Covered Bonds
The Swedish covered bond act came into force July 1, 2004. Swedbank did set up its covered bond programme in April 2008 and issued its first covered bond in May 2008. Historically Swedbank issued public mortgage bonds through its fully owned subsidiary, Swedbank Mortgage AB, who also served as the mortgage institution of the group for the Swedish mortgage market. Today Swedbank Mortgage AB is the issuer of the Group´s covered bonds, making up the primary source of wholesale funding for the Group. Furthermore, Swedbank AB (publ) has issued a general, unconditional and irrevocable guarantee for Swedbank Mortgage AB for the purpose of maintaining the present credit rating of Swedbank Mortgage AB by the rating agency Moody's. The guarantee covers all non-subordinated debt instruments issued by Swedbank Mortgage AB and also such debt instruments being issued by the company in the future, until further notice.
Total outstanding covered bonds as per Q1 2013
Nominal value SEKm
Domestic covered bonds 299 516
International covered bonds 194 133
Total 493 649
SEK benchmark covered bonds (tap issuance)
| Loan nr | Coupon % | Maturity | Outstanding volume nom. value SEKm Apr 30, 2013 |
|---|---|---|---|
| Spintab 177 | 4.75 | 2013-06-19 | 25 450 |
| Spintab 166 | 6.75 | 2014-05-05 | 39 413 |
| Spintab 182 | 3.75 | 2015-03-18 | 50 963 |
| Spintab 183 | 3.75 | 2015-09-16 | 32 489 |
| Spintab 184 | 3.75 | 2016-06-15 | 54 659 |
| Spintab 185 | 3.75 | 2017-03-15 | 40 113 |
| Spintab 186 | 3.75 | 2017-12-20 | 28 250 |
| Spintab 187 | 3.75 | 2018-09-19 | 5 800 |
| Spintab 180 | 5.70 | 2020-05-12 | 9 748 |
| Historic outstanding volumes |
Non-SEK benchmark covered bonds, EURm
ISIN code | Coupon % | Value date | Maturity date | Amount EURm | Issuance spread Mid swaps + |
|---|---|---|---|---|---|
| XS0554369081 | 2.000 | 2010-11-02 | 2014-01-31 | 1 000 | 26 bps |
| XS0432619087 | 4.125 | 2009-06-09 | 2014-06-09 | 1 250 | 130 bps |
| XS0603232165 | 2.750 | 2011-03-10 | 2014-09-10 | 1 500 | 30 bps |
| XS0517421920 | 2.500 | 2010-06-15 | 2015-06-15 | 1 000 | 52 bps |
| XS0673599097 | 2.250 | 2011-09-07 | 2015-09-07 | 1 500 | 46 bps |
| XS0581062675 | 3.000 | 2011-01-21 | 2016-01-21 | 1 000 | 44 bps |
| XS0455687920 | 3.625 | 2009-10-05 | 2016-10-05 | 1 250 | 58 bps |
| XS0496542787 | 3.375 | 2010-03-22 | 2017-03-22 | 1 000 | 57 bps |
| XS0925525510 | 1.125 | 2013-05-07 | 2020-05-07 | 1 000 | 13 bps |
Non-SEK benchmark covered bonds, USDm
ISIN code | Coupon % | Value date | Maturity date | Amount USDm | Issuance spread Mid swaps + |
|---|---|---|---|---|---|
| XS0609425011 | 3m USD Libor+0.45 | 2011-03-28 | 2014-03-28 | 1 000 | 45 bps |
| XS0609192678 | 2.95 | 2011-03-28 | 2016-03-28 | 1 000 | 71 bps |
| XS0670236842 | 2.125 | 2011-08-31 | 2016-08-31 | 1 000 | 82 bps |
| XS0762447075 | 2.375 | 2012-03-23 | 2017-04-05 | 1 500 | 105 bps |
| XS0909788456 | 1.375 | 2013-03-28 | 2018-03-28 | 1000 | 46 bps |
Non-SEK Covered bonds, benchmark issuance, CHFm
ISIN code | Coupon % | Value Date | Maturity Date | Amount CHFm |
|---|---|---|---|---|
| CH0123031269 | 3mCHF Libor+0.22 | 2011-02-08 | 2013-02-08 | 175 |
| CH0110741102 | 1.260 | 2010-04-22 | 2013-04-22 | 375 |
| CH0117529856 | 3mCHF Libor+0.30 | 2010-10-05 | 2013-10-04 | 150 |
| CH0124339422 | 1.125 | 2011-02-28 | 2014-02-28 | 125 |
| CH0128250492 | 3mCHF Libor+0.27 | 2011-05-16 | 2014-05-16 | 100 |
| CH0132525293 | 3mCHF Libor+0.32 | 2011-07-15 | 2014-07-15 | 175 |
| CH0110878490 | 1.635 | 2010-03-29 | 2015-05-29 | 150 |
| CH0109730207 | 2.135 | 2010-02-26 | 2016-08-26 | 350 |
| CH0118532776 | 1.625 | 2010-12-08 | 2017-12-08 | 200 |
| CH0123069038 | 2.125 | 2011-02-08 | 2021-02-08 | 100 |
| CH0131220631 | 2.250 | 2011-06-21 | 2021-06-21 | 100 |
| CH0129918071 | 2.500 | 2011-06-03 | 2022-06-03 | 150 |
Debt investor relations
Covered Bond Legislation
Swedbank Guarantee and Swedbank Mortgage Account Undertaking
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