S&P view Balder’s equity raise to replace hybrid bond with call date 2023 as credit neutral

News – 

Due to Balder’s announced intention to replace the outstanding hybrid capital security of EUR 320 million, S&P on December 20th reassessed the equity content on the instrument to zero from 50%. Balder's share of equity in the remaining outstanding hybrid bond of EUR 445 million 5.25 years non-call, first reset date 2 June 2026 (ISIN: XS2305362951) is still valued at 50%.

S&P view the equity raise to replace the hybrid bond with call date 2023 as credit neutral, while they at the same time view Balder’s completed equity raise in a challenging market as positive.


For further information, please contact:
Erik Selin, CEO, tel. +46 (0)31-10 95 92
Ewa Wassberg, Head of Finance, tel. +46 (0)31-351 83 99