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

Long-term funding raised, SEK bn, 30 June 2023

Instrument	2018	2019	2020	2021	2022	Jan-Jun 2023
Covered bonds	67	81	78	41	65	91
Senior unsecured	34	40	28	20	33	59
Senior non-preferred		11	11	10	27	11
Subordinated debt		9		5	5
Total	101	140	117	75	130	162

Long-term funding maturity profile, SEK bn, 30 June 2023

30 June 2023
Product *	<1y	1-2y	2-3y	3-4y	4-5y	5-7y	7-10y	>10y	Total
Mortgage covered bonds, SEK	52	54	53	53	36	12	1	3	264
Mortgage covered bonds, non-SEK	12	0	34	16	25	0	0	0	87
Senior unsecured	31	49	35	30	13	0	1	0	159
Senior non-preferred	1	0	0	27	32	10	0	0	69
Subordinated debt **	10	9	0	5	5	0	0	0	29
Total	105	112	122	130	111	22	2	3	609

* 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.

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.

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.