NDA DKK Nordea Bank AB

Changes to reference sources for FX and overnight rates

Changes to reference sources for FX and overnight rates

Nordea Bank Abp intends to source certain data for base rate calculations and currency components under its programme for Warrants & Certificates, which currently are being sourced from LSEG Data & Analytics (formerly Refinitiv) from Bloomberg. All references to Reuters, Thomson Reuters, Refinitiv or LSEG Data & Analytics shall therefore be construed as references to Bloomberg.

These changes will affect all instruments issued in or after 2012 and will be effective as per 11 October 2024. The changes are not expected to be materially prejudicial to any holder of the affected instruments.

Attachment



EN
27/09/2024

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NDA DKKNordea Bank AB

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Reports on Nordea Bank AB

 PRESS RELEASE
Free
NDA DKK NORDEA BANK AB

Changes to reference sources for FX and overnight rates

Changes to reference sources for FX and overnight rates Nordea Bank Abp intends to source certain data for base rate calculations and currency components under its programme for Warrants & Certificates, which currently are being sourced from LSEG Data & Analytics (formerly Refinitiv) from Bloomberg. All references to Reuters, Thomson Reuters, Refinitiv or LSEG Data & Analytics shall therefore be construed as references to Bloomberg. These changes will affect all instruments issued in or after 2012 and will be effective as per 11 October 2024. The changes are not expected to be material...

September 27, 2024 1 EN
Nicolas McBeath
  • Nicolas McBeath
Free Trial
SWED A Swedbank AB Cla...
NDA DKK NORDEA BANK AB ... (+4)

Multiple reasons to BUY

Our in-depth analysis of drivers of Swedish banks’ P/E ratios indicates multiples expansion in 2024–2026e, driven by: 1) lower interest rates; 2) a recovery in Swedish house prices; and 3) higher multiples for European bank peers. Our model suggests a sector P/E rise of c15% by 2026e, which coupled with high dividend yields would offer an annual total shareholder return (TSR) of 17% in 2024–2026e for the sector, despite the likely negative earnings trend. This supports our positive sector view, ...

SWED A SWEDBANK AB CLASS A
NDA DKK NORDEA BANK AB
SEB A SKANDINAVISKA ENSKILDA BANKEN AB CLASS A
SHB SVENSKA HANDELSBANKEN
09/09/24 September 9, 2024 1 EN
 PRESS RELEASE
Free
NDA DKK NORDEA BANK AB

Delisting of Certificates and Mini Future

Delisting of Certificates and Mini Future Nordea Bank Abp, as the issuer, has determined to delist the instruments below and to determine an Expiration Date that will be 17 September 2024. The instruments will be delisted end of trading 17 September 2024. Instrument NDA Isin BULL RHEINMETALL X3 NORDNET SE0021749991 BULL RHEINMETALL X3 NORDNET D DK0062722906 BULL RHEINMETALL X4 NORDNET SE0021750007 BULL RHEINMETALL X5 NORDNET SE0021750015 BULL RHEINMETALL X5 NORDNET F SE0021749884 MINI L RHEINMETALL NORDNET 04 SE0021755733 BEAR GENERAL DYNAMICS X2 NORDNET SE0021007952 At...

September 9, 2024 1 EN
Nicolas McBeath
  • Nicolas McBeath
Free Trial
NDA DKK NORDEA BANK AB

Nordea (Buy, TP: SEK165.00) - Yield outlook remains reassuring

Despite some near-term capital headwinds, we expect resumed buybacks coupled with generous dividends to generate total yields of c11% for 2025–2026. We see the ROE remaining healthy in 2025–2026, albeit slightly below the 15% target due to cost headwinds and interest rate cuts. We have reduced our 2024–2026e EPS by 2–3% on higher costs and lower buybacks, and our target price to SEK165 (170). However, we find a 2025–2026e P/E of c7.5x attractive, and reiterate our BUY.

07/15/24 July 15, 2024 1 EN
Nicolas McBeath
  • Nicolas McBeath
Free Trial
SWED A Swedbank AB Cla...
NDA DKK NORDEA BANK AB ... (+4)

Attractive valuations despite ROE decline

We expect Q2 to show declining profitability (from lofty levels) in the sector, driven by central bank rate cuts and lingering cost inflation. However, we still see attractive shareholder return potential in the sector, underpinned by robust low-risk earnings, attractive valuations (2025e average P/E 10% in 2024–2026e. We keep our BUY ratings on the banks. Nordea and SHB remain our top sector picks.

SWED A SWEDBANK AB CLASS A
NDA DKK NORDEA BANK AB
SEB A SKANDINAVISKA ENSKILDA BANKEN AB CLASS A
SHB SVENSKA HANDELSBANKEN
07/08/24 July 8, 2024 1 EN

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