Arctic: Real Estate Weekly - Spreads tighten as issuance picks up

Research evidence excerpt

Arctic: Real Estate Weekly - Spreads tighten as issuance picks up

PPI: Secures SEK 3.6bn bank financingBond issues by Stendörren, Genova and Prisma

Has signed two new loans with five-year tenor at 3mS+135bps.

In terms of credits, we saw solid primary market activity over the past week, alongside spread

Proceeds will be used to repay remaining bridge financing

tightening with iTraxx narrowing by 15bps. In the primary market, Stendörren returned with a hybrid

related to the Socialco acquisition

issue at 3mS+375bps, significantly tighter than its previous hybrid print in May 2024 at 550bps.

Genova issued SEK 400m at 3mS+350bps, compared to 375bps for a bond with a similar tenor Genova: Green bond issue and buyback

issued in September 2025. Prisma priced its new green bond at 3mS+265bps vs. 250bps in its Issues SEK 400m of green bonds (framework of SEK 600m)

November 2025 issue, albeit with a longer tenor of four years compared to 3.5 years previously at 3mS+350bps, with final maturity in May 2030, while

repurchasing SEK 100m of outstanding bonds. PLEASE NOTE

THAT ARCTIC SECURITIES AS ACTED AS JOINT BOOK

RUNNER

Stendörren: Issues SEK 400m hybrid bonds

Issues green subordinated hybrid bonds of SEK 400m

(framework SEK 800m) at 3mS+375bps, first call after four

years

Prisma Properties: Issues green bonds

Issues SEK 500m of green bonds (framework SEK 1bn) at 3mS

+265bps, maturing in 2030

K2A: Starts construction in Slakthusområdet

Launches project comprising 247 student/research apartments

and a sports hall in Stockholm, with completion in 2027–2028.

The sports hall is let to Stockholm City on a 20-year lease