435914790
Min. trade/Remarks *50.000 https://jyskebank.com/wps/wcm/connect/d9c9788041f26f3796cab7d3c2f9d6eb/330030_20100325ArdaghGlass.2009.pdf?MOD=AJPERES
TDC A/S 6,5% 19-04-2012 TDC (ANGEL LUX COMMON) 8,25% 01-05-2016
Offer/Yield/Gov. spread 104,75 3,56% 282 bp Offer/Yield/Gov. spread 107,5 3,42% 290 bp
Rating/Next call@price Ba3/BB Rating/Next call@price B1/BB 01-05-2011@104,125
Security codes B89251 XS0146556385 Security codes B01272 XS0252438899
Min. trade/Remarks 1.000 Min. trade/Remarks *50.000
https://jyskebank.com/wps/wcm/connect/c05013004285a310954dff68b98449e5/333084_20100509TDCQ12009.pdf?MOD=AJPERES
https://jyskebank.com/wps/wcm/connect/979cd38042c35cfaa033f6a2c6d9ca27/335175_20100604TDCIntetfrasalgafSunrise.pdf?MOD=AJPERES
TDC (ANGEL LUX COMMON) 6,399% 01-05-2016
Offer/Yield/Gov. spread 101,75 6,04% Euribor+550 bp
Rating/Next call@price B1/BB 02-09-2010@100
Security codes B01274 XS0252440010
Telecom

Min. trade/Remarks *50.000 https://jyskebank.com/wps/wcm/connect/c05013004285a310954dff68b98449e5/333084_20100509TDCQ12009.pdf?MOD=AJPERES

TDC A/S 5,875% 16-12-2015
Offer/Yield/Gov. spread 106 4,58% 275 bp
Rating/Next call@price Ba3/BB
Security codes B05313 XS0473999984
Min. trade/Remarks *50.000 https://jyskebank.com/wps/wcm/connect/c05013004285a310954dff68b98449e5/333084_20100509TDCQ12009.pdf?MOD=AJPERES
ERC IRELAND FINANCE 5,683% 15-08-2016 (Eircom)
Offer/Yield/Gov. spread 46,75 21,91% Euribor+500 bp
Rating/Next call@price Caa1/CCC 14-09-2010@100
Security codes B01553 XS0264261974
Min. trade/Remarks *50.000 https://jyskebank.com/wps/wcm/connect/855f3d8042b13a1fb9bbfb1fc8d01bc8/334594_20100528EircomQ32010.pdf?MOD=AJPERES
WIND ACQUISITION FIN SA 11,75% 15-07-2017
Offer/Yield/Gov. spread 105,75 10,23% 877 bp
Rating/Next call@price B2/B+ 15-07-2013@105,875
Security codes B04704 XS0438150160
Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/36e89c00436ed0d9888eb945501921f2/339203_20100730Wind2010Q2Regnskab.pdf?MOD=AJPERES&CACHEID=36e89c0043
WIND ACQUISITION FIN SA 11% 01-12-2015
Offer/Yield/Gov. spread 105,75 7,67% 746 bp
Rating/Next call@price B2/B+ 01-12-2010@104,875
Security codes B00824 XS0236096730
Min. trade/Remarks *50.000 https://jyskebank.com/wps/wcm/connect/36e89c00436ed0d9888eb945501921f2/339203_20100730Wind2010Q2Regnskab.pdf?MOD=AJPERES&CACHEID=36e89c0043

USD High Grade

Maturity 1-4 Maturity 4-7 Maturity 7-
GAZPROM (MORGAN STANLEY) 9,625% 01-03-2013
Offer/Yield/Gov. spread 113,75 3,94% 325 bp
Energy

Rating/Next call@price Baa1/BBB

Security codes B91347 XS0164067836
Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/cdc9c98042614241ac69acc1470faee1/332593_20100504GazpromQ42009.pdf?MOD=AJPERES
GLENCORE FINANCE EUROPE 8% Perpetual
Basisindustry

