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.