SBB - comment

The SEK2.8bn (€250m) from the Sale of JM AB shares is a confidence-building exercise between SBB and its lenders. If SBB wants its banks to provide debt to refinance its bond maturities, the company needs to show willingness and ability to dispose of non-core assets to reduce debt. SBB has cSEK4.1bn of additional listed assets, but JM AB was the largest individual holding. The additional liquidity is welcome but only in the context of a much larger refinancing discussion.