Offer/Yield/Gov. spread 101,25 5,45% 529 bp

Rating/Next call@price Baa2/BBB- 06-02-2011@100
Security codes B01009 XS0242047073
Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/322f8b80428f0484a69cb60af
Indicates if the security is affected by the EU Savings Directive
USD High Yield
Maturity 1-4 Maturity 4-7 Maturity 7-
INEOS GROUP HOLDINGS PLC 8,5% 15-02-2016
Offer/Yield/Gov. spread 85,25 12,25% 1047 bp
Rating/Next call@price Caa3/CCC 15-02-2011@104,25
Security codes B02281 XS0242946258
Industry

Min. trade/Remarks *75.000 https://jyskebank.com/wps/wcm/connect/a3dd37804360387180c7b145501921f2/338938_20100727IneosQ22010TradingStatement.pdf?MOD=AJPERES&CACHEID=a3d

BOMBARDIER INC 8% 15-11-2014
Offer/Yield/Gov. spread 106 0,67% 53 bp
Rating/Next call@price Ba2/BB+ 15-11-2010@104
Security codes B03187 USC10602AK32
Min. trade/Remarks *75.000 https://jyskebank.com/wps/wcm/connect/01fe758042ba68da9d58dfa2c6d9ca27/335067_20100603BombardierQ12011.pdf?MOD=AJPERES
HCA INC 8,75% 01-09-2010** FRESENIUS US FINANCE II 9% 15-07-2015
Health-care

Offer/Yield/Gov. spread 100,75 -1,96% -209 bp Offer/Yield/Gov. spread 114,25 5,65% 409 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/ee737200436ef82f8986b945501921f2/339243_20100730HCAQ22010.pdf?MOD=AJPERES&CACHEID=ee737200436ef82f8986b945501921f2
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 108,75 9,49% 792 bp
Rating/Next call@price B2/B+ 15-07-2013@105,875
Security codes B04709 USL97437AC80
Telecom

Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/36e89c00436ed0d9888eb945501921f2/339203_20100730Wind2010Q2Regnskab.pdf?MOD=AJPERES&CACHEID=36e89c0043

CABLE & WIRELESS (SABLE) 7,75% 15-02-2017
Offer/Yield/Gov. spread 104,75 6,71% 493 bp
Rating/Next call@price (P)Ba2/BB 15-02-2014@103,875
Security codes B05521 USG7763MAA48
Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/a79a100042b9ac8bbfdbff1fc8d01bc8/334689_20100530CWC20092010.pdf?MOD=AJPERES
 GBP High Grade
Maturity 1-4 Maturity 4-7 Maturity 7-
GAZPROM (GAZ CAPITAL SA) 6,58% 31-10-2013
Offer/Yield/Gov. spread 106,50 4,37% 285 bp
Energy

Rating/Next call@price Baa1/BBB

Security codes B02499 XS0303594450
Min. trade/Remarks 1.000 https://jyskebank.com/wps/wcm/connect/cdc9c98042614241ac69acc1470faee1/332593_20100504GazpromQ42009.pdf?MOD=AJPERES
LINDE FINANCE BV 8,125% 14-07-2066
Offer/Yield/Gov. spread 112,50 5,62% 311 bp
Industry

Rating/Next call@price Baa2/BBB 14-07-2016@100

Security codes B01704 XS0259607777
Min. trade/Remarks 1.000 https://jyskebank.com/wps/wcm/connect/e0ed8280426141caac16acc14
CARLSBERG BREWERIES A/S 7,25% 28-11-2016
Offer/Yield/Gov. spread 117,75 4,01% 138 bp
Brewery

Rating/Next call@price Baa3/Not rated

Security codes B04504 XS0430699008
Min. trade/Remarks 1.000 https://jyskebank.com/wps/wcm/connect/bc2a81004196ca12b45dfc39df4aa4c5/327404_20100224Carlsberg2009.pdf?MOD=AJPERES

