External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

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FX & Rates

<ul><li>December 2025 concluded with the lowest issuance for any December on record, totaling SEK 13.9 bn.This brings the annual figure to 402.3 bn,falling short of the original forecast of 462 bn.</li><li>Due to large redemptions in 2025, the covered bond stock ended up unchanged at 1835 bn.The annual growth rate for housing loans is gradually increasing and stood at 2.7% in November 2025.</li><li>Issuers anticipate that issuance in 2026 will be around 425 bn.Notable issuances in December included 4.7 bn in SWED 201, 3.0 bn in SEB 604, and 1.1 bn in LFHY 525.</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.

December 2025 concluded with the lowest issuance for any December on record, totaling SEK 13.9 bn.This brings the annual figure to 402.3 bn,falling short of the original forecast of 462 bn.Due to large redemptions in 2025, the covered bond stock ended up unchanged at 1835 bn.The annual growth rate for housing loans is gradually increasing and stood at 2.7% in November 2025.Issuers anticipate that issuance in 2026 will be around 425 bn.Notable issuances in December included 4.7 bn in SWED 201, 3.0 bn in SEB 604, and 1.1 bn in LFHY 525.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>This week Swedbank Hypotek is issuing their new covered bond, the SWED 202 (SE0027099359), with first day of trading scheduled for tomorrow 1/13.</li><li>Given recent trading levels where we have seen comparable bonds, e.g. LF 524, trade in recent sessions, we see fair value for the new SWED 202 at +33.5 bps ASW.</li><li>The 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 Swedbank Hypotek is issuing their new covered bond, the SWED 202 (SE0027099359), with first day of trading scheduled for tomorrow 1/13.Given recent trading levels where we have seen comparable bonds, e.g. LF 524, trade in recent sessions, we see fair value for the new SWED 202 at +33.5 bps ASW.The 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.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 Swedbank Hypotek

<ul><li>Issuance volumes in November were in line with their historical average.</li><li>A total of SEK 28.3bn was issued, bringing the YTD aggregate to SEK 388.4bn.</li><li>The original 2025 estimate of SEK 462bn will not be met, and the YoY growth in housing loans currently stands at 2.7%.</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.

Issuance volumes in November were in line with their historical average.A total of SEK 28.3bn was issued, bringing the YTD aggregate to SEK 388.4bn.The original 2025 estimate of SEK 462bn will not be met, and the YoY growth in housing loans currently stands at 2.7%.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>Following the rebound in September, issuance volumes for October were in line with the historical average.</li><li>A total of SEK 29.5bn was issued, bringing the YTD aggregate to SEK 360.1bn.</li><li>There is SEK 100bn left to be issued in order to meet the FY estimate of SEK 460bn, which is unlikely given the current housing loan growth of 2.6% YoY.</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.

Following the rebound in September, issuance volumes for October were in line with the historical average.A total of SEK 29.5bn was issued, bringing the YTD aggregate to SEK 360.1bn.There is SEK 100bn left to be issued in order to meet the FY estimate of SEK 460bn, which is unlikely given the current housing loan growth of 2.6% YoY.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>After July and August recorded some of the lowest issuance volumes in over a decade, September saw a turnaround, coming in slightly above the average.</li><li>A total of 33.2bn was issued, bringing the year-to-date aggregate to 330.6bn, with the full-year estimate at approximately 460bn.</li><li>Housing loan growth in August remained steady at 2.4% year-on-year, unchanged from July.</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.

After July and August recorded some of the lowest issuance volumes in over a decade, September saw a turnaround, coming in slightly above the average.A total of 33.2bn was issued, bringing the year-to-date aggregate to 330.6bn, with the full-year estimate at approximately 460bn.Housing loan growth in August remained steady at 2.4% year-on-year, unchanged from July.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.

Sweden

The Swedish krona is the official currency of Sweden

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SEK Covered Monthly: December 2025

December 2025 concluded with the lowest issuance for any December on record, totaling SEK 13.9 bn.This brings the annual figure to 402.3 bn,falling...

Nordea

SEK Covered: New 5.5-Year Benchmark from Swedbank Hypotek

This week Swedbank Hypotek is issuing their new covered bond, the SWED 202 (SE0027099359), with first day of trading scheduled for tomorrow 1/13.

Nordea

SEK Covered Monthly: November 2025

Issuance volumes in November were in line with their historical average. A total of SEK 28.3bn was issued, bringing the YTD aggregate to SEK 388.4bn.

Nordea

SEK Covered Monthly: October 2025

There is SEK 100bn left to be issued in order to meet the FY estimate of SEK 460bn, which is unlikely given the current housing loan growth of 2.6%...

Nordea

SEK Covered Monthly: September 2025

After July and August recorded some of the lowest issuance volumes in over a decade, September saw a turnaround, coming in slightly above the average.

Nordea

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