SBB - comment
The tender and exchange offer from SBB for the SUNs/Hybrids is designed to reduce the impact if the English High Court finds SBB is in breach of the ICR in the EMTN program. Scarce resources are being diverted to protect shareholders. Still, the EMTN’s potentially becoming current would force SBB to seek court protection (likely a dual Swedish/English process), which would be costly for bondholders. The EMTN case is due to be heard in January 2025, in London.