Heimstaden - comment

Heimstaden AB, the parent Company, has launched an unmodified Dutch Auction for the front end of their Unsecured bonds (2024 and 2025 SEK bonds, totalling SEK 2,900m) financed by cash (SEK 1,400m) on balance sheet.  This is inline with their strategy of deleveraging the balance sheet.  Heimstaden AB holds minimal direct assets (Icelandic portfolio SEK 6,000m and small portfolio in Sweden) and rely on dividends and management fees from Heimstaden Bostad.