Financial information

Swedavia's funding operations and risk management are a centralised function in which operations are carried out based on a financial policy adopted by the Board of Directors.

Operations are characterised by a low level of risk. The aim is to minimise the Group's capital cost through effective financial solutions as well as effective management and control of the Group's financial risks. Swedavia's borrowing strategy is to have diversified and flexible funding in line with current needs, with borrowing in both the capital and bank markets.

For questions concerning Swedavia's funding, please contact:
Kristina Ferenius, CFO, tel. 010-109 00 00, e-post: kristina.ferenius@swedavia.se

The Swedavia Green Finance Framework has been established in accordance with the industry standard Green Bond Principles and Green Loan Principles. Furthermore, the framework has been independently evaluated by CICERO Shades of Green AS.

CICERO highlights that Swedavia is a role model for airports globally and gives Swedavia´s governance structure and processes the best possible rating "Excellent" .

Three out of five eligible assets categories are rated "Medium to Dark green". The other two categories are rated "Light green" and "Dark green". "Light green" is also the overall rating given to the framework. The reason for the lower rating is that CICERO takes into account in its assessment that the framework allows investments in capacity-increasing airport infrastructure that may mean increased air traffic-related environmental impact.

Swedavia will annually present a Green Bond Impact Report that reports issued bonds, the investments linked to the financing and its environmental impact.

Documents – Green financing

Swedavia Green Finance Framework

Second Party Opinion CICERO

Swedavia Green Bond Impact Report 2020

Swedavia Green Bond Impact Report 2021

Swedavia Green Bond Impact Report 2022

Swedavia Green Bond Impact Report 2023

Issued bonds

MTN loan 122

MTN loan 125

MTN loan 141

MTN programme

Programme launch: 2012
Scope: SEK 15,000 M
Ownership clause: Redemption possible if the Swedish State's ownership falls below 100%
Arranger: SEB

Base prospectus and final terms

(in Swedish only)

Swedavia MTN-program base prospectus 2024

Swedavia MTN-program base prospectus 2022

Swedavia MTN-program base prospectus 2021

Swedavia MTN-program base prospectus December 2019

Swedavia MTN-program base prospectus 2019

Swedavia MTN-program base prospectus 2018

Swedavia MTN-program tilläggsprospekt 2017-1

Swedavia MTN programme base prospectus, 2017

Swedavia MTN programme base prospectus, 2016

Swedavia MTN programme base prospectus, 2015

Swedavia MTN programme base prospectus, 2014

Swedavia MTN programme base prospectus, 2013

MTN loan 101

MTN loan 102

MTN loan 103

MTN loan 104

MTN loan 105

MTN loan 106

MTN loan 107

MTN loan 108

MTN loan 109

MTN loan 110

MTN loan 111

MTN loan 113

MTN loan 114

MTN loan 115

MTN loan 116

MTN loan 117

MTN loan 118

MTN loan 119

MTN loan 120

MTN loan 122

MTN loan 125

MTN loan 126

MTN loan 127

MTN-loan 128 

MTN-loan 129

MTN-loan 130

MTN loan 131

MTN loan 132

MTN loan 136

MTN loan 137 

MTN loan 138

MTN loan 139

MTN loan 141

MTN loan 142

MTN loan 145

Issuing institution:

Handelsbanken

Stockholm 08-463 46 50
Regionbanken Stockholm 08-701 28 80
Göteborg 031-743 32 10
Malmö 040-24 39 50
Gävle 026-17 20 80
Linköping 013-28 91 60
Umeå 090-15 45 80

Danske Bank A/S

Stockholm 08-568 805 77
Köpenhamn +45 45 14 32 46

Nordea Bank Abp

Nordea Markets
Smålandsgatan 17
105 71 Stockholm
Tel: 08-407 90 85, 08-407 91 11, 08-407 92 03

Arctic Securities

Biblioteksgatan 8
102 40 Stockholm
Tel. 08-614 25 97

SEB Merchant Banking, Capital Markets

Stockholm 08-506 231 73, 08-506 231 95
Göteborg 031-774 91 00
Malmö 040-667 69 20

Swedbank

Penningmarknad 08-700 99 00
Stockholm 08-700 99 99
Göteborg 031-739 78 20
Malmö 040-24 22 99

DNB Bank ASA, filial Sverige

Stockholm 08-473 41 00

Swedavia  AB (publ) has successfully issued hybrid bonds in the total amount of SEK 1,000 million under a framework amount of SEK 1,000 million. The hybrid bonds has a perpetual tenor and a floating interest rate of three-months STIBOR + 150 basis points until the first call date 2024-11-26.

Terms and conditions – hybrid bond SE0013486271,pdf

Prospectus – hybrid bond SE0013486271,pdf

Notice of voluntary redemption - SE0013486271, pdf

Swedavia  AB (publ) has successfully issued hybrid bonds in the total amount of SEK 2,500 million under a framework amount of SEK 2,500 million. The hybrid bonds has a perpetual tenor and a floating interest rate of three-months STIBOR + 200 basis points or fixed interest rate 2,632% until the first call date 2026-11-17.

Terms and Conditions - hybrid bond SE0015938345,pdf

Terms and Conditions - hybrid bond SE0015950290,pdf

Prospectus (17 December 2021).pdf

Swedavia  AB (publ) has successfully issued hybrid bonds in the total amount of SEK 2,000 million under a framework amount of SEK 2,000 million. The hybrid bonds has a perpetual tenor and a floating interest rate of three-months STIBOR + 230 basis points or fixed interest rate 5,573% until the first call date 2028-11-15.

