IR

Financing

Vasakronan finances its activities either through owners’ capital or through external borrowing. The division between owners’ capital and borrowing is decided by weighting the requirements for returns and financial stability. External borrowing is done in the capital market through bonds or commercial papers, or from banks and the sources of financing is widely distributed as per below (31 December 2017).

 

Commercial Paper

Total Amount MSEK 20 000
Maturity Less than one year
Change of Control Clause “Change of Control” occurs when shares representing 51 % of the votes in the issuer are not owned, directly or indirectly, by one or more of Första AP-fonden, Andra AP-fonden, Tredje AP-fonden and Fjärde AP-fonden.
Issuing and Paying Agent Svenska Handelsbanken AB
Dealers Danske Bank, Nordea, SEB, Handelsbanken Capital Markets, Swedbank, DnB
Clearing Systems Euroclear Sweden

 

MTN-programme
Total Amount MSEK 50 000 or aquivalent amount in EUR or NOK
Maturity At least 1 year
Listing Nasdaq Stockholm, Oslo Börs
Change of Control Clause “Change of Control” occurs when shares representing 51 % of the votes in the issuer are not owned, directly or indirectly, by one or more of
Första AP-fonden, Andra AP-fonden, Tredje AP-fonden and
Fjärde AP-fonden.
Arranger SEB
Dealers Danske Bank, Nordea, SEB, Handelsbanken Capital Markets, Swedbank, DnB
Clearing Systems Euroclear Sweden, Verdipapirsentralen ASA

Green financing

Vasakronan issued the world’s first green corporate bond in November 2013.

Green bonds are issued under Vasakronan’s MTN programme, and the documentation corresponds with Vasakronan’s other MTN bonds. The difference is that the proceeds from green bonds are used solely for investments encompassed by Vasakronan’s Green Bond Framework.

The Green Bond Framework describes the investments that lead to lower energy consumption and lower climate impact, and which therefore qualify for green bond financing.

The second opinion on the framework was reviewed by the Center for International Climate Research (CICERO).

The Impact Report describers the investments made under the Green Bond Framework and the green bonds issued.

The volume of green bonds outstanding was SEK 12.3 billion.

Rating

Vasakronan has an A3-rating from Moody´s with stable outlook.

Vasakronan Credit Opinion

Credit research

Interim report Q1 2018
Credit Analysis Q1 2018 by Danske Bank

Year-End report 2017
Credit Analysis Q4 2017 by Danske Bank
Credit Analysis Q4 2017 by SEB

Interim Report Q3 2017
Credit Analysis Q3 2017 by Danske Bank

Interim Report Q2 2017
Credit Analysis Q2 2017 by Danske Bank
Credit Analysis Q2 2017 by Handelsbanken

Interim Report Q1 2017
Credit Analysis Q1 2017 by Danske Bank
Credit Analysis Q1 2017 by SEB

Interim Report Q4 2016
Credit Analysis Q4 2016 by SEB
Credit Analysis Q4 2016 by Swedbank

Interim Report Q3 2016
Credit Analysis Q3 2016 by Handelsbanken
Credit Analysis Q3 2016 by Danske Bank
Credit Analysis Q3 2016 by Nordea

Interim Report Q2 2016
Credit Analysis Q2 2016 by Handelsbanken
Credit Analysis Q2 2016 by Swedbank
Credit Analysis Q2 2016 by Danske Bank
Credit Analysis Q2 2016 by SEB
Credit Analysis Q2 2016 by Nordea
Credit Analysis Q2 2016 by DNB

Analysts

Danske Bank
Louis Landeman +46 (8) 568 805 24
louis.landeman@danskebank.com

DNB
Kristina Solbakken +47 24 16 90 51
kristina.solbakken@dnb.no

Handelsbanken
Johan Sahlström +46 (8) 463 46 37
josa23@handelsbanken.se

Nordea
Devdeep Chakraborty +46 101 565 968
devdeep.chakraborty@nordea.com

SEB
Ebba Lindahl +46 (8) 522 29681
ebba.lindahl@seb.se

Swedbank
Michael Johansson + 46 (72) 219 3691
michael.a.johansson@swedbank.se