GBP High Yield

Maturity 1-4 Maturity 4-7 Maturity 7-
CABLE & WIRELESS COMM 8,75% 06-08-2012** CABLE & WIRELESS INT FIN 8,625% 25-03-2019**
Offer/Yield/Gov. spread 106,25 5,37% 436 bp Offer/Yield/Gov. spread 104,25 7,91% 458 bp
Telecom

Rating/Next call@price B1/B+ Rating/Next call@price B1/B+

Security codes B70536 XS0063233679 Security codes B74675 XS0050504306
Min. trade/Remarks *10.000 Min. trade/Remarks
https://jyskebank.com/wps/wcm/connect/a79a100042b9ac8bbfdbff1fc8d01bc8/334689_20100530CWC20092010.pdf?MOD=AJPERES *10.000 https://jyskebank.com/wps/wcm/connect/a79a100042b9ac8bbfdbff1fc8d
HCA INC 8,75% 01-11-2010**
CALLED
Healthcare

Offer/Yield/Gov. spread 102,25 -0,73% -118 bp

Rating/Next call@price Caa1 /*+/B- /*+
Security codes B89463 XS0119857000
Min. trade/Remarks 1.000 https://jyskebank.com/wps/wcm/connect/ee737200436ef82f8986b945501921f2/339243_20100730HCAQ22010.pdf?MOD=AJPERES&CACHEID=ee737200436ef82f8986b945501921f2

EUR Emerging Market

Maturity 1-4 Maturity 4-7 Maturity 7-
TURANALEM FINANCE BV 6,25% 27-09-2011
Offer/Yield/Gov. spread 49,25 - -
Financial

Rating/Next call@price C/Not rated

Security codes B01656 XS0269267000
Min. trade/Remarks *50.000 https://jyskebank.com/wps/wcm/connect/8a80e50042dbdcea9a1efb15b115585e/335661_20100610.pdf?MOD=AJPERES

USD Emerging Market

Maturity 1-4 Maturity 4-7 Maturity 7-
TURANALEM FINANCE BV 7,875% 02-06-2010
Offer/Yield/Gov. spread 48,75 - -
Rating/Next call@price WR/D
Security codes B52979 XS0168848801
Min. trade/Remarks *10.000 https://jyskebank.com/wps/wcm/connect/8a80e50042dbdcea9a1efb15b115585e/335661_20100610.pdf?MOD=AJPERES
TURANALEM FINANCE BV 8% 24-03-2014
Offer/Yield/Gov. spread 46,25 - -
Financial

Rating/Next call@price C/D

Security codes B71054 USN89065AF89
Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/8a80e50042dbdcea9a1efb15b115585e/335661_20100610.pdf?MOD=AJPERES
TURANALEM FINANCE BV 7,75% 25-04-2013 TURANALEM FINANCE BV 8,5% 10-02-2015
Offer/Yield/Gov. spread 49,25 - - Offer/Yield/Gov. spread 49,75 - -
Rating/Next call@price C/Not rated Rating/Next call@price C/D
Security codes B02079 XS0251881289 Security codes B74933 XS0211873053
Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/8a80e50042dbdcea9a1efb15b115585e/335661_20100610.pdf?MOD=AJPERES
Min. trade/Remarks *100.000 https://jyskebank.com/wps/wcm/connect/8a80e50042dbdcea9a1efb15b115585e/335661_20100610.pdf?MOD=AJPERES

