External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

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FX & Rates

<ul><li>The Debt Office (SNDO) revised up the budget deficit for this year by around SEK 20bn to SEK -196bn (net borrowing requirement with reverse sign).</li><li>For 2027, the SNDO expects the budget deficit to amount to SEK -208bn (previously -194bn).</li><li>The budget deficit was slightly higher than our call and forecast deviation is mainly attributed to the weaker economic outlook projected by the SNDO.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Debt Office (SNDO) revised up the budget deficit for this year by around SEK 20bn to SEK -196bn (net borrowing requirement with reverse sign).For 2027, the SNDO expects the budget deficit to amount to SEK -208bn (previously -194bn).The budget deficit was slightly higher than our call and forecast deviation is mainly attributed to the weaker economic outlook projected by the SNDO.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SNDO report May 2026 review: More borrowing, more supply

<ul><li>This week Danske Hypotek is issuing their new covered bond, the DH #3112 (SE0028329300), with first day of trading scheduled for tomorrow 4/16.</li><li>We see fair value for the new DH #3112 at +36 bps ASW SBAB had a successful and oversubscribed syndication of their new 5y #152 yesterday, which printed at +32 and got tapped at +30.5 this morning.</li><li>The new DH bond is expected to find good reception among spread buyers given the current market conditions and the established trading levels of similar Swedish covered bond issuances</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

This week Danske Hypotek is issuing their new covered bond, the DH #3112 (SE0028329300), with first day of trading scheduled for tomorrow 4/16.We see fair value for the new DH #3112 at +36 bps ASW SBAB had a successful and oversubscribed syndication of their new 5y #152 yesterday, which printed at +32 and got tapped at +30.5 this morning.The new DH bond is expected to find good reception among spread buyers given the current market conditions and the established trading levels of similar Swedish covered bond issuancesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SEK Covered: New 5.5-year benchmark from Danske Hypotek

<ul><li>The annual growth rate of housing loans and the share of mortgages with floating rates remained unchanged in February at 2.9% and 75% respectively, compared with the previous month.</li><li>March saw SEK 33.5 billion issued in benchmark covered bonds, below typical volumes for the month. The year-to-date issuance pace tracks within the middle range of the past decade.</li><li>SEK 144 billion has been issued so far this year. NBHO is near 50% of its annual target after issuing SEK 6.5 billion in March. SWED printed the most in March, SEK 7.8 billion.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The annual growth rate of housing loans and the share of mortgages with floating rates remained unchanged in February at 2.9% and 75% respectively, compared with the previous month.March saw SEK 33.5 billion issued in benchmark covered bonds, below typical volumes for the month. The year-to-date issuance pace tracks within the middle range of the past decade.SEK 144 billion has been issued so far this year. NBHO is near 50% of its annual target after issuing SEK 6.5 billion in March. SWED printed the most in March, SEK 7.8 billion.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Analysis of key developments in the Swedish covered bond market, including comprehensive data and charts on SEK covered bond market activity and pricing.</li><li>The annual growth rate of housing loans held steady at 2.9% in January 2026, while over 75% of household mortgages carried floating rates, marking the highest level ever recorded.</li><li>February saw SEK 49.6 billion issued in benchmark covered bonds, marginally above typical volumes for the month. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Analysis of key developments in the Swedish covered bond market, including comprehensive data and charts on SEK covered bond market activity and pricing.The annual growth rate of housing loans held steady at 2.9% in January 2026, while over 75% of household mortgages carried floating rates, marking the highest level ever recorded.February saw SEK 49.6 billion issued in benchmark covered bonds, marginally above typical volumes for the month. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>SEB is issuing their new 5.5-year benchmark covered bond in Swedish kronor, the SEB 605 (SE0026275414) expected Monday February-2.</li><li>This week SEB is announcing their new covered bond, the SEB 605 (SE0026275414), with first day of trading expected on Monday February-2.</li><li>The market has tightened by approximately 1.5 bps since the SWED 202 issuance three weeks ago at +33 bps, now trading at +31.5 bps. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SEB is issuing their new 5.5-year benchmark covered bond in Swedish kronor, the SEB 605 (SE0026275414) expected Monday February-2.This week SEB is announcing their new covered bond, the SEB 605 (SE0026275414), with first day of trading expected on Monday February-2.The market has tightened by approximately 1.5 bps since the SWED 202 issuance three weeks ago at +33 bps, now trading at +31.5 bps. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SEK Covered: New 5.5-Year Benchmark from SEB

Sweden

The Swedish krona is the official currency of Sweden

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SEK (USDSEK CURNCY)

SNDO report May 2026 review: More borrowing, more supply

The budget deficit was slightly higher than our call and forecast deviation is mainly attributed to the weaker economic outlook projected by the SNDO.

Nordea

SEK Covered: New 5.5-year benchmark from Danske Hypotek

This week Danske Hypotek is issuing their new covered bond, the DH #3112 (SE0028329300), with first day of trading scheduled for tomorrow 4/16.

Nordea

SEK Covered Monthly: March 2026

The annual growth rate of housing loans and the share of mortgages with floating rates remained unchanged in February at 2.9% and 75% respectively,...

Nordea

SEK Covered Monthly: February 2026

Analysis of key developments in the Swedish covered bond market, including comprehensive data and charts on SEK covered bond market activity and...

Nordea

SEK Covered: New 5.5-Year Benchmark from SEB

SEB is issuing their new 5.5-year benchmark covered bond in Swedish kronor, the SEB 605 (SE0026275414) expected Monday February-2.

Nordea

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