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雷达卡
【出版时间及名称】：2010年1月瑞典银行业研究报告
【作者】：德意志银行
【文件格式】：pdf
【页数】：52
【目录或简介】：
Table of Contents
Nordic banks valuation.................................................................................. 3
Punitive measures....................................................................................... 7
Low risk of regulatory-driven rights issues in Nordics.............................................. 9
The end of riding the yield-curve .................................................................... 11
The end of riding the yield-curve.............................................................................................12
What can banks do? Few alternatives to printing LT debt ......................................................14
LT debt supply shock: re-financing need upped by 40% ........................................................16
Leverage ratio: Balance sheets capped at 2009 levels ........................................... 20
Pro-cyclicality & capital buffers: don’t restrict Nordic dividends .............................................21
Q4 preview: poor risk reward, driven by weak top-lines ......................................... 23
Company section...................................................................................... 24
Danske Bank ........................................................................................... 25
Key points ...............................................................................................................................25
Valuation and risk ....................................................................................................................27
DnB NOR............................................................................................... 29
Key points ...............................................................................................................................29
Valuation and risk ....................................................................................................................30
Handelsbanken ........................................................................................ 32
Key points ...............................................................................................................................32
Valuation and risk ....................................................................................................................34
Nordea.................................................................................................. 36
Key points ...............................................................................................................................36
Valuation and risk ....................................................................................................................37
SEB...................................................................................................... 39
Key points ...............................................................................................................................39
Valuation and risk ....................................................................................................................41
Swedbank .............................................................................................. 43
Key points ...............................................................................................................................43
Valuation and risk ....................................................................................................................45
Appendix: Nordic banks Net Stable Funding Ratios .............................................. 47
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