SBB - comment

24Q1 release was operationally in line, but the key 2024 challenge of getting an IPO/part disposal of the Swedish residential business remains outstanding. The shorter end of the curve has outperformed recently in anticipation of liquidity coming in to finance maturities out to 2027. SBB will need to roll domestic bank debt as well as replace it with more expensive private debt. For now, the balancing act is working but further, cash from the residential business is critical to meet SEK16.5bn of maturities over the next 15 months. We are updating our model and will publish it in the next few days.