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
Agrokor --WasBlev founded
grundlagtin i1976
1976and
og eris itoday Croatia's største
dag Kroatiens largest fødevareproducent
food producer and retail chain. Agrokor
og detailkæde. operates
Agrokor mainly
opererer in Crotia
primært and itog
i Kroatien has three business
selskabet areas. Food Retail Business,
har 3 forretningsområder. Food
Food Retail & Beverage
Busisiness, Production
Food Business
& Beverage and Other
Production Businesses.
Business og OtherAgrokor
is privately owned and 92% of the shares are owned by the president of the
Businesses. Agrokor er privatejet og 92% af aktierne ejes af direktøren Ivica Todoric.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).
A.P. Møller - Mærsk (APM) - Danmarks største virksomhedsgruppe med en omsætning på over 300 mia. kr. Koncernen er primært beskæftiget indenfor shipping og olieudvinding/offshore aktiviteter (E&P, offshore rigge, forsyningsskibe) Øvrige 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).
forretningsområder omfatter detailhandel (68% ejerandel i Dansk Supermarked), samt skibsværfter og fremstillingsindustri. Endelig ejer APM 20% af Dankse Bank
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
Ardagh Glass - Koncernen Ardagh Glass er en af Europas største producenter af glasemballage og opererer i dag 20 produktionsanlæg fordelt over 7 lande. Koncernen sidder på en tredjedel af markedet i Nord Europa og producerer glasemballage til
segments in the food and medical industries.
samtlige segmenter indenfor fødevare- og medicinalindustrien.
Bank TuranAlem (BTAS) - The 2end largest bank in Kazakhstan with representative offices in Kazakhstan, Russia, Ukraine, China, Belarus, Kyrgyzstan, Georgia, Tajikistan and Armenia.
Bank TuranAlem (BTAS) - Den 2. største bank i Kasakhstan med kontorer i Kasakhstan, Rusland, Ukraine, Kina, Hviderusland, Kirgisistan, Georgien, Tadsjikistan og Armenien.
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
Reymold - Verdens 2. største producent af aseptisk kartonemballage, der benyttes til langtidsholdbare produkter. Reynold sælger og leaser maskiner ud til påfyldning af emballagen samt yder service og support. Reynold er ejet af den New
Group Holdings Limited.
Zealandske kapitalfond 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.
Bombardier - Har to kerneområder: Bombardier Aerospace, der designer og producerer regionale/ kommercielle fly og business-fly, samt Bombardier Transportation, der fremstiller togsystemer og vedligeholder disse.
Cable & Wireless - Offers internet and telecommunications services to customers in the UK, Europe and the Caribbean.
Cable & Wireless - Tilbyder internet- og telekommunikationsløsninger til kunder i Storbritannien, Europa og Karibien.
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%.
Carlsberg Breweries A/S - Verdens fjerdestørste bryggeri målt på volumen. Carlsberg er børsnoteret på den danske fondsbørs og er primært kontrolleret af Carlsberg Fonden med 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
DONG Energy A/S - Danmarks førende energiselskab og leverandør af energi – naturgas, olie og el – til over 1 mio. danske kunder og et stigende antal udenlandske kunder. Selskabet forventes at blive børsnoteret når der er faldet ro over
exchange when the stock markets settle down.
aktiemarkederne.
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%
Eircom - Er den største udbyder af fastnettelefoni i Irland (ca. 2,6 mio. kunder) og leverer derudover også bredbånd, samt mobiltelefoni . Eircom har en meget stærk markedsposition på det irske marked og har markedsandele på 60%-80% på sine
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.
markeder. De nuværende ejere af Eircom er Eircom holdings, et australsk investeringsselskab, og en fond (ESOT) der bestyrer investeringer i Eircom for nuværende og tidligere ansatte.
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.
Europcar International - Et internationalt biludlejningsfirma, som driver en flåde på over 250.000 køretøjer på 2.977 lokaliteter i 170 forskellige lande.
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.
Fage Dairy - Grækenlands førende producent af mælkeprodukter og Grækenlands næststørste fødevareproducent. Selskabet producerer og distribuerer yoghurt og mælkedesserter, mælk, fløde og færdigemballeret ost under mærkerne FAGE og
TOTAL.
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)
FRESENIUS - Fresenius opererer indenfor sundhedsområdet gennem sine tre divisioner Fresenius Medical Care ”FMC”, Fresenius Kabi og Fresenius Pro-Serve. Fresenius har hovedsæde i Tyskland og FMC er inkluderet i det tyske DAX30 indeks.
Selskabet opererer globalt indenfor sundheds-området med produkter og services indenfor dialysebehandling (FMC), ernærings- og infusi-onsterapi (Kabi) og hospitalsdrift (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.