Terms and conditions – hybrid bond SE0020999902 (pdf)

Terms and conditions – hybrid bond SE0020999910 (pdf)

Prospectus (pdf, 919 kb)

Commercial paper programme

Programme launch: 2012
Scope: SEK 5,000 MSEK
Maturity: <1 year
Ownership clause: Redemption possible if the Swedish State's ownership falls below 100%
Issuing and Paying Agent (IPA): Nordea
Arranger: Handelsbanken
Clearing system: Euroclear Sweden

Swedavia's commercial paper programme - pdf (in Swedish only)

Issuing institution

Handelsbanken
Blasieholmstorg 11, 106 70 Stockholm, www.handelsbanken.se
Stockholm
Göteborg
Malmö
Gävle
Linköping
Regionbanken Stockholm
Umeå

08-463 46 50
031-743 32 10
040-24 39 50
026-17 20 80
013-28 91 60
08-701 28 80
090-15 45 80

Danske Bank A/S, Danmark, Sverige Filial
Box 7523, Norrmalmstorg 1, 103 92 Stockholm
www.danskebank.se
Stockholm
Köpenhamn

08-568 805 77
+45 45 14 32 46

Nordea

Stockholm 08-614 94 79
Göteborg 031-771 65 19
Malmö 040-24 73 00

SEB
Kungsträdgårdsgatan 8, 106 40 Stockholm, www.seb.se
Merchant Banking, Capital Markets
Stockholm

Göteborg
Malmö

08-506 231 73
08-506 231 95
031-774 91 00
040-667 69 10

Swedbank
105 34 Stockholm, www.swedbank.se
Penningmarknad
Stockholm
Göteborg
Malmö

08-700 99 00
08-700 99 99
031-739 78 20
040-24 22 99

DNB Bank ASA, filial Sverige
Markets, Kungsgatan 18, plan 6, 105 88 Stockholm
www.dnb.se
08-473 48 50

Credit analyses (in Swedish only)

Danske Bank
SEB.pdf
Swedbank.pdf
Handelsbanken.pdf
DNB.pdf
Nordea

Over the past five years, measures have been implemented to increase capacity at Stockholm Arlanda Airport and Göteborg Landvetter Airport as well as Bromma Stockholm Airport. In 2023, capacity investments were focused on Stockholm Arlanda Airport, where a new state-of-the-art security control and the first phase of a marketplace with 11,000 square meters of space for shopping, food and other services was inaugurated.

Swedavia’s investment portfolio for the period 2024-2025 includes reinvestments to maintain capacity as well as initiatives to ensure digitization and climate change adaption. In 2024, work will also continue on the second phase of the marketplace at Stockholm Arlanda Airport.

Investing in additional capacity at Stockholm Arlanda Airport through restart of the paused project to build a new pier is on standby to meet increased demand.

Stockholm Arlanda Airport

Stockholm Arlanda Airport will continue to be developed as the leading airport in the Nordic region and be an international role model in sustainability. 

The goal is increased capacity for passengers and airlines, more meeting places, better mass transit, and increased access to shopping, restaurants, and activities.

In 2023, Swedavia reached important milestones in the development and modernization of Arlanda when the new security control and first phase of the marketplace opened. Work on the second phase of the marketplace will continue in 2024.

During the pandemic, it was decided to pause the construction of a new pier (Pier G) adjacent to Terminal 5 and the associated baggage system. These projects are ready to restart to meet future capacity needs.

Other investments in the period 2024-2025 mainly relate to maintenance investments, mainly jet bridges and stands, but also maintenance of traffic lights, runways, and taxiways.

Göteborg Landvetter Airport

Göteborg Landvetter Airport is and will continue to be western Sweden’s gateway to the world. A new airport city is taking shape there, with hotels, logistics facilities, retail outlets and workplaces.

In 2023, investments mainly consisted of maintenance investments, including runways, taxiways, completion of electrical switchgear, and investments in the commercial offer.

For the period 2024-2025, the investments mainly consist of maintenance investments, including aprons, the completion of a new electrical switchgear and the replacement of high-voltage cables.

Malmö Airport

With more than four million residents in the region, Malmö Airport is a crucial complement to Kastrup Airport in Copenhagen. The airport is also crucial for cargo capacity and air transport to meet vital social needs in the region.

In 2023, investments have consisted of maintenance investments, including in runways, taxiways, and investments for replacement to X-ray standard 3 baggage.

For the period 2024-2025, the investments mainly consist of the completion of the X-ray standard 3 for baggage and improved air handling in the terminal building.

Bromma Stockholm Airport

The investment plan for the years ahead is focused on maintenance investments, mainly related to the runway,

Regional Airports

All six regional airports are to provide connectivity for the region’s residents, businesses, and tourists. The airports are in many ways vital to the development of these regions. In 2023, investments have mainly consisted of maintenance investments, including electrical switchgear, glycol handling building and runways. In the coming years, maintenance investments will continue, but also continued preparations for aviation’s climate transition.

Real Estate

Swedavia’s work to develop property close to the terminals is run under the Real Estate operating segment. The goal is to develop land next to the airports in order to create and realize value, which can then be used to continue the development of the airports. The airports constitute attractive locations for logistics properties, hotels and conference facilities, office buildings and retail outlets. Real Estate is currently developing logistics properties next to both Stockholm Arlanda Airport and Göteborg Landvetter Airport. Property development within Real Estate did not carry out any transactions in 2023. However, work has been ongoing on several development projects within the portfolio during the year, which are expected to result in several transactions in the future.

Investments by Airport