SBB - comment

Some relief for SBB that the write down pace is reducing (>SEK5.5bn YTD but <SEK1bn in Q3). SBB needs the Real Estate market to continue to improve in terms of yield, and occupancy rates in 2025 if it wants to return to SUN issuance. Management is still expecting to win the attempt to accelerate its SUN debt. We are surprised at the extent to which this case has spooked banks too.