Gazprom - Gazprom er verdens største vertikalt integrerede naturgasselskab målt på reserver, produktion og transport. Gazprom er desuden involveret i olieproduktion og olieraffinering, petrokemikalier og afledte olieprodukter. Gazproms
nøgleaktiviteter er lokaliseret i Rusland, og den russiske stat er hovedaktionær i selskabet.
Glencore - Glencore is one of the worlds largest commodity traders, complemented by a substanciaL upstream diversification in metal mining and processing activities.
Glencore - Glencore er en af verdens største engroshand-lere af råvarer og råstoffer. Derudover har Glencore væsentlige ejerandele indenfor minedrift og forarbejdning af metaller.
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.
HCA Inc. - Største operatør og ejer af hospitaler indenfor akut behandling i USA. Selskabet har en portefølje på 173 hospitaler og 107 ambulante behandlingscentre fordelt på 20 amerikanske stater, Storbritannien og Schweiz. HCA Inc. har en stærk
markedsposition i Florida og 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.
Ineos - Er et holdingselskab for en gruppe af kemiselskaber. Gruppens hovedprodukter er petrokemikalier og olieraffinering, men produktsortimentet inkluderer også en vifte af specialkemikalier. Ineos er verdens 3. største kemivirksomhed målt på
omsætning.
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.
ISS(FS Funding AS) - Et af Europas største selskaber inden for rengøring og Facility service. Facility service betyder, at selskabet tager sig af alle serviceopgaver i en virksomhed som rengøring, græsslåning, postomdeling, pasning af receptionen
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
og meget andet.
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.
Kerling Plc - Er Europas førende producent af polyvinyl chloride (PVC) og kaustisk soda, hvilket er produkter, der finder anvendelse i en lang række industrier, både som råmateriale og som færdigprodukt. Kerling er den største producent af PVC i
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.
Europa og den anden største producent af kaustusk soda i Europa med en markedsandel på henholdsvis 23% og 13%.
Meinl European Land - Meinl Bank’s property company. The company owns, runs and constructs properties for retail purposes in Eastern Europe and Turkey.
Linde - Er en af verdens største producenter af industrielle, medicinske og elektroniske gasser. Desuden er Linde en stor global aktør indenfor opførelse af gasfabrikker.
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
Meinl European Land - Et ejendomsselskab for Meinl Bank. Selskabet ejer, driver og udvikler ejendomme til detail i Østeuropa og Tyrkiet.
company is listed on the New York Stock Exchange and the stock exchange in Moscow.
Mobile Telesystems - Den største mobiloperatør i Rusland og CIS. Selskabet har, indregnet datterselskaber, over 87 mio. kunder. Selskabet ejes primært af Sistema, et russisk konglomerat, der besidder 50,6 % af aktierne. Det er noteret på New
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
York Stock Exchange og børsen i Moskva.
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.
M-Real - M-Real er Europas førende producent af fiberkarton, samt en stor producent af papirprodukter. Selskabets pap anvendes hovedaligt til emballering af kosmetik, medicinalpordukter, fødevarer, cigaretter og varige forbrugsgoder. Papiret
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
anvendes hovedsaligt til kontorartikler og tapet. Selskabet er børsnoteret, og 60 % af stemmerettighederne ejes af Metsäliitto Group.
major shareholders.
Rexam - Rexam er verdens førende beverage can producent. Selskabet er markedsførende i Europa og tredjestørst i Nordamerika. Derudover producerer Rexam plastikemballering til medicinalindustrien, kosmetikindustrien samt
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.
fødevareindustrien. Selskabet er børsnoteret og har ingen større aktionærer.
Furthermore, the company has a strong position in North America, Latin America and especially the rapid growing market in Asia
Rhodia - Rhodia er et diversificeret kemikalieselskab med førende markedsposition indenfor chemical intermediates (nr. 2 globalt) og engineering plastics (nr. 3 globalt). Rhodia har hovedkvarter i Paris og har en stærk markedsposition på det
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
europæiske marked. Derudover har selskabet også en stærk position i Nordamerika, Latinamerika og især på det hastigt voksende asiatiske marked.
online and traditional telephone directories. TDC has operations in several European countries, primarily in Denmark and Switzerland.
TDC A/S - Udbyder af telekommunikationsløsninger inden for fastnet- og mobiltelefoni, datakommunikation, sys
Wind - An integrated telecoms provider in Italy where the company offers fixed-line telephone services, mobile telephone services and internet services.
temintegration, hjemmesidehosting, internetadgang og kabeltv-løsninger. Derudover publicerer TDC A/S online og traditionelle telefonbøger og opererer i adskillige europæiske lande - først og fremmest Danmark og Schweiz.

