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Debt investors

Funding strategy

Access to the funding and liquidity markets is vital in all circumstances. SEB’s funding and liquidity strategy is managed from three perspectives:

  • optimising the liquidity structure of the balance sheet to ensure that less liquid assets are matched with stable funding
  • monitoring wholesale funding dependence, and
  • ensuring that the bank has sufficient liquidity reserves to withstand a severely stressed scenario

SEB’s funding consists of deposits from customers as well as long-term and short-term funding in the financial markets. SEB’s long-term funding structure and maturity profile is described below.

Long-term funding structure

Funding structure, 31 December 2022
Funding structure, 30 September 2022

Long-term funding raised, SEK bn, 31 December 2022

Instrument 2017 2018 2019 2020 2021
2022 
Covered bonds 55 67 81 78 41 65
Senior unsecured 20 34 40 28 20 33
Senior non-preferred     11 11 10 27
Subordinated debt 5   9   5 5
Total 80 101 140 117 75 130

 

Long-term funding maturity profile, SEK bn, 31 December 2022

31 December 2022                  
Product * <1y 1-2y 2-3y 3-4y 4-5y 5-7y 7-10y >10y Total
Mortgage covered bonds, SEK 53 54 43 47 12 3 1 3 217
Mortgage covered bonds, non-SEK 12 11 0 13 22 0 0 0 57
Senior unsecured 41 22 36 18 0 0 0 1 117
Senior non-preferred 0 0 0 16 19 18 0 0 54
Subordinated debt ** 9 0 9 5 5 0 0 0 28
Total 114 87 88 98 59 22 1 4 474

* Excluding public covered bonds.
** Tier 2 and Additional Tier 1 issues assumed to be called at first call date.

Debt programs

SEB's debt programs consist mainly of a global MTN program for senior debt and covered bonds and a SEK MTN program for SEK covered bonds.

Read more about the debt programs

Covered bonds

As part of its wholesale funding, SEB issues covered bonds through the parent company, Skandinaviska Enskilda Banken AB (publ), which are secured by Swedish residential mortgages.

Read more about the covered bonds and the cover pool

Green bonds

In a world with ever-increasing awareness on climate concerns, the green bond raises industry engagement by encouraging investments in sustainable projects, processes and technologies.

Read more about Green bonds