SBM Offshore Half Year 2021 Earnings
August 5, 2021
Record-breaking backlog, increased shareholder returns, positioning for New Energy
- Financial results in line with management expectations
- Record-level US$29.5 billion proforma backlog, up by c. US$8 billion
- Launch of EUR150 million (c. US$180 million) share repurchase program
- Scaling-up renewables: 200 MW floating offshore wind development
- 2021 Directional1 revenue guidance maintained at around US$2.6 billion
- 2021 Directional EBITDA guidance maintained at around US$900 million
The 2021 Half Year Results and Interim Financial Statements are published on the Company’s website under https://www.sbmoffshore.com/investor-relations-centre/financial-information/financial-results/half-year-results/.
Bruno Chabas, CEO of SBM Offshore, commented:
“All our three value platforms, Ocean Infrastructure, Growing the Core and New Energies show good performance in line with our vision and commitment for providing safe, sustainable and affordable energy.
Our staff and contractor teams continue to perform very well despite the challenging conditions from the continuing pandemic. We maintained our fleet uptime of 99%. Our projects under construction continue to progress well despite the various challenges that COVID-19 continues to pose to our project teams.
In addition, SBM Offshore has successfully secured significant backlog growth. The backlog of our Ocean Infrastructure platform is approaching a record-breaking US$30 billion. This contracted backlog allows us to deliver sustainable and resilient sector-leading value to our stakeholders including shareholder returns. Today’s announcement of a EUR150 million share repurchase demonstrates our commitment to this.
Our Growing the Core platform delivered two new awards in the first half. We now have five Fast4Ward® FPSOs under construction. The latest awards have an emission intensity of 8 to 11.5 kg CO2e/boe2, well below current industry average. We will further improve on this through our emissionZEROTM program.
New Energies is set to provide further growth and value. We are establishing a strategic position in the fast-developing floating offshore wind market. We intend to play a role in project co-development in order to enhance the positioning of our technology in the market. Our participation in the 200 MW Llŷr Project in the UK marks a first step. The EPC activities for the deployment of our first project in France in 2022 remain on track.
We are delivering value to our stakeholders: helping our clients to transition towards lower carbon oil production at affordable cost, providing renewable and energy transition solutions and growing shareholder returns.”
|in US$ million||1H 2021||1H 2020||% Change||1H 2021||1H 2020||% Change|
|Lease and Operate||752||829||-9%||631||735||-14%|
|Lease and Operate||827||829||0%||706||735||-4%|
|Lease and Operate||456||538||-15%||323||436||-26%|
|Lease and Operate||531||538||-1%||398||436||-9%|
|Profit attributable to Shareholders||64||38||69%||148||98||51%|
|Underlying Profit attributable to Shareholders||61||94||-36%||145||155||-6%|
|Earnings per share [US$ per share]||0.34||0.20||72%||0.79||0.52||53%|
|Underlying earnings per share [US$ per share]||0.32||0.50||-35%||0.78||0.82||-5%|
|in US$ million||1H 2021||1H 2020||1H 2021||1H 2020|
|Non-recurring items impacting Revenue||(75)||-||(75)||-|
|Deep Panuke termination fee||(75)||-||(75)||-|
|Non-recurring items impacting EBITDA||(75)||-||(75)||-|
|Deep Panuke termination fee||(75)||-||(75)||-|
|Non-recurring items impacting Profit||78||(57)||78||-|
|Deep Panuke termination fee||78||-||78||-|
|SBM Installer impairment||-||(57)||-||(57)|
|Total non-recurring items impacting Profit||3||(57)||3||(57)|
|in US$ billion||1H 2021||Dec-31-20||% Change||1H 2021||Dec-31-20||% Change|
Underlying Directional revenue for the first half of 2021 came in at US$1,147 million, broadly in line with 2020. Underlying Directional revenue from Lease and Operate was similar to last year’s figure with US$827 million recognized in the first half of 2021 against US$829 million in the year-ago period, reflecting the stability of the fleet. Directional Turnkey revenue reduced by 9% year on year to a total of US$321 million for the period. Despite the major growth phase in Turnkey, the balance of activities continues to be more weighted to projects to be transferred to the Lease and Operate portfolio with therefore lower contribution to Turnkey revenue. Three out of four FPSOs under construction were 100% owned by SBM Offshore during the period. As such, the decrease is mostly attributable to the comparative impact of the Johan Castberg turret project delivery which contributed to the first half year 2020 revenue.
