Swedbank Ab Class A · OMXSTO:SWED_A
Swedbank Ab Class A — Q4 2023 Earnings Presentation
78 slides from Swedbank Ab Class A's earnings presentation, Jan 24, 2024
Slide 1: Investor presentation Q4 2023
Slide 2: Disclaimer
● Certain statements made in this presentation are forward ● None of Swedbank AB or any of its directors, officers or looking statements. Such statements are based on current employees nor any other person accepts any liability expectations and are subject to several risks and uncertainties whatsoev
Slide 3: Agenda
This is Swedbank 4 Sustainability 16 Quarterly financial update 21 Asset quality 32 Capital considerations 41 Liquidity and funding 47 Cover pool data 54 Swedish and Baltic economy 61 Swedish housing and mortgage market 66 Appendix 77 © Swedbank 3
Slide 4: This is Swedbank
© Swedbank
Slide 5: Key financial figures 2019-2023
14.7 8.9 13.2 13.3 18.3 35 10 25 Earnings per share, SEK 15 30.4 -40 17.6 11.5 18.6 19.4 Return on equity, % 5 -5 -90 Cost to income ratio 0.43 0.54 0.44 0.40 0.33 Credit impairment 26 ratio, bps 9 1 8 9 390bps buffer CET1 capital ratio, % 18.3 19.0 17.0 17.5 17.8 50 50 50 50 50 Dividend per share,
Slide 6: Swedbank franchise at a glance
~82% of loan book Mortgages Savings Insurance Payment Swedbank Swedbank Swedbank franchise Loan-to-deposits CET1 capital buffer Hypotek Robur Insurance Mobile App Internet bank LCR NSFR ~14% of loan book Partnership Branches with 57 Customer 143 in Sweden Impairment ratio Savings centre 81 in the Ba
Slide 7: Swedbank purpose and strategy
• By providing guidance on your terms • By helping you to be more sustainable • By supporting you in a proactive way • By making the difficult simple An attractive workplace for An efficient, profitable and A standardised, scalable employees with a culture based compliant bank and financial and stab
Slide 8: Four business priorities
Four business priorities C1) Leverage proven business model and pricing strategy 2) Grow share of wallet for existing customers 3) Grow business in prioritised segments 4) Improve availability and operational excellence ‘© Swedbank
Slide 9: Net interest income growth and volumes
● 54% NII growth 2023 YoY growth YoY growth ● Protected back-book Net interest income 54% Net lending 8% 9% 8% ● Volume growth 23% 2% in the Baltics 50.9 2% 22.9 -2% 21.3 ● Leading market 33.2 19.5 positions maintained 27.7 18.1 27.0 2020 2021 2022 2023 2020 2021 2022 2023 © Swedbank 9
Slide 10: Increased proactivity and long-term savings customers
● Increased proactivity ● Added 40k customers +25% +40k 900k with long-term savings 250k ● #1 P&C insurer 480k 440k in Estonia 200k 2022 2023 2022 2023 2030 target © Swedbank 10
Slide 11: Assisted meetings and corporate market shares
● Conducted more assisted meetings Latvia Lithuania ● New business area: 300k Premium & Private 25-30% Banking 25.1% 265k 23.2% 22.4% ● One Corporate Business in Sweden 240k 19.4% 19.7% 20.1% ● Improved corporate market shares in Lithuania and Latvia 2022 2023 2025 Q3 Q1 Q3 2030 target 2022 2023 202
Slide 12: Availability and customer experience
● Connected branches and ● Improved efficiency in the ● Platform saves on average contact centres credit process 18 minutes per interaction1) ● Strive to create a seamless ● Aim to improve availability ● Full launch in Sweden 2024 customer experience and shorten lead times ● Up to 1 million digital
Slide 13: Return on equity target
18.3% ≥15% 13.2% 13.2% RoE Income Costs Credit Capital Capital RoE RoE Income Costs Credit Capital RoE 2021 impair- gene- reduc- 2025 2021 impair- genera- 2023 ments ration tion ments tion © Swedbank 13
Slide 14: Summary of business priorities
