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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

Long-term funding raised, SEK bn, 31 March 2023

Instrument 2018 2019 2020 2021 2022 Jan-Mar 2023
Covered bonds 67 81 78 41 65 54
Senior unsecured 34 40 28 20 33  
Senior non-preferred   11 11 10 27 11
Subordinated debt   9   5 5  
Total 101 140 117 75 130 66

 

Long-term funding maturity profile, SEK bn, 31 March 2023

31 March 2023                  
Product * <1y 1-2y 2-3y 3-4y 4-5y 5-7y 7-10y >10y Total
Mortgage covered bonds,
SEK
51 54 51 51 30 12 1 3 253
Mortgage covered bonds,
non-SEK
0 11 13 0 23 17 0 0 64
Senior unsecured 30 22 35 18 0 0 0 1 106
Senior non-preferred 0 0 0 26 21 19 0 0 66
Subordinated debt ** 9 0 9 5 5 0 0 0 29
Total 91 87 108 99 79 47 1 4 518

* 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