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

The 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

The additional €53m of EMTN holders seeking to accelerate their holdings makes little difference to the case being heard in the English Hig

The latest care home sale is near book value (2% discount), but it is small and extrapolating it to the whole Care Home portfolio may

The Resi business (Sveafastigheter) priced its IPO at the bottom of its SEK39.5 – SEK45.5 per share range. SBB will be glad for the

We doubt any SBB investors were expecting an immediate stream of dividends from the Resi business, and Sveafastigheter (the Resi business) has

We preferred an option that would have seen a strong institutional partner take a stake in the Resi business (rather than an IPO). Lacking anchor

The IPO price range puts the EV at SEK20bn – SEK21bn, a 24% discount to the asset value. The figure is a disappointment as we had

If the financial newspaper’s report is accurate, the valuation would be a 15% discount to book value, a disappointing

SBB 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

A Swedish media report claims that the Resi business will announce an IPO shortly. Given the quiet IPO market, we would be surprised if this

At the AGM, Lennart Sten was elected as chair despite the opposition from proxy advisors. The institutions and largest shareholders are painfully

The 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

The exchange offer is not as popular as SBB hoped, but we expect it to get done. SBB paying the Hybrid deferred interest to exchange bondholders will

The Swedish landlord published an exchange offer to all bond and perp holders to exchange their securities for bonds issued by its new housing subsidiary

That the PPI bid for Terningen AB in Norway is all equity shows how the funding market has shifted, but the aggressive instincts in the sector are

SBB has SEK14bn of bank debt and SEK9bn of bond debt due by January 2025. The SEK5.7bn cash inflow is welcome for SBB and raises balance sheet cash

The private market is frothier than the bond market. Intrum, SBB, DoValue are only the latest examples this weekend where asset-based

The impact on SBB’s accounts is a positive €100m. The adjustment is non

SBB’s completion of its tender offer points to capitulation by some hybrid holders and at the long end of the SUNs (€155m of the 2029 SUNs were successfully

Another tender offer from SBB. We doubt this will be any more successful than the

The latest asset sales will leave SBB with cash to refinance maturities to September 26. More liquidity equals more time for SBB. The debt will be