SBB Norden - comment

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 reducing the EMTN’s outstanding, so if SBB were to lose the acceleration case with Fir Tree (due to be heard in January 2025), there would be far fewer EMTN holders in a position to accelerate. We are looking into this further (along with the Exchange offers for the Hybrids) and will update you all soon. 

corporate.sbbnorden.se/en/announcement-of-tender-and-exchange-offers/