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Debt

We issue bonds and other debt instruments in the international financial markets, and they are rated by four recognised rating agencies.

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 capital and tier 2 capital.

Green Bonds

One of our Societal Impact Strategies is Climate & Environment. Transition to a low carbon, resilient and environmentally sustainable economy requires vast amounts of capital, where banks plays an incremental role. By setting up our Green Finance Framework, Danske Bank aims to support the mobilisation of debt capital to sustainable and environmentally beneficial purposes.
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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 can find a list of outstanding benchmark bonds.
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Funding strategy

We announced our wholesale funding need at least once a year as a target range various different instruments. Our primary funding sources are deposits, medium-term senior unsecured and non-preferred senior funding as well as medium- to long-term covered bond issuances. We also issue certificates of deposit (CDs) and commercial paper (CP).

Bar chart showing 8 bars spread out on a horizontal scale from “Short-term funding” to “Long-term funding”. Starting with: “Deposits credit inst.” 13, “CD & CP” 3, “Repos, net” -6, “Deposits” 59, “Senior & NPS” 10, “Covered bonds” 9, “Subord. Dept” 2 and “Equity” 10. “Deposits credit inst.” being closest to “Short-term funding” and “Equity” being closest to “Long-term funding”
Our strategy involves reliance on a stable funding structure that fits our risk appetite and allows for diversification among 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 non-preferred senior, as well as the domestic USD market in 144A format. We supplement benchmark issues with private placements of bonds.

Further, the Nordic currencies are an important source of funding. From time to time we issue in GBP, JPY and CHF as well as in other currencies when market conditions allow. Issuing subordinated debt in additional tier 1 capital or tier 2 capital 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 one hand and our capital targets on the other.

Funding 2017 - 2024E

Bar chart showing 5 bars spread out on a horizontal scale. First 4 showing completed funding and the last one showing a funding plan. Starting with: “2019” 100, “2020” 79, “2021” 75, “2022” 61, “2023” 95, “2024E” 57 (80-100).

Ratings

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

Our most important funding programmes

ProgrammeLimitRatings 
  Moody'sS&PFitch Scope
US commercial paperUSD 6 bnP-1A-1F1+ S-1+
European commercial paperEUR 13 bnP-1A-1F1+ S-1+
French NEU commercial paperEUR 10 bnP-1A-1F1+ S-1+
UK certificates of depositUSD 15 bnP-1A-1F1+ S-1+
European Medium Term NoteEUR 35 bnA1A+AA- A+
US MTN (144A)USD 20 bnA1A+AA- A+
Global covered bond programme
EUR 30 bnNot rated

AAA

(Cover pools C, D & I)

AAA

(Cover pools C, D & I)

 AAA

(Cover pools C & D)

 
More details about our funding programmes:

EMTN programme

Global covered bond programme

Structured note programme

Warrants and Certificates programme

US MTN programme

Covered bonds

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

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

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

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

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

In Sweden, we issue covered bonds through our Swedish subsidiary, Danske Hypotek AB, in accordance with Swedish law. The cover pool consists of loans secured on residential and commercial property in Sweden.

More about cover pools

Reports

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

See reports

Shares

The Danske Bank share is listed on NASDAQ OMX Copenhagen. See 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 and information about EU stress tests, the EBA and the Capital Requirements Directive and Regulation.

More on regulation

Contact us

If you would like more information about Danske Bank’s  green bonds, please contact our funding team groupfunding@danskebank.dk

  • Kasper Refslund Kirkegaard

    Head of Group Treasury

    Phone: +45 45 14 27 08
    Mobile: +45 23 82 94 88
    Email: kaki@danskebank.dk

  • Bent Callisen

    Head of Group Funding

    Phone: +45 45 14 12 35
    Mobile: +45 30 10 23 05
    Email: call@danskebank.dk

  • Thomas H. Jørgensen

    Chief Funding Manager

    Phone: +45 45 14 13 93
    Mobile: +45 25 42 53 03
    Email: thjr@danskebank.dk

  • Rasmus Sejer Broch

    Chief Funding Manager

    Phone: +45 45 14 13 43
    Mobile: +45 40 28 09 97
    Email: rasb@danskebank.dk

  • Steen Alva-Jørgensen

    Chief Funding Manager

    Phone: +45 45 14 13 73
    Email: salv@danskebank.dk

  • Tomas Renger

    Chief Funding Manager

    Phone: +46 856 88 06 54
    Mobile: +46 708 34 72 64
    Email: tomas.renger@danskebank.se

  • Jonas Wikfeldt

    Chief Funding Manager

    Phone: +46 856 88 06 52
    Mobile: +46 767 21 60 80
    Email: jonas.wikfeldt@danskebank.se