Vestas Wind Systems - Er verdens største producent af vindmøller med en markedsandel på ca. 20% i 2008. Selskabet startede produktionen af vindmøller i 1979 og blev børsnoteret i 1998. Vestas producerer og sælger i dag vindmøller i
størrelsen fra 850 KW til 3,0 MW. Selskabets vision er at gøre vind til en ligeværdig energikilde med olie og gas.

Wind - En integreret teleudbyder i Italien, hvor selskabet er aktivt indenfor fastnettelefoni, mobiltelefoni og internet.
Disclaimer & Disclosure
Ansvarsfraskrivelse (Disclaimer & Disclosure)
Jyske Bank er under tilsyn af Finanstilsynet.
Jyske Bank is supervised by the Danish Financial Supervisory Authority.
Analytikere i Jyske Bank er omfattet af Børsmæglerforeningens anbefalinger til imødegåelse af interessekonflikter i investmen t banker.
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.
Analysen er baseret på informationer, som Jyske Bank finder pålidelige, men Jyske Bank påtager sig ikke ansvar for materialet s rigtighed eller for dispositioner foretaget på baggrund af analysens informationer eller vurderinger. Analysens vurderinger og anbefalinger kan ændres uden
varsel. Analysen
The analysis er tilon
is based personlig brug for
information Jyske
which Banks
Jyske kunder
Bank finds og må ikke
reliable, butkopieres.
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.
Dette er en anbefaling og ikke en investeringsanalyse.
This is a recommendation and not an investment analysis.
Interessekonflikter
Jyske Bank
Conflicts ofhar udarbejdet procedurer, der skal forebygge og undgå interessekonflikter, selvom analytikerne kan varetage forsk ellige opgaver. Disse procedurer er indarbejdet i forretningsgangene, der omfatter aktiviteter for analyse af virksomhedsobligat ioner i Jyske Markets, der er en
interest
forretningsenhed i Jyske Bank.
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.

Herudover
Jyske Bank'små virksomhedsobligationsanalytikere
corporate-bond analysts may not holdi positions
Jyske Bankinikke have positioner
the instruments thati de papirer,
they hvor
analyse. de udarbejder
Jyske analyser.
Bank may hold J yskeorBank
positions havekan dog have
interests positioner
in the og/eller
companies et forretningsmæssigt
that are forhold
analysed. The analysis til det
has not selskab,
been der analyseres.
presented Analysen
to the company prior er
to ikke bleve t forelagt
the release selskabet
. The analysts forud
receive nofor
payment
offentliggørelse. Analytikerne
from persons interested modtager
in individual ikke betaling fra personer med interesse i analysen.
analyses.

