Jyske Bank - Corporate Bonds Research

Corporate Bonds Research

Recommendations and analyses on Corporate Bonds.

	Europcar Q1 2012 [21/05/12]
	Q1 results affected by weak economies in Europe. Europcar?s funding until 2014 is now settled, which is positive, but the underlying business case is still weak. We maintain our HOLD recommendation.

	Fage close to revenue of EUR 400m [21/05/12]
	Fage turned in satisfactory accounts for Q1 2012, which showed sustained strong growth in the US. Not surprisingly, Europe is lagging somewhat behind with continued negative development. Still, we reiterate our HOLD recommendation.

	Reynolds delivers approved results [16/05/12]
	We maintain our STRONG BUY recommendation following the release of the financial statements.

	KION lifts revenue again [16/05/12]
	We maintain our current recommendation of KION after strong results.

	Weak results from CEDC again [16/05/12]
	CEDC?s Q1 2012 results were again poorer than expected since the Russian market causes problems. However, we believe that the agreement with Russian Standard will be a turning point for the company and that in future we will see an improved credit profile.