Debt


We issue bonds and other debt instruments on the international financial markets, and they are rated among the highest in Europe.

Our most important long-term funding programmes are the Medium Term Note (MTN) programmes and Global Covered Bond Programme.

The international capital markets also play an important role in our capital management, which includes raising both Additional Tier 1 and Tier 2.

Debt issues

We finance our activities by issuing bonds with medium and long maturities in various markets and currencies and of varying sizes. We rely on both benchmark issues and private placements in both listed and unlisted formats. Here you will find a list of outstanding benchmark bonds.

Funding strategy

We communicate our wholesale funding need at least once a year as a target range across different instruments. Our primary funding sources are deposits, medium-term senior unsecured funding and medium to long-term covered bond issuances. We also issue certificates of deposit (CDs) and commercial papers (CPs).

Our strategy involves reliance on a stable funding structure that fits our risk appetite and allows for diversification across investors, products and currencies. We operate primarily in the Euro market and Nordic markets, but we are able to source funding in many countries and currencies. This includes regular issues in EUR benchmark format, both covered bonds and senior unsecured, as well as the domestic USD market for senior in 144A format. We supplement benchmark issues with private placements of bonds.

Further, the Nordic currencies are an important source of funding. We will from time to time issue in GBP, JPY, CHF as well as other currencies when market conditions allow. Issuing subordinated debt in Additional Tier 1 or Tier 2 format may cover a part of the funding need. However, the issuance plans for subordinated debt are driven by balance sheet growth and redemptions on the one side and our capital targets on the other.

Funding 2013 - 2017

Ratings

We are rated by Moody's, Standard & Poor's (S&P) and Fitch Ratings.

 Moody'sS&PFitch
Long-term depositsA1  
Long-term senior debtA2AA
Short-term depositsP-1  
Short-term senior debtP-1A-1F1
OutlookPositiveStableStable

 

Find more ratings

Our most important funding programmes

 

ProgrammeLimitRatings
  Moody'sS&PFitch
US commercial paperUSD 4 bnP-1A-1F1
European commercial paperEUR 13 bnP-1A-1F1
French commercial paperEUR 10 bnP-1A-1F1
UK certificate of depositsUSD 15 bnP-1A-1F1
European Medium Term NoteEUR 35 bnA2AA
US MTN (144A)USD 10 bnA2AA
Global covered bond programme
(Cover Pool D, I & C)
EUR 30 bnNot ratedAAAAAA

Covered bonds

We issue European-style covered bonds. They are collateralized by mortgage loans, which are divided into three different cover pools:

Cover Pool D (Domestic) consists of loans established in Denmark

Cover Pool I (International) consists of loans established in Norway and Sweden 

Cover Pool C (Combined) also consists of loans established in Norway and Sweden

In Finland, we issue covered bonds through our Finnish subsidiary, Danske Bank plc, in accordance with Finnish law. The cover pool consists of loans secured on residential property in Finland.

Read about the changes to our covered bonds set-up

Reports

Find our latest financial report, fact book and other relevant documents.
See reports

Shares

The Danske Bank share is listed on NASDAQ OMX Copenhagen. Find the latest share price, historical share data and information about dividends, shareholders and ratings.
More on shares

Regulation

Statements and comments from the Danish FSA, information about EBA data and EU stress tests and details about the Capital Requirements Directive and Regulation.
More on regulation

Contact us

If you would like more information about Danske Bank’s funding, please contact us at the funding team. Direct contact information can be found below, while general inquiries can be directed to: groupfunding@danskebank.dk

  • Christoffer Møllenbach

    Head of Group Treasury

    Phone: +45 45 14 63 60
    Mobile: +45 21 55 10 52
    Email: chm@danskebank.dk
  • Peter K. Holm

    Senior Vice President

    Phone: +45 45 12 84 85
    Mobile: +45 20 98 50 45
    Email: holm@danskebank.dk
  • Bent Callisen

    First Vice President

    Phone: +45 45 12 84 08
    Mobile: +45 30 10 23 05
    Email: call@danskebank.dk
  • Thomas H. Jørgensen

    Chief Portfolio Manager

    Phone: +45 45 12 83 94
    Mobile: +45 25 42 53 03
    Email: thjr@danskebank.dk
  • Nicolaj Verdelin

    Chief Funding Manager

    Phone: +45 45 12 85 14
    Mobile: +45 23 72 99 14
    Email: nver@danskebank.dk
  • Steen Alva-Jørgensen

    Chief Funding Manager

    Phone: +45 45 14 37 49
    Mobile: +45 28 35 62 28
    Email: salv@danskebank.dk
  • Tomas Renger

    Chief Portfolio Manager

    Phone: +46 752 48 28 81
    Mobile: +46 708 34 72 64
    Email: tomas.renger@danskebank.se