Heimstaden Bostad - comment

Heimstaden are tendering at par their bonds maturing in April and June 2024.  In total, it is c. SEK1,200m of bonds.  (Note the Company owns c.88% of the Jan-24 SEK bonds).  As at December 2023, the Company have sufficient headroom for their various ratios, but the timing of this tender, prior to year-end, may be to marginally improve year-end ratios.  We see this tender offer simply as a cash management transaction.