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Danske's $7.4 Billion Bond Unit Dumps TDC

  • TDC takeover offers lessons on bond protection, Danske says
  • Bond investors were in the dark for weeks as funds made offer
The headquarters of Danske Bank in Copenhagen.

The headquarters of Danske Bank in Copenhagen.

Photographer: Freya Ingrid Morales/Bloomberg
Updated on

Danske Bank A/S was quick to act when it became clear that phone company TDC A/S was about to become Denmark’s biggest buyout in a decade.

The credit team at Danske’s wealth division, which manages about 6 billion euros ($7.4 billion) in corporate bonds, got rid of its 3.75 percent notes due 2022 immediately after TDC said last month it agreed to a 41 billion-krone ($6.8 billion) takeover deal from a Macquarie-led consortium.