Read more about Jyske bank's policy on conflicts of interest at www.jyskebank.dk/terms.

Jyske Banks virksomhedsobligationsanbefalinger – aktuel fordeling

Jyske Bank’s corporate bond recommendations – current breakdown
Fordeling af anbefalinger for virksomhedsobligationer (antal)
Breakdown of recommendations, corporate bonds (number)

50

45

40

35

30

25

20

15

10

0
Buy Hold Sell

Source: Jyske Bank

Kilde: Jyske Bank

Financial models
Finansielle modeller
Jyske Bank uses
anvender
mainly
hovedsageligt
Credit Edge from
CreditMoody’s.
Edge fra Moody’s.

Risk
Risiko
Investering iindenne
Investment this corporate
virksomhedsobligation
bond is associated
er behæftet
with risk.
medMovements
risiko. Bevægelser
in the credit
i kreditmarkedet,
market, the sector
sektoren
and/or
og/eller
news nyhedsstrøm
flows, etc. regarding
mv. om the
selskabet
company
kanmay
påvirke
affect
kursdannelsen
the price of the
på bond.
obligationen.
See the front
Se analysens
page of the
forside
analysis
for vores
for our
synview
på risikoen
of the risk
for associated
virksomhedsobligat
with the ionen.
corporate
Anførte
bond.risikofaktorer
The risk
og/ellerstated
factors følsomhedsberegninger
and/or sensitivity icalculations
analysen kanin ikke
the analysis
ses som are
udtømmende.
not to be considered
Handles virksomhedsobligationen
exhaustive. If the corporate
i en bond
andenisvaluta
denominated
end investors
in a currency
base valuta,
other påtager
than theinvestor
investor’s
sigbase
en valutakursrisiko.
currency, the investor accepts an FX risk.

Update of the
Opdatering afanalysis
analysen
Denplanned
The planlagte
update
opdatering
of the af
analysis
analysen
willfølger
be prepared
regnskabsmeddelelser
immediately upon
fra the
selskabet.
release of the company’s financial statement.

Seeforsiden
Se the frontforpage
datofor
forthe
analysens
initial date
første
of publication
offentliggørelse.
of the analysis.
Alleprices
All oplyste
stated
kurser
areerthe
aktuelle
latest handelskurser
trading prices på
at the
tidspunktet
time of the
forrelease
analysens
of the
offentliggørelse,
analysis, unless
med
otherwise
mindre andet
stated.er anført.

Recommendation concepts
Anbefalingsbegreber
Vores
Our recommendations
anbefalinger er relative
are based
til markedsudviklingen
on market developments
og bliver
and bestemt
an assessment
ud fra en
of the
vurdering
expected
af det
return.
forventede
A positive
afkast.
recommendation
Ved en positiv(BUY
anbefaling
) is based
(KØB)
on expectations
forventer vi således,
that investment
at en investering
in the corporate
i virksomhedsobligationen
bond will generate agiver
return
et bedre
aboveafkast
that ofend
thekreditmarke
general credit
detmarket.
generelt.OnOmvendt
the otherforventer
hand, a vi, at
en investering
negative recommendation
i virksomhedsobligationen
(SELL) implies that
giverwe
et expect
dårligere
investment
afkast end
in kreditmarkedet
the corporate bond
generelt
to generate
ved en negativ
a returnanbefaling
below that(SÆL
of theG).general credit market.

De i analysen
Return after costs
vurderede
depends
fremtidige
on a number
og historiske
of factorsafkast
relating
er afkast
to individual
før omkostninger,
customer relations,
da afkastcustodian
efter omkostninger,
charges, volume
vil være
of tra
in dividuelt
de, as well
afhængig
as market-,
af kunde-,
currency-
opbevarings-,
and product-specific
volumen-, factors.
markeds-, valuta- og produktspecifikke vilkår.