● Proven business model during transition ● Grow business in home markets to higher rates ● Improve availability and operational ● New organisation in Sweden excellence ● Omni-channel communication platform ● Capital distributions subject to rolled out further clarity on capital needs © Swedbank 14
Slide 15: Status of investigations
● No ongoing investigations from Swedish authorities ● Estonian prosecutor – money laundering or criminal activity in Swedbank AS, maximum fine EUR 16m ● Ongoing investigations by U.S. authorities – DoJ, SEC and DFS New York – Settlement with OFAC in Q2 2023 resulting in a fine of SEK 37m ● Individu
Slide 16: Sustainability
© Swedbank
Slide 17: Biodiversity, green advisory and regulatory
Biodiversity Green Advisory ● Analysing targets in the GBF1 to identify what ● In collaboration with Hemma4, our private is most relevant for our operations, to customers can now get free energy maximise impact calculations, advice on how to reduce energy ● Developing method to calculate biodiversit
Slide 18: Carbon neutrality and interim target setting
2050 Task Force on Climate related Carbon neutrality and interim target setting Financial Disclosures Reporting according to recommendations since 2018 2040 Net-Zero Banking Alliance Carbon neutral investments by Swedbank Robur1) 2030 targets set and published in November 2022 2030 Climate Action 10
Slide 19: Financed emissions targets
● Mortgages: reduce the financed emission intensity by 39 per cent (kgCO2e/m2) ● Commercial real estate: reduce the financed emission intensity by 43 per cent (kgCO2e/m2) ● Oil & gas1): reduce the absolute financed emissions by 50 per cent (tCO2e) ● Power generation: reduce the financed emission int
Slide 20: Green and social assets
Green buildings Clean transportation Green assets Renewable energy 1.1 2.6 Pollution prevention and control 2.0 0.2 2.4 3.7 Sustainable management of living natural resources Social 5.4 assets Sustainable water and wastewater management 74 67 70 59 61 53 Social assets Employment generation 48 45 47
Slide 21: Quarterly financial update
© Swedbank
Slide 22: Q4 2023 highlights
Total income, SEKbn QoQ +3% 20 TOTAL SEK 19.0bn 15 INCOME 10 5 0 ● Return on equity of Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 16.9 per cent Total expenses, SEKbn QoQ +15% ● Cost/Income ratio 0.34 8 TOTAL SEK 6.4bn 6 EXPENSES 4 ● Credit impairment ratio 0.08 per cent 2 0 Q4 2022 Q1 2023 Q2 2023 Q3 2
Slide 23: Full year 2023 income statement
▲ ● Net profit SEK 34.1bn Net interest income 50 933 33 146 54% Net commission income 15 088 14 114 7% ● Cost/Income ratio 0.33 Net gains and losses 2 938 1 940 51% ● Return on equity Other income 4 098 2 828 45% 18.3 per cent Total income 73 057 52 028 40% Total expenses 24 100 20 817 16% of which
Slide 24: Q4 2023 income statement
▲ ● Net profit SEK 8.3bn Net interest income 13 329 12 901 3% Net commission income 3 754 3 862 -3% ● Return on equity Net gains and losses 845 652 29% 16.9 per cent Other income 1 101 1 053 5% ● Cost/Income ratio 0.34 Total income 19 029 18 468 3% Total expenses 6 411 5 562 15% ● EPS after dilution
Slide 25: Result by segment (Q4 vs Q3)
QoQ -1.4% QoQ -0.4% -13 1 180 1 176 1 181 1 808 1 796 4 0 1 782 -3 -14 -13 Q3 2023 Q4 2023 Q4 excl. FX QoQ -3.4% 628 614 606 Q3 2023 Swedish C&I Baltic Group Q4 excl. FX FX Q4 2023 Banking Banking Functions Q3 2023 Q4 2023 Q4 excl. FX © Swedbank 25
Slide 26: Result by segment (Q4 vs Q3)
QoQ -3.8% QoQ -0.9% 708 710 -31 702 1 278 -5 21 1 247 1 230 -3 -44 -16 Q3 2023 Q4 2023 Q4 excl. FX QoQ -7.3% 570 529 537 Q3 2023 Swedish C&I Baltic Group Q4 excl. FX FX Q4 2023 Banking Banking Functions Q3 2023 Q4 2023 Q4 excl. FX © Swedbank 26
Slide 27: Net interest income development
