SBB Norden - comment
Around 75% of the €560m outstanding Feb-24 bonds have accepted a three-point discount to get paid out three months early. Before the Tender, the 24s were trading at around 97, so investors may have decided to take the money and run. The level of tendered bonds underlines just how nervous investors are about SBB and how low trust levels are. We would have stayed invested. The closure of the second tranche of the Brookfield transaction means SBB has the liquidity to repay this bond. We do not know what individual investors were paid as this is an unmodified Dutch auction. SBB did not buy any other bonds.
SBB purchased €417m nominal for €404m, an implied price of 96.8c/€. The remaining outstanding is €142m.