The SBB results were better than we expected operationally, with LFL rental growth of 5.5%, but the balance sheet is still overleveraged, and the holding company is a long way from
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SBB released a statement this morning that Fir Tree will drop its legal proceedings in relation to its EMTNs. Well played SBB.
Read MoreFir Tree has reassessed the risks of losing its litigation to claim a par repayment and reduced its position accordingly. The success of the recent
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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
Read MoreThe tender/exchange offers announced today seem to offer plenty to investors without a significant increase in risk. We suspect this operation has a lot to do with
Read MoreThe additional €53m of EMTN holders seeking to accelerate their holdings makes little difference to the case being heard in the English Hig
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If Fir Tree wins the litigation to accelerate the EMTN notes, SBB would immediately have to file for court protection as all EMTN holders
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Some relief for SBB that the writedown pace is reducing (>SEK5.5bn YTD but <SEK1bn in Q3). SBB needs the Real Estate market to continue to
Read MoreThe latest care home sale is near book value (2% discount), but it is small and extrapolating it to the whole Care Home portfolio may
Read MoreThe Resi business (Sveafastigheter) priced its IPO at the bottom of its SEK39.5 – SEK45.5 per share range. SBB will be glad for the
Read MoreWe doubt any SBB investors were expecting an immediate stream of dividends from the Resi business, and Sveafastigheter (the Resi business) has
Read MoreWe preferred an option that would have seen a strong institutional partner take a stake in the Resi business (rather than an IPO). Lacking anchor
Read MoreThe IPO price range puts the EV at SEK20bn – SEK21bn, a 24% discount to the asset value. The figure is a disappointment as we had
Read MoreIf the financial newspaper’s report is accurate, the valuation would be a 15% discount to book value, a disappointing
Read MoreSBB is going down the IPO route for the Residential business; the company may have failed to find a strategic partner willing to pay up or may want to
Read MoreA Swedish media report claims that the Resi business will announce an IPO shortly. Given the quiet IPO market, we would be surprised if this
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Cash Flows were broadly in line with our expectations and the refinance of SEK8.6 of bank debt at the 49% owned Nordiqus (EduCo) level is
Read MoreAt the AGM, Lennart Sten was elected as chair despite the opposition from proxy advisors. The institutions and largest shareholders are painfully
Read MoreThe tender offer purchases favoured hybrids (75% of the nominal acquired) over SUNs as we expected. However, we were a little surprised at the level of
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