Underlying Directional EBITDA for the first half 2021 totaled US$501 million, representing a 4% reduction compared with the prior period. Underlying Directional Lease and Operate EBITDA came in at US$531 million in the first half year of 2021, in line with the prior year period, despite the incremental costs from the additional measures linked to the safe management of the impacts from the COVID-19 pandemic.
Underlying Directional Turnkey EBITDA decreased by US$16 million to a total of US$9 million, mainly reflecting the same drivers as the decrease in the Turnkey revenue. The Other non-allocated cost was in line with the previous year and stood at US$(40) million and continues to include the Company’s investment in digital initiatives.
The increased level of activity in the construction of new FPSOs did not significantly contribute to EBITDA in 2021 under Directional reporting because the FPSO Liza Unity project and the FPSO Prosperity project are 100% owned by the Company and classified as operating lease as per Directional accounting policies. As such, these projects do not contribute to the Company’s net result before first oil. FPSO Almirante Tamandaré is also 100% owned by SBM Offshore; the planned partial divestment is subject to finalization of the shareholder agreement and various approvals by the Company and its prospective partners.
Underlying Directional Revenue and EBITDA includes US$75 million related to final cash received during the period under the final settlement signed with the client following the redelivery of the Deep Panuke MOPU in July 2020. These expected cash receipts in 2021 were excluded from the Underlying 2020 Revenue and EBITDA as reported in the 2020 Annual Report. Considering the associated depreciation of the vessel, this non-recurring item only negligibly impacted the Underlying profit attributable to shareholders.
Funding and Directional Net Debt
As a direct result of investment in growth, Directional net debt increased by US$510 million to US$4.6 billion compared with year-end. This includes capital expenditures associated with the FPSO projects Liza Unity, Sepetiba, Prosperity and Almirante Tamandaré and the expenditures on the Fast4Ward® multipurpose floater (MPF) hulls. While the Lease and Operate segment continues to generate strong operating cash flow, the Company drew under the project loan facility of Liza Unity (FPSO) and the Revolving Credit Facility (RCF) to fund continued investment in growth during the first half year 2021. The first drawdown on the US$1.05 billion project loan facility of Prosperity (FPSO) closed on June 25, 2021, occurred in July 2021 and allowed full RCF repayment.
The majority of the Company's debt at half year consisted of non-recourse project financing (US$3.1 billion) in special purpose companies. The remainder (US$1.7 billion) comprised mainly of borrowings to support the construction of Liza Unity (FPSO) and FPSO Sepetiba, the loan related to diving support and construction vessel SBM Installer and the Company’s RCF which was drawn for c. US$290 million as at June 30, 2021. The net cash balance stood at US$310 million and lease liabilities totaled c. US$61 million.
Directional Pro-Forma Backlog
Change in ownership percentages and lease contract durations have the potential to significantly impact the Company's future cash flows, net debt balance as well as the profit and loss statement. The Company therefore provides a pro-forma backlog on the basis of the most likely ownership scenarios and lease contract durations for the various projects.
The pro-forma Directional backlog increased by US$ 7.9 billion to a total of US$29.5 billion compared with the position at December 31, 2020. The increase was mainly the result of the awarded contract for the FPSO Almirante Tamandaré and the signed Letter of Intent for FPSO Alexandre de Gusmão.
|(in billion US$)||Turnkey||Lease & Operate||Total|
The pro-forma Directional backlog at June 30, 2021 reflects the following key assumptions:
- The FPSO Liza Destiny contract covers 10 years of lease and operate.
- The FPSO Liza Unity and Prosperity contracts cover a maximum period of two years of lease and operate within which period the units will be purchased by the client. The impact of the sale is reflected in the Turnkey backlog, assumed at the end of the contractual lease and operate period.
- FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão are added to the backlog based on the initially targeted SBM Offshore ownership share (55%) in the lease and operate contracts. The partial divestment to partners (45%), which remains subject to finalization of the shareholder agreement and various other approvals, was included in the Turnkey backlog.
For further details of the overall assumptions applicable to the backlog, refer to the 2021 Half Year Earnings report.
|Project||Client/country||Contract||SBM Share4||Capacity, Size||Percentage of Completion||Expected First Oil|
|Liza Unity|| ExxonMobil|
|2 year Build, Operate, Transfer||100%||220,000 bpd||>75%||2022|
|22.5 year Lease & Operate||64.5%||180,000 bpd||>50% <75%||2023|
|2 year Build, Operate, Transfer||100%||220,000 bpd||>25% <50%||2024|
|Almirante Tamandaré|| Petrobras|
|26.25 year Lease & Operate||100%||225,000 bpd||<25%||2024|
|Alexandre de Gusmão|| Petrobras|
|22.5 year Lease & Operate||100%||180,000 bpd||<25%||2025|
SBM Offshore’s construction activities continue to face challenges related to the COVID-19 pandemic with difficulties posed by remote working, travel restrictions and effects on yards capacity. Project teams are working closely with client teams and contractors to mitigate impacts on project execution and an update on individual projects schedule is provided below considering latest known circumstances.
Liza Destiny (FPSO)
The flash gas compression system on Liza Destiny (FPSO) is now operating. Approximately 96% of the gas produced is being consumed and reinjected, and production levels are at 120-125,000 bpd. The team continues to perform maintenance and optimization activities to minimize flaring until the arrival of the redesigned third stage flash gas compression system, still expected to be installed around the end of the year.
Liza Unity (FPSO)
The topsides integration phase is completed and the onshore commissioning campaign is making significant progress. The crew is currently mobilizing for the vessel departure from Singapore planned in the third quarter of this year. The project continues to target first oil in 2022 in line with client schedule.
The Fast4Ward® MPF hull was successfully delivered and arrived safely in the integration yard allowing the commencement of the topsides modules lifting campaign. The project’s planned preliminary acceptance is at the end of 2022 with planned first oil in 2023.
The Fast4Ward® MPF hull has arrived safely in Singapore where the topsides fabrication phase is ongoing. The project is progressing in line with schedule with a planned completion in 2024.
FPSO Almirante Tamandaré
The FPSO construction is progressing as per plan with the expected first oil in the second half of 2024.
Fast4Ward® MPF hulls
Under the Company’s Fast4Ward® program, the total number of MPF hulls ordered to date stands at six, five of which have been allocated to FPSOs Liza Unity, Sepetiba, Prosperity, Almirante Tamandaré and Alexandre de Gusmão. The Company currently has one remaining MPF hull supporting its tendering activity.
Despite the ongoing challenging circumstances due to the COVID-19 pandemic, the Company demonstrated operational resilience. The fleet uptime in the first half of the year was 99.1%, in line with the fleet’s lifetime historical average.
The Company’s Total Recordable Injury Frequency Rate stands at 0.10 as of June 30, 2021, compared with the full year 2021 target of below 0.18.
Floating Offshore Wind
SBM Offshore has taken a position as co-developer in floating offshore wind projects with the establishment of the joint venture Floventis Energy, a newly established joint venture between SBM Offshore and Cierco Ltd. Floventis Energy seeks to secure seabed rights and relevant permits, to develop and implement state-of-the-art technologies for floating offshore wind activities.
Floventis Energy is working on its first project, the Llŷr project, which covers the lease of two 100 MW floating wind test and demonstration sites in the Celtic Sea, for which the Crown Estate confirmed an intention to move forward with the lease process. The formal award will be subject to a Habitats Regulations Assessment, following which, the project will progress with environmental assessments and surveys in line with the regulatory consent processes.
The Company’s ambition as project co-developer is to enhance the positioning of its technology in the market. As such it is also targeting rights in various other regions of the world. The current opportunities for the floating offshore wind market amount to at least 6 GW for the next decade; this is expected to grow significantly over the next few years. The ambition is to co-develop or participate as a technology or turnkey provider in 2 GW of this existing global pipeline. Total associated development expenditure over the next 7 to 8 years is estimated to be c. US$150 to 200 million. The investments will be generally phased so that significant de-risking of returns has occurred before the final investment decision, committing most of the expenditure, is taken.
