SBB - comment
The additional liability from the default of Valerum is small, SEK280m (€25m), so the liquidity needle does not move. Valerum has defaulted on interest payments on a secured bond, and SBB will now repay the investors at par under the terms of the bond agreement. SBB will benefit from the bond security package. In 2020, SBB injected Valerum into a JV with Oscar Properties.