SBB - comment
The latest transaction solves SBB’s liquidity needs out to 2028, so it buys plenty of time. This is a positive for creditors, but it does not end the story. SBB will still have SEK22bn of bonds, SEK2.3bn of bank debt, and SEK8.6bn of Hybrids. However, it has time to hope that a rising tide of valuation bails it out.
SBB is left with a 40% equity stake in quoted entity PPI (which will own the Community assets), 62% ownership of Sveafastigheter (which owns the Residential assets), and 50% of Nordiqus (which owns the Education assets)