Covered bonds
The Swedish covered bond act came into force 1 July 2004. Swedbank 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.
Swedbank Mortgage covered bond rating is AAA/Aaa from Standard & Poor's and Moody's.
Total outstanding covered bonds as per Q4 2018
| Nominal value SEKm | |
|---|---|
| Domestic covered bonds | 314 751 |
| International covered bonds | 170 771 |
| Total | 485 522 |
SEK benchmark covered bonds (tap issuance)
| Loan nr | ISIN | Coupon % | Maturity | Outstanding volume nom. value SEKm 28 Feb, 2018 |
|---|---|---|---|---|
| Spintab 188 | SE0004270023 | 3.75 | 2019-06-19 | 17 594 |
| Spintab 180 | SE0002576561 | 5.70 | 2020-05-12 | 42 595 |
| Spintab 180FR | SE0008186878 | 3mStibor+127bp | 2020-05-12 | 6 461 |
| Spintab 189 | SE0007525639 | 1.00 | 2020-12-16 | 58 300 |
| Spintab 190 | SE0007525647 | 1.00 | 2021-09-15 | 47 950 |
| Spintab 190FR | SE0009580103 | 3mStibor+112bp | 2021-09-15 | 7 199 |
| Spintab 191 | SE0007525654 | 1.00 | 2022-06-15 | 74 600 |
| SwedHyp 192 | SE0010133207 | 1.00 | 2023-03-15 | 35 152 |
| SwedHyp 192FR | SE0011167782 | 3mStibor+95bp | 2023-03-15 | 6 550 |
| SwedHyp 193 | SE0011089622 | 1.00 | 2023-12-20 | 19 200 |
| SwedHyp 194 NEW! | SE0012142206 | 1.00 | 2024-09-18 | 10 550 |
| Historic outstanding volumes | ||||
Non-SEK benchmark covered bonds, EURm
| ISIN code | Coupon % | Value date | Maturity date | Amount EURm | Issuance spread Mid swaps |
|---|---|---|---|---|---|
| XS0925525510 | 1.125 | 2013-05-07 | 2020-05-07 | 1 000 | +13bp |
| XS1296948588 | 0.375 | 2015-09-29 | 2020-09-29 | 1 250 | +7bp |
| XS1361548693 | 0.150 | 2016-02-10 | 2021-02-10 | 1 250 |
+14bp |
| XS1069674825 | 1.125 | 2014-05-21 | 2021-05-21 | 1 000 | +8bp |
| XS1200837836 | 0.375 | 2015-03-11 | 2022-03-11 | 1 000 |
+45bp |
| XS1550140674 | 0.125 | 2017-01-15 | 2022-07-18 | 1 000 |
- 3bp |
| XS1778322351 | 0.45 | 2018-02-23 | 2023-08-23 | 1 000 |
-10bp |
| XS1606633912 | 0.4 | 2017-05-08 | 2024-05-08 | 1 000 |
- 6bp |
| XS1946788194 | 0.5 | 2019-02-05 | 2026-02-05 | 1 000 | +13bp |
Non-SEK benchmark covered bonds, GBPm
| ISIN code | Coupon % | Value date | Maturity date | Amount GBPm | Issuance spread |
|---|---|---|---|---|---|
| XS1530835336 | 1.125 | 2016-12-07 | 2021-12-07 | 250 | G + 65 bps |
Non-SEK benchmark covered bonds, USDm
| ISIN code | Coupon % | Value date | Maturity date | Amount USDm | Issuance spread Mid swaps |
|---|---|---|---|---|---|
| XS1231116481 | 2.00 | 2015-05-12 | 2020-05-12 | 1000 | 37bp |
Non-SEK Covered bonds, benchmark issuance, CHFm
| ISIN code | Coupon % | Value date | Maturity date | Amount GBPm | Issuance spread |
|---|---|---|---|---|---|
| CH0123069038 |
2.125 | 2011-02-08 | 2021-02-08 | 100 | +15bp |
| CH0131220631 | 2.250 | 2011-06-21 | 2021-06-21 | 100 | +15bp |
| CH0129918071 |
2.510 | 2011-06-03 | 2022-06-03 | 150 | +16bp |
ECBC Covered Bond Label
Swedbank Mortgage is a member of the ECBC Covered Bond Label Initiative. The labelled covered bonds issued by Swedbank Mortgage can be found on the