QoQ +3.3% ● NII increase – Gradual repricing of lending +428 129 13 329 – Lower deposit guarantee 615 12 901 fee and methodology change in C&I origination -8 -48 -260 fees Business-driven NII +299 Q3 2023 Lending Deposit Margins Treasury & FX & Other Q4 2023 volumes volumes Other © Swedbank 27
Slide 28: Net commission income development
QoQ -2.8% ● Seasonally lower cards ● Asset management -108 impacted by slightly lower average stock 3 862 47 3 754 market performance -99 -31 -25 ● Securities & Corporate Finance increased due to market maker fees Q3 2023 Cards & Asset Securities & Other Q4 2023 Payments Management Corporate Finance
Slide 29: Net gains and losses
● Strong FX and Fixed income with high client activity 109 ● Positive revaluation 322 effects in Treasury and 845 the liquidity portfolio -238 671 -19 Client trading Bond inventories Funding Liquidity Other Total NGL (Treasury) portfolio © Swedbank 29
Slide 30: Other income
QoQ +4.5% ● Net insurance increased driven by revaluations mainly in Baltic Banking -48 ● Negative result from 210 Entercard due to higher 1 101 1 053 impairments and higher -147 -15 funding costs ● Stable income from savings banks Q3 2023 Net insurance Associates Other Q4 2023 © Swedbank 30
Slide 31: Expenses and 2024 cost outlook
YoY +11.5%1) QoQ +15.3% ● Full year underlying expenses of SEK 23.2bn Underlying expenses Administrative fine and provision C/I ratio – Strict cost discipline 0.40 0.33 0.37 ● 2024 cost outlook 0.35 0.34 24 100 0.31 0.30 – 2023 level excluding fines 887 6 410 6 411 20 817 5 717 – Temporary investmen
Slide 32: Asset quality
© Swedbank
Slide 33: Credit impairments
● Updated macro forecasts ● Stage migrations 584 ● Higher year-end net repayments and amortisations 414 ● Credit impairment ratio 8bps 363 -147 ● Remaining Post model 174 adjustments of SEK 1.3bn -523 -140 Macro Rating & stage Net Post model Individual Other Total credit scenarios migrations repayme
Slide 34: Commercial real estate exposure
● Managing balance sheets − Divestments of properties 10% 7.4% 7.8% 8.0% − Restructurings 8% 7.2% 6.9% 6.9% 7.0% 7.2% − Capital injections 6% − Bond buy-backs 4% Q3 21 Q4 21 Q1 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 − Cancelled dividends − CAPEX reductions Interest Coverage Ratio (ICR)2) 2.6x (2.9x) − Int
Slide 35: Property management lending
● Focus on strong cash flows and collateral ● Continuous dialogue with customers 11% 80 SEK 101 294bn 80% ● Average LTV 9% 18 − Property management, 38 52 per cent • Non-residential, 52 per cent Sweden Residential Baltics Commercial • Residential, 54 per cent Norway & Finland Industrial & Warehouse
Slide 36: Property management loan-to-value by country
Sweden Sweden Estonia Estonia SEK Latvia SEK Latvia 86bn Lithuania 209bn Lithuania Norway Norway Finland Finland Loans carrying Loans carrying amount, SEKbn 85.9 80.1 0.0 0.1 0.0 0.0 5.6 amount, SEKbn 208.7 156.1 14.6 3.6 8.1 20.4 5.9 Average loan-to- Average loan-to- value 54% 53% n.a.1) n.a.1) n.a
Slide 37: Loans and provisions by stage
1 804 1 798 1 810 1 810 1 789 6.0 6.7 7.0 7.1 7.1 100% 6 6 6 5 8 100% 98% 2.1 2.1 2.3 2.0 2.0 80% 96% 138 168 60% 189 183 192 94% 2.9 3.3 3.5 2.4 3.1 40% 92% 90% 1 660 20% 1 624 1.5 1.7 1.7 1.9 1.6 1 615 1 623 1 590 88% 0% Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 20
Slide 38: Corporate lending by industry
Agriculture, forestry, fishing 3.5 ● Property management Manufacturing 2.3 represents 16 per cent of Public sector and utilities 2.0 Construction 1.2 total loans1) Retail and wholesale 2.3 Transportation 0.7 Shipping and offshore 0.4 Hotels and restaurants 0.3 Information and communication 1.1 Finan
Slide 39: Swedbank's mortgage underwriting criteria
● Full recourse (very limited debt forgiveness possibilities) Swedbank’s underwriting criteria ● No securitisation (on balance sheet), no sub-prime market, no 3rd – In the repayment ability calculation, the interest party origination rate used is the higher of 6 % or the 5Y fixed mortgage interest r
