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Investor Relations

Funding Overview

When consumers, property companies and tenant-owners’ associations come to SBAB to borrow money, we first need to raise capital. A major part of a new residential mortgage is financed by funds we borrow from other participants, mainly major investors and the public.

The majority of our funding consists of funds borrowed in the capital markets. To achieve this, SBAB and its subsidiary, SCBC, issue bonds that are purchased by investors. More information about the Group’s funding programmes can be found further down on this page.

The next largest share of our funding consists of deposits. Deposits involve consumers, companies or tenant-owners’ associations saving money in SBAB’s savings accounts, in return for interest on their savings. The share of our funding provided by deposits has increased considerably in recent years, which has reduced our dependence on capital market financing.

We receive the remaining share from our owner, the Swedish state, in the form of equity. In return for its contribution, the owner receives a return in the form of profit generated by SBAB. In accordance with the owner’s dividend target, at least 40% of profit after tax is to be distributed. The rest of the profit is to be reinvested in SBAB.


SBAB Unsecured Funding

SBAB has the following short- and long-term funding programmes:

Short-term funding:

  • Swedish Commercial Paper Programme (SVCP); SEK 25 bn
  • European Commercial Paper Programme (ECP); EUR 3 bn

Long-term funding:

  • Euro Medium Term Note Programme (EMTN); EUR 13 bn

SCBC Covered Bond Funding

SCBC's operations began in 2006 when the company received a licence from the Swedish Financial Supervisory Authority to issue covered bonds. In the same year, SCBC also became the first Swedish issuer of covered bonds.

SCBC does not engage in any new lending operations itself; instead it acquires loans from SBAB continuously or as required. The purpose of these acquisitions is that the loans, in full or in part, will be included in the cover pool that constitutes collateral for all investors in SCBC's covered bonds.

The loans that are not funded through the issuance of covered bonds are financed by a subordinated loan from the parent company, SBAB. The subordinated loan and SBAB's claims on SCBC under the outsourcing agreement are subordinated to all unsubordinated creditors in the event of SCBC's bankruptcy or liquidation. SCBC has thus minimised the risk of conflicts of interests between secured and non-secured creditors.

SCBC's business activities are mainly focused on issuing covered bonds in the Swedish and international capital market. For this purpose, the company uses three funding programmes:

Long-term funding:

  • Swedish Covered Benchmark Programme; No set limit
  • Euro Medium Term Covered Note Programme (EMTCN); EUR 16 bn
  • Kangaroo Programme; AUD 4 bn