Heimstaden - Changing Tact - Positioning

Investment Grade rating. Given the changes in the underlying rate environment, the "do nothing" option has diminished. We explore some options available to the Company and the impact these decisions would have on the trading levels of all instruments, including the unsecured and hybrids at Heimstaden Bostad. We also explored when the Company might make these decisions and the impact it will have on its hybrid bonds, with their impending deadline to call them. The headlines of their recent results were all positive in relation to the operational performance of Boosted but credit investors focus should be elsewhere.