SEK Covered Monthly July 2026

SEK Covered Monthly: July 2026 Marketing communication This report has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Nordea Markets may have positions in the mentioned financial instruments. Some of the views and opinions expressed in this article are solely those of the author(s) and do not necessarily reflect the views of Nordea.

Christian Peter Kjær | Anders Skytte Aalund

Analysis of key developments in the Swedish covered bond market, including comprehensive data and charts on SEK covered bond market activity and pricing. When we return after the summer holidays for the second half of the year, we can summarize the first seven months as being fairly busy. Coming into this year, the bar was set high with a full-year estimate of ~425bn. However, after the first seven months, we have the YTD aggregate at ~300bn, or roughly 72% of the full-year estimate already printed.

Most issuers are well in line with their respective issuance plans, with significant contributions from Nordea and SEB both in absolute numbers and relative to their respective full-year estimates.

Issuance in July amounted to a total of 26.2bn. In a summer month with seasonally low issuance, this is roughly 5bn higher than the historical average.

Marketing communication: This report has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Nordea Markets may have positions in the mentioned financial instruments. Some of the views and opinions expressed in this article are solely those of the author(s) and do not necessarily reflect the views of Nordea. corporate.nordea.com/article/104246/sek-covered-monthly-july-2026

The most notable prints were the 7.8bn in SHYP 1598x and the 5.5bn in SWED 202. Roughly ~15bn was bought back in July, of which 5.2bn was SHYP 1592 and 4.5bn SEB581.

Marketing communication: This report has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Nordea Markets may have positions in the mentioned financial instruments. Some of the views and opinions expressed in this article are solely those of the author(s) and do not necessarily reflect the views of Nordea. corporate.nordea.com/article/104246/sek-covered-monthly-july-2026