Slide 40: Swedish mortgage portfolio LTV and past dues
20 20 16 16 96% of portfolio below 70% LTV 12 12 ● Average loan-to-value of 58 8 8 per cent 4 4 0 0 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61 64 67 70 73 76 79 82 85 88 91 94 97 100 LTV per cent 0.50% 1200 ● Increasing past due loan 0.40% 1000 >60 days, per cent, LHS >60 days, SEKm
Slide 41: Capital considerations
© Swedbank
Slide 42: Capital requirements and capital ratios
● CET1 capital ratio buffer ~390bps1), target of Buffer of ~ 390bps1) Capital requirements and capital ratios, % of REA 100-300bps 15.1% 19.0% 1.8% 2.6% 19.5% 23.1% 11.1% ● REA increased by SEK 9.2bn to SEK 847.1bn 4.1 Pillar 2 Guidance ● Basel IV implementation 0.5 to be phased in 2025 – 2.5 Levera
Slide 43: MREL and CBR requirements
● The National Debt Office 47.6% MREL decision for 2024 - MREL 28.4% (buffer of 10.3%) 12.5% - Subordination requirement 21.3% (buffer of 4.9%) 36.7% Eligible liabilities Market ● CBR to be met with own Confidence Charge 7.0% funds at all times (in Subordination 11.4% Subordinated eligible addition
Slide 44: Regulatory developments and Basel IV
● New guidelines to be fully ● The SFSA has imposed an add- ● Includes amendments to the phased in by end of 2021 on related to the ongoing review frameworks for calculating according to EBA decision of IRB models in the Pillar 2 credit risk, CVA, market risk and requirement, as part of its SREP ope
Slide 45: CET1 capital ratio development
● CET1 capital ratio of 19.0 per cent ● Higher countercyclical buffer 390bps buffer in Estonia and Lithuania 0.5% 0.4% 19.0% ● Operational risk – annual 18.7% -0.4% re-calculation -0.3% 15.1% ● 100-300bps capital buffer target range remains Q3 2023 Profit after Change in Operational Other Q4 2023 CE
Slide 46: Risk exposure amount development
● Article 3 add-on decreased due to roll-out of the large corporates PD model (IRB overhaul) ● Operational risk – annual 16.8 16.1 847.1 837.9 re-calculation - 5.7 - 0.3 - 17.7 Q3 2023 IRB Article 3 Operational Other credit Other Q4 2023 roll-out 1) risk risks risks © Swedbank 1) Credit risk re-rati
Slide 47: Liquidity and funding
© Swedbank
Slide 48: Liquidity position
172% Liquidity Coverage Ratio 5 12 2 49 38 124% Net Stable Funding Ratio 278 272 178 191 >2Y Survival horizon Cash and balances with central banks SEK EUR USD OTHER Sovereigns, central banks or multilateral development banks1 Municipalities or public service entities Extremely high quality covered b
Slide 49: Balance sheet composition
SEKbn Assets SEKbn Liabilities SEKbn Liabilities (comparison) 2 000 2 000 CET1 AT1 + Tier 2 Senior non-preferred debt Lithuania Latvia Senior preferred debt Estonia 1 500 1 500 Other corporate lending, Sweden & other Nordic countries 1 000 1 000 Other private, Sweden Deposits Swedish 500 mortgage lo
Slide 50: Deposits and loan-to-deposit ratio
Transaction accounts On-demand savings Term savings +34% 704 Private Corporate1 1 298 702 1 259 1 230 1 131 42 594 108 528 920 954 16 43 40 345 320 48 535 440 317 274 2018 2019 2020 2021 2022 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Private SME 200 LTD-ratio Corporate 180 88% 88% 93% Total 145% 82% 160
Slide 51: Funding profile and maturities
SEKbn Strong funding profile ● LCR 172% (EU 2015/61) 1 400 Outstanding volumes ● NSFR 124% (CRD2) 1 200 Q4 2022 Q4 2023 1 000 ● Issued SEK 165bn1) of long- 800 term funding FY 2023 600 400 200 0 Covered bonds Senior preferred SNP Short-term Deposits programmes SEKbn Issued, long-term debt SEKbn Matu
Slide 52: Credit ratings