Through the further development and optimization of its technology, focusing on obtaining cost benefits from enhanced design and scale-up, the Company is on the pathway towards a competitive levelized cost of electricity.
Provence Grand Large
SBM Offshore is providing and installing 3 floaters and mooring systems for this 25 MW project. Assembly of first sub-components has started as planned for the floating substructures to be ready for load-out and installation at the end of 2022. This project is on track to be the first floating offshore wind project worldwide installed with tensioned leg platform technology.
Capital Allocation and Shareholder Returns
After having reviewed the current liquidity position including the incremental net cash proceeds from the FPSO Cidade de Ilhabela bond issuance in the first quarter 2021 and taking into account the progress with project financing and the capital requirements for growing the company business, the Company has determined that it currently has the capacity to repurchase shares. Consequently, on August 5, 2021 the Company will commence a EUR150 million (c. US$180 million) share repurchase program with the objective to be completed in the year. More details can be found in the Company’s press release announcing the share repurchase on August 5, 2021.
Outlook and Guidance
The Company’s 2021 Directional revenue guidance remains around US$2.6 billion, of which around US$1.6 billion is expected from the Lease and Operate segment and around US$1 billion from the Turnkey segment. 2021 Directional EBITDA guidance remains around US$900 million for the Company.
This guidance includes Directional revenues and EBITDA of US$75 million related to the cash receipts in 2021 from the Deep Panuke contract, which were both excluded from the 2020 outlook and underlying results. It also considers the currently foreseen COVID-19 impacts on projects and fleet operations. The Company highlights that the direct and indirect impact of the pandemic could continue to have a material impact on the Company’s business and results and the realization of the guidance for 2021.
SBM Offshore has scheduled a conference call together with a webcast, which will be followed by a Q&A session, to discuss the 2021 Half Year Earnings release.
The event is scheduled for Thursday, August 5, 2021 at 10.00 AM (CEST) and will be hosted by Bruno Chabas (CEO), Philippe Barril (COO), Erik Lagendijk (CGCO) and Douglas Wood (CFO).
Interested parties are invited to register prior to the call using the link:
Please note that the conference call can only be accessed with a personal identification code, which is sent to you by email after completion of the registration.
The live webcast will be available at: https://channel.royalcast.com/landingpage/sbmoffshoreinvestors/20210805_1/
A replay of the webcast, which is available shortly after the call, can be accessed using the same link.
The Company’s main activities are the design, supply, installation, operation and the life extension of floating production solutions for the offshore energy industry over the full lifecycle. The Company is market leading in leased floating production systems, with multiple units currently in operation.
As of December 31, 2020, the Company employed approximately 4,570 people worldwide spread over offices in our key markets, operational shore bases and the offshore fleet of vessels.
SBM Offshore N.V. is a listed holding company headquartered in Amsterdam, the Netherlands. It holds direct and indirect interests in other companies.
Where references are made to SBM Offshore N.V. and /or its subsidiaries in general, or where no useful purpose is served by identifying the particular company or companies “SBM Offshore” or “the Company” are sometimes used for convenience.
For further information, please visit our website at www.sbmoffshore.com.
The Management Board
Amsterdam, the Netherlands, August 5, 2021
|Trading Update 3Q 2021 – Press Release||November 11||2021|
|Full Year 2021 Earnings – Press Release||February 10||2022|
|Annual General Meeting||April 6||2022|
|Trading Update 1Q 2022 – Press Release||May 12||2022|
|Half Year 2022 Earnings – Press Release||August 4||2022|
For further information, please contact:
Group Treasurer and IR
|Mobile:||+31 (0) 6 21 14 10 17|
Group Communications Director
|Mobile:||+377 (0) 6 40 62 87 35|
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This press release contains regulated information within the meaning of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht). Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Company’s business to differ materially and adversely from the forward-looking statements. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “may”, “will”, “should”, “would be”, “expects” or “anticipates” or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. SBM Offshore NV does not intend, and does not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances. Nothing in this press release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities.
