SBB - comment
The Swedish Financial Authority (FI) investigation is negative for bondholders. We had noted revaluations on the first consolidation which did not appear in the asset revaluation line. However, this probe goes further and will also look at the accounting for Norwegian Kindergarten assets first raised in a short seller report (Mar-22). In a company desperate to sell either itself or some of its assets, questions over accounting will make disposals very difficult.