To estimate Moody’s adjusted leverage trend for 2022, we need to compare the adjusted leverage at the end of 2022 with the adjusted leverage at the end of 2021. Moody’s adjusted leverage is typically defined as Adjusted Debt / (Adjusted Debt + Adjusted Equity), though Debt/EBITDA can also be a proxy. We will use the primary definition.

**End of 2021 (Beginning of 2022 period):**
- Total Equity 2021-01-01: 97,329 million DKK
- Total Liabilities 2021-01-01 = Total Assets 2021-01-01 - Total Equity 2021-01-01 = 230,527 million DKK (calculated from the equity roll-forward or implied).
- Adjusted Debt typically includes interest-bearing liabilities like Long-term Borrowings, Short-term Borrowings, and Hybrid Capital.
- Long-term Borrowings: 28,770 million DKK
- Short-term Borrowings: 2,370 million DKK
- Hybrid Capital: 13,232 million DKK
- Approx. Adjusted Debt 2021 = 28,770 + 2,370 + 13,232 = 44,372 million DKK
- Adjusted Leverage 2021 = 44,372 / (44,372 + 97,329) = 44,372 / 141,701 ≈ 31.3%

**End of 2022:**
- Total Equity 2023-01-01: 95,532 million DKK
- Adjusted Debt components:
- Long-term Borrowings: 60,451 million DKK
- Short-term Borrowings: 2,830 million DKK
- Hybrid Capital: 19,793 million DKK
- Approx. Adjusted Debt 2022 = 60,451 + 2,830 + 19,793 = 83,074 million DKK
- Adjusted Leverage 2022 = 83,074 / (83,074 + 95,532) = 83,074 / 178,606 ≈ 46.5%

Comparing the two periods, the adjusted leverage ratio has significantly increased from approximately 31.3% at the beginning of the period to 46.5% at the end of the period. The massive increase in long-term borrowings (which nearly doubled) outpaced the growth in equity. Therefore, the leverage trend is deteriorating. 

<answer>Deteriorating</answer>