1 Directional view, presented in the Financial Statements under Operating segments and Directional reporting, represents a pro-forma accounting policy, which assumes all lease contracts are classified as operating leases and all vessel investees are proportionally consolidated. This explanatory note relates to all Directional reporting in this document.
2 Carbon intensity (in greenhouse gas equivalent units of CO2 emissions) calculated based on nameplate capacity.
3 The pro-forma backlog at June 30, 2021 reflects assumptions which are in line with year-end 2020 pro-forma backlog assumptions, for more details, refer to the 2021 Half Year Earnings report.
4 SBM share reflects current contractual situation
AttachmentTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
Repurchase of shares in Millicom24.9.2021 23:00:00 CEST | Press release
Repurchase of shares in Millicom Luxembourg, September24, 2021 - During the period September 16, 2021 – September 22, 2021, Millicom repurchased a total of 122,612 of its Swedish Depository Receipts (SDRs), hereinafter referred to as shares within the framework of the repurchase program announced on July 29, 2021 (the Repurchase Program), details of which are shown in the table below. DateNumber of shares repurchasedWeighted average repurchaseprice (SEK) excluding commissionsTotal daily transaction value (SEK), excluding commissions 16/09/2021 17,000 315.2166 5,358,682.20 17/09/2021 13,000 316.9849 4,120,803.70 20/09/2021 47,000 310.3055 14,584,358.50 21/09/2021 22,000 312.2228 6,868,901.60 22/09/2021 23,612 311.9609 7,366,020.77 All purchases were carried out on Nasdaq Stockholm by Citigroup Global Markets Limited on behalf of Millicom. Following the purchases, as of September 22, 2021, Millicom holds 915,037 treasury shares and has repurchased 739,438 shares under the Repurchase Prog
Jotul Holdings SA's direct subsidiary Jøtul AS issues senior secured floating rate bonds of NOK 475,000,00024.9.2021 18:00:00 CEST | Press release
Jotul Holdings SA's direct subsidiary Jøtul AS has successfully issued senior secured floating rate bonds in an amount of NOK 475,000,000 under a framework of up to NOK 750,000,000 with ISIN NO0011104069. The bonds were issued at par, are due in October 2024 and carry a floating interest rate of NIBOR 3m + 6.95 per cent. The proceeds from the bond issue will be used to finance, redemption of existing debt including Jotul Holdings SA's existing bond loan with ISIN NO0010815749, as well as general corporate purposes. Pareto Securities AB acted as sole arranger and bookrunner in connection with the bond issue. For more information, please visit Jotul Holdings SA’s website at www.intl.jotul.com/investor-relations or contact: Pareto Securities in capacity of Sole Bookrunner and Financial Advisor: Markus Wirenhammar, Head of Investment Banking Tel: +46 708 72 51 86 Jotul Holdings SA: Nils Agnar Brunborg, Chief Executive Officer Tel: +47 90 60 55 7869 35 90 00 Mail: Nils.Brunborg@jotul.no Thi
Nordic American Tankers Ltd (NAT) – Board Members of NAT buy stock in NAT24.9.2021 16:28:10 CEST | Press release
Friday, September 24, 2021 Dear Shareholders and Investors, All Board Members of NAT have recently increased their shareholdings in the company. The Founder, Chairman & CEO, Herbjorn Hansson, Norway, bought 75,000 shares in NAT September 17. Board Member Alexander Hansson, Monaco, bought 100,000 shares in NAT August 31, and 50,000 shares September 20. Board Member Jim Kelly, New York, has also adjusted his holding upwards to 175,000 shares in NAT. Doug Penick of Dallas, Texas, joined the Board at the NAT AGM July 19, 2021. He has already accumulated 125,000 shares in NAT. It is a strong sign of confidence that board members buy stock in our company. The Hansson family is the third largest shareholder group in NAT. Sincerely, Herbjorn Hansson Founder, Chairman & CEO Nordic American Tankers Ltd. www.nat.bm CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Ac
