Bulletin: Hemso's Proposed Hybrid Bonds Assessed As Having Intermediate Equity Content

This report does not constitute a rating action. PARIS (S&P Global Ratings) Feb. 9, 2026--S&P Global Ratings assesses Hemsö Fastighets AB?s (A-/Stable/A-2) proposed benchmark subordinated hybrid capital securities as having intermediate equity content. This is subject to our review of final issuance documentation. Sweden-based property company Hemsö plans to use the proceeds mostly to refinance existing unsecured debt and fund its growth strategy. We classify the proposed hybrid bonds as having intermediate equity content until their first reset date because they meet our criteria in terms of subordination, loss absorption and cash preservation, and deferability. This also reflects Hemsö's intent to maintain hybrid securities over the long term as part of its capital structure. We expect we will no longer

...February 9, 2026 This report does not constitute a rating action. PARIS (S&P Global Ratings) Feb. 9, 2026--S&P Global Ratings assesses Hems÷ Fastighets AB's (A- /Stable/A-2) proposed benchmark subordinated hybrid capital securities as having intermediate equity content. This is subject to our review of final issuance documentation. Sweden-based property company Hems÷ plans to use the proceeds mostly to refinance existing unsecured debt and fund its growth strategy. We classify the proposed hybrid bonds as having intermediate equity content until their first reset date because they meet our criteria in terms of subordination, loss absorption and cash preservation, and deferability. This also reflects Hems÷'s intent to maintain hybrid securities over the long term as part of its capital structure. We expect we will no longer recognize the bonds as having intermediate equity content from the first reset date, given that the remaining term until their effective maturity will be less than 20...

Bulletin