● On July 12 2023, Moody’s affirmed Swedbank’s ratings and wrote that they reflect the bank's strong credit quality, with a focus on low-risk Swedish mortgages, and solid capitalisation. ● On June 26 2023, S&P wrote in its Update that Swedbank's transformation program to address structural deficienc
Slide 53: Funding programmes and formats
● Senior preferred, senior non-preferred and covered bond format ● Major / opportunistic currencies ● Bullet format, FRN or Fixed ● EUR 20m equivalent minimum size ● Listing is optional ● Program formats available: – Senior unsecured debt (preferred/non-preferred): GMTN, potentially USD 144a format,
Slide 54: Cover pool data
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) © Swedbank
Slide 55: Cover pool key facts
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) Rating, S&P / Moody’s AAA / Aaa Repayment structure 7 Total pool size SEK 1 103.8bn – Amortising 77% Geographic distribution Sweden 100% – Interest only 23% Current OC-level 207% Weighted average seaso
Slide 56: Cover pool loan types and geographic distribution
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) Type of loans 31 Dec Geographical distribution, Sweden, per cent 31 Dec (based on loan volume) 2023 (based on loan volume) 2023 Residentials 92.0 North 6.8 of which Single-family housing 57.0 Norrbotte
Slide 57: Cover pool LTV distribution
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation ● Weighted average LTV on property level 53% (www.coveredbondlabel.com ) LTV distribution per property1 LTV distribution by volume1, 2 30% 30% 25% 25% 20% 20% 15% 15% 10% 10% 5% 5% 0% 0% 00-10 10-20 20-30 30-40 40-50 50-60 60-70
Slide 58: Weighted average LTV per property type
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) WA LTV per property type1 Percentage of the pool Average LTV per loan type 120% 120% 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% Substitute Single-family Tenant owner Tenant owner Multi-family Comm
Slide 59: Over-collateralisation
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) House price sensitivity of the cover pool ● Current OC-level of 206.8% 220% Q4 2023 ● 2% legal minimum requirement 200% Min req. 2% ● Can withstand a severe house price drop 180% and still be able to i
Slide 60: The Covered Bond Act
The Covered Bond Act entered into force on July 1, 2004, with most recent amendments effective as per July 8, 2022, and is over-sighted by the Swedish FSA. Its main characteristics are: Dual recourse to the issuer and cover pool Dynamic, regulated pool of assets, frequently monitored by the Sw
Slide 61: Swedish and Baltic economy
© Swedbank
Slide 62: Swedish economy key indicators
Key economic indicators1, 2022-2025 Most recent 2022 2023E 2024F 2025F Real GDP (calendar adjusted) -1.4 (Q3) 2.9 -0.1 0.1 3.0 • Kingdom of Sweden rated CPI growth, average 4.4 (Dec) 8.3 8.6 3.1 0.7 Aaa/AAA/AAA CPIF growth, average 2.3 (Dec) 7.7 6.0 2.0 1.3 Unemployment rate (15-74), % of labor forc
Slide 63: Inflation, krona, lending and interest rates
Inflation heading down Stronger krona Headline inflation (CPI) and with fixed interest rate (CPIF) Krona (SEK), US dollar (USD), euro (EUR) and trade-weighted 14.0 index (KIX) 12.0 12 135 10.0 11 130 8.0 125 10 6.0 120 4.0 9 2.0 115 8 0.0 110 -2.0 7 105 -4.0 6 100 2013 2014 2015 2017 2018 2019 2021
Slide 64: Baltic economies key indicators
Key economic indicators1, 2020-2024 Most recent 2022 2023E 2024F 2025F Real GDP Estonia -3.9 (Q3) -0.5 -3.4 -0.3 2.8 Latvia -0.7 (Q3) 3.4 -0.4 1.4 2.7 Ratings Lithuania 0.1 (Q3) 2.4 0.0 1.8 2.5 CPI growth, annual rate Estonia 4.0 (Dec) 19.4 9.2 3.7 2.7 • Republic of Estonia: A1/AA-/A+ Latvia 0.6 (De
Slide 65: Baltic economic sentiment
Economic sentiment Confidence indicators, sa, index represents deviations from long term average (=0) Estonia Latvia Lithuania 27 20 20 20 30 17 20 10 10 10 20 7 10 0 0 10 0 -3 0 0 -10 -10 -13 -10 -10 -10 -20 -20 -23 -20 -20 -20 -30 -30 -33 -30 -30 -30 -43 -40 -40 -40 -50 -40 -53 -40 -50 -50 Dec-20
