SBB Norden - comment
The bond tender at Ilija Batljan’s personal vehicle doesn’t impact SBB. If investors are bounced into exiting the Hybrids at 20%, Batljan could look to repeat the trick at SBB. However, SBB has already launched aggressive and successful tender offers, so we do not anticipate a change in course.
Batjlan is in dispute with its own Green bondholders, who are seeking to accelerate the SEK1.35bn notes. The company disputes this. The company also has SEK750m in Hybrids outstanding. Batljan has recently launched a tender for the hybrid notes at 20% of valuation, which expires on 5th September. A similar tender in June saw SEK305m (nominal) of Hybrids tender.