SBB - comment

Operational results were in line with our Q4 forecast, but cash on hand was much lower (SEK4bn vs SEK10.6bn forecast). The lack of support from the Scandi banks is concerning, given the secured LTV being <20%. SBB's banks are not rolling debt, so much of the cash raised from asset sales is not retained. SBB is replacing cheap local bank debt with new loans at >9%. SBB's secured ratio should be rising as SSN holders are being layered with secured debt and due to collateral flowing to new secured lending vehicles (as in the latest Atlas-backed deal announced yesterday). More after the call at 0900GMT this morning.

https://conference.financialhearings.com/teleconference/?id=50048876