Slide 66: Swedish housing and mortgage market
© Swedbank
Slide 67: Swedish housing price developments
Price developments flats and single family houses1) Valueguard index (2005 Jan = 100) 350 300 250 200 150 100 24 2007 2008rates (in2009 Annual growth percent) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 14 4 -6 -16 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Slide 68: Housing transactions and prices
● Housing market transactions recovering ● Seasonally adjusted prices continues down in October Housing market transactions Housing prices Housing transactions Seasonally adjusted housing prices: Dec 2021 - Dec 2023 20000 (Monthly change in %) 18000 2 16000 1 14000 0 12000 10000 -1 8000 -2 6000 4000
Slide 69: Mortgage growth and household interest costs
● Decline mortgage volume growth decreases ● Mortgage interest rates flat as the central bank policy rate remains on hold ● Household debt service costs lag and is setr to increase Mortgage loan growth, housing prices and interest rate Household interest expenses percent of disposable income percent
Slide 70: Population growth and household balance sheets
● Population grows while new housing stalls ● Balance sheets among households remain solid Population growth slows Strong household balance sheets Completed housing and population growth, no. of persons and housing, 1978-2022 Household loans as percentage of asset and income 80000 160000 195% 45% 70
Slide 71: Appendix
© Swedbank
Slide 72: ESG ratings
As per Q4 Bloomberg Gender Equality Index 77 CDP C1 EY SHE Index Sweden 82 FTSE4Good ESG Rating 4.2 ISS Corporate Rating C (Prime) MSCI ESG Rating AA Sustainalytics ESG Risk Rating 23.4 1) Refers to 2022 since no score for 2023 is yet published © Swedbank 72
Slide 73: Macro scenario probability weightings
● Probability weightings ● 66.6 per cent for baseline scenario ● 16.7 per cent for positive and negative scenarios © Swedbank 73
Slide 74: IFRS 9 stages
Initial recognition, or no Significant increase in Evidence of impairment significant increase of credit risk credit risk Stage 3 loans Stage 1 loans Stage 2 loans Impairment amounting to Impairment amounting to lifetime expected credit lifetime expected credit losses Impairment amounting to losses
Slide 75: Liquidity coverage ratio liquid assets
SEKm Level 1 assets 506 795 1 Cash and balances with central banks 277 744 2 Securities issued or guaranteed by sovereigns, central banks or MDBs and international organisations 178 229 Securities issued or guaranteed by municipalities public sector entities 1 954 Extremely high quality covered bond
Slide 76: Funding programmes and limits
Swedbank AB 100% owned Swedbank Mortgage AB Program Limit Program Limit Long Term Long Term Global MTN USD 40bn Domestic Benchmark CB Unlimited*** USD Senior (144a / Reg.S) USD 15bn EMTN CB EUR 25bn AUD Senior** AUD 10bn Norwegian Benchmark CB Unlimited*** NSV (stand alone doc.) AUD Covered bonds**
Slide 77: Issued long-term funding 2023
ISIN Product Tenor Currency Amount, mn Type Spread Value date Maturity date XS2572496623 SNP 5.5Y EUR 750 Fixed MS+135 January 11, 2023 July 11, 2028 ● The table excludes volumes XS2580715147 AT1 PNC5.5 USD 500 Fixed 7.625% February 23, 2023 (call) September 17, 2028 issued on tap in the Swedish XS2
Slide 78: Investor relations contacts and financial calendar
Annie Ho Magnus Alvesson Matilda Hellman Annual report 22 Feb 2024 Head of Investor Relations Equity & Credit Rating Equity & Credit Rating AGM 26 March 2024 Mobile: +46 703 43 78 15 Mobile: +46 706 10 33 41 Mobile: +46 730 59 77 52 Q1 Interim report 25 Apr 2024 annie.ho@swedbank.com magnus.alvesson