SBB Norden - comment

SEK 2.0 bn SUN being offered to SBB Norden SUN and Hybrid holders gives a chance to get closer to the assets and will be attractive. The exchange offer will be via an unmodified Dutch auction satisfied by 80% new notes and 20% cash. The 2027 SUNs and Hybrids trade around 70%, and we expect there will be plenty of demand. The main thrust of the reorganisation of debt is the SEK10.4bn of bank debt that Sveafastigheter is moving closer to the resi assets.