CONDITIONS FOR RIKSBANK BID PROCEDURE KOMMUNINVEST BONDS24.9.2021 16:20:00 CEST | Press release
Bid procedure, 2021-09-28BondsKOMMUNINVEST I SVERIGE: 2410. SE0010469205. 2024-10-02 KOMMUNINVEST I SVERIGE: 2602, SE0013745452, 2026-02-04 BidsBids on interest and volume are entered via Bloomberg Bond Auction SystemBid date2021-09-28Bid times10.00-11.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)2410: 1500 mln SEK +/-750 mln SEK 2602: 1000 mln SEK +/-500 mln SEK Highest permitted bid volume (corresponding nominal amount)2410: 1500 mln SEK per bid 2602: 1000 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 11.15 (CET/CEST) on the Bid dateDelivery and payment date2021-09-30Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383General Terms and ConditionsGeneral Terms and Conditions General Terms and Conditions för the Riksbank’s Purchases of Bonds via Bid Procedure 2020:3. dated 20 November 2020 (see the Riksbank´s web
CONDITIONS FOR THE RIKSBANK´S PURCHASES OF COMMERCIAL PAPER24.9.2021 16:20:00 CEST | Press release
Bid procedure, 2021-09-29CertificateCommercial paper issued in SEK by non-financial companies with their registered office in Sweden and with a remaining maturity of up to six months on the Bid date. i.e. with the latest maturity date as of 2022-03-29 Delivery may not be made in commercial paper purchased by the Counterparty from the issuer less than one week prior to the date for announcing the Special terms, i.e. the purchase may not have been made after 2021-09-17 BidsCounterparties may make one bid per Credit rating class and maturity class. Bids are made to tel 08-696 69 70 and confirmed by e-mail to EOL@riksbank.se.Bid date2021-09-29Bid times09.00-09.30 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SEK 4 billionHighest permitted bid volume (corresponding nominal amount)The total bid volume from one Counterparty for the two Credit rating classes may not exceed SEK 4 billion. No bid may contain Commercial paper in excess of SEK 250 million issued by the s
CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK GOVERNMENT BONDS24.9.2021 16:20:00 CEST | Press release
Bid procedure, 2021-10-01BondsSWEDISH GOVERNMENT: 1062. SE0013935319. 2031-05-12 SWEDISH GOVERNMENT: 1063, SE0015193313, 2045-11-24 Bid date2021-10-01Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)1062: 500 mln SEK +/-250 mln SEK 1063: 500 mln SEK +/-250 mln SEK Highest permitted bid volume (corresponding nominal amount)1062: 500 mln SEK per bid 1063: 500 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 10.15 (CET/CEST) on the Bid dateDelivery and payment date2021-10-05Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2021-09-24 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions c
CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK COVERED BONDS24.9.2021 16:20:00 CEST | Press release
Bid procedure, 2021-09-30BondsSWEDBANK HYPOTEK AB: 196. SE0015244991. 2026-03-18 STADSHYPOTEK AB: 1587, SE0010441303, 2023-06-01 SWEDISH COVERED BOND: 147, SE0009383664, 2026-06-17 SKANDINAVISKA ENSKILDA: 575, SE0010546572, 2022-12-21 LANSFORSAKRINGAR HYPOTEK: 516, SE0009190390, 2023-09-20 DANSKE HYPOTEK AB: 2512, SE0013877214, 2025-12-17 NORDEA HYPOTEK AB: 5534, SE0012230415, 2024-09-18 Bid date2021-09-30Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)196: 400 mln SEK +/-200 mln SEK 1587: 1900 mln SEK +/-950 mln SEK 147: 700 mln SEK +/-350 mln SEK 575: 500 mln SEK +/-250 mln SEK 516: 600 mln SEK +/-300 mln SEK 2512: 500 mln SEK +/-250 mln SEK 5534: 400 mln SEK +/-200 mln SEK Highest permitted bid volume (corresponding nominal amount)196: 400 mln SEK per bid 1587: 1900 mln SEK per bid 147: 700 mln SEK per bid 575: 500 mln SEK per bid 516: 600 mln SEK per bid 2512: 500 mln SEK per bid 5534: 400 mln SEK per bid Lowest permitted bid volume (co