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☆ I loved my first visit to Switzerland — but my trip would've been better if I hadn't made these 5 mistakes
▼ + stars: | 2024-07-04 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +6 min

I think I would've been better off in a cheap hotel room, which likely would've had a better bed and no kitchen area, which I didn't need. Using Google Maps to locate bus stopsThis sneaky bus stop was in an underground pass beneath a building. I would walk to the exact spot where Google Maps said the bus stop was and see no signs or benches. I'd wander around looking for the bus stop while watching several buses drive past me without stopping. AdvertisementEach time, I had to ask a local or two where the bus stop was.

Persons: —, Moritz, Morgan McFall, Johnsen, I'd, would've, Airbnb Organizations: Service, Business, Google, SBB Locations: Switzerland, Zurich, Swiss, Europe, Sion, France, St, Johnsen Switzerland

☆ I traveled to 4 European countries via train, and I made 3 major mistakes along the way
▼ + stars: | 2024-02-17 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +4 min

In early February, I went on a two-week trip to Europe, on a mission to travel to six countries — including four of them by train. Here are three major mistakes I made along the way, and what you can do to avoid them. While some train rides — like the one from Venice to Rome on the Italian train company Trenitalia — were empty, others were packed. Many European train routes have multiple stops, and passengers simply get on and off the train. At boarding, hundreds of passengers scrambled for a seat, while I struggled to hoist my massive bag up the train.

Persons: —, Marielle, Trenitalia Organizations: Service, Union, China Railway, SBB, Swiss, Südtiroler Platz Locations: Switzerland, Germany, Austria, Italy, Europe, Zurich, Rome, Freiburg, Breisgau, Innsbruck, Venice, Thailand, Laos, China, Vientiane, Swiss, Buchs, Southeast Asia, Budapest

Yet labour markets are softening, the euro zone faces recession and China's property sector is in crisis. Here's what some closely-watched market indicators say about global recession risks:1/ AMERICAN EXCEPTIONALISM? Britain's economy avoided the start of a recession in the third quarter but still failed to grow. Economists broadly expect the global economy to slow next year but avoid a recession. If supply shocks resulting from the Israel-Hamas war become severe enough to push Brent crude to $150, a level it has never breached, a "mild and fleeting" global recession could result, Oxford Economics reckons.

Persons: Brendan McDermid, Guy Miller, COVID, Zurich Insurance's Miller, Torsten Slok, Austria's, David Katimbo, We've, Brent, Yoruk Bahceli, Dhara Ranasinghe, Naomi Rovