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Mærsk 4,875 % 2014

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Mærsk 4,875 % 2014 Mærsk 4,875 % 2014 Se aktuelle anbefalinger på: Erhvervsobligation i A.P. Møller Mærsk o https://markets.sydbank.dk Vi anbefaler køb af MAERSK 4,875 % til 2014 i EURO, da: • Den effektive rente på 4,61 % virker attraktiv i forhold til den re- lative risiko for virksomheden. DONG, XS0426739354, og Carls- berg, XS0430698455, som også har erhvervsobligationer med udløb i 2014, ligger henholdsvis 85 bp (eff. rente 3,75 %) og 30 bp (eff. rente 4,3 %) under Mærsk-obligationen. Efter vores op- fattelse handler Mærsk obligationen derfor for billigt. • Obligationssalget blev overtegnet med 6,5 gange, hvilket vidner om stor tillid til virksomheden samtidig med, at APM har gode Anbefaling: muligheder for at optage yderligere lån gennem kreditmarkedet. MAERSK 4,875 % 2014 • Det forventes, at APM’s årsregnskab for 2009 giver underskud. Dette vil være første gang siden 2. Verdenskrig, hvilket vidner FK:0100107 om en solid virksomhed. ISIN:XS0462887349 Min Piece: 50.000/1.000 EUR • Der er tegn på forbedringer inden for APM’s forretningsområder, og vi forventer, at bunden er nået. • APM er finansielt godt polstret i forhold til konkurrenterne inden for container og shipping-industrien. A.P. Mølller Mærsk er et dansk konglomerat med hovedfokus på aktivi- teter inden for skibsfart. APM ejer således verdens største container- operatør Mærsk Line og APM Terminals, der er verdens 3. største ope- ratør inden for containerterminaler. Endvidere har APM fokus på energi (olie og gasudvinding) og APM ejer desuden en stor flåde af tankere til transport af råolie, olieprodukter og gas. Slutteligt ejer konglomeratet 68 % af Dansk Supermarked og 20 % af Danske Bank. Denne handelsanbefaling er udarbejdet af: Obligationen er udstedt som et senior-lån, hvilket gør, at investor er sikret på lige fod med almindelige kreditorer i tilfælde af konkurs. Sel- Henrik Jordt Venø Senior Dealer skabet er ikke rated af ratingbureauerne. Fixed Income Tlf.74 36 46 62, 74 36 37 18 Virksomhedsobligationen har en kupon på 4,875 % og en løbetid på [email protected] fem år til 30-10 2014. Der er settlement d. 30. oktober, men det er alle- rede muligt at handle nu med lang valør. Morten Holm Espersen Dealer Fixed Income Risikofaktorer er, at APM er konjunkturfølsom, og en langvarende re- Tlf. 74 36 46 18 cession vil være hård for værdiskabelsen virksomheden. Endvidere vil [email protected] en svækkelse af USD være skadeligt for virksomheden. Redaktionen blev afsluttet: 26. oktober kl. 15:00 sydbank.dk markets.sydbank.dk ISIN: XS0462887349 Fondskode: 0100107 Udsteder: A.P. Møller Mærsk Rating (Moodys/S&P) Ingen rating Kupon: 4,875 % Kupon frekvens: Årlig 1. valørdag: 30/10 2009 Cirk. mgd.: 750 000 000 Stk. størrelse: 50.000/1.000 Udløbsdato: 30/10 2014 Valuta EUR Pris/eff./ rente (pr 19/06/009) 101,15 / 4,612 % Disclaimer Denne handelsanbefaling henvender sig til Sydbanks kunder og må ikke uden bankens udtrykkelige samtykke offentliggøres eller distribueres videre. Handelsanbefalingen er udarbejdet på grundlag af informationer fra kilder, som Sydbank finder troværdige. Sydbank påtager sig dog intet ansvar for mangler, herunder eventuelle fejl i kilder, trykfejl eller beregningsfejl, samt efterfølgende ændrede forudsætninger. Baseres anbefalingen på tidligere afkast, er det ikke en pålidelig indikator for fremtidigt afkast. Handelsanbefalingen er udtryk for bankens forventninger på grundlag af markedsmæssige forhold, men er ikke baseret på fundamentale analytiske forhold. Anbefalingen kan ikke alene danne grundlag for investeringsbeslutninger, men kan medtages i forbindelse med rådgivning i Sydbank, hvor tillige kunders individuelle forhold skal indgå. Sydbank fraskriver sig ethvert ansvar for tab, der måtte have direkte eller indirekte sammenhæng med dispositioner, der er foretaget alene på baggrund af anbefalingen. Banken kan forinden udbredelsen af handelsanbefalingen have handlet på baggrund af denne. Sydbank A/S er under tilsyn af Finanstilsynet, Gl. Kongevej 74 A, 1850 Frederiksberg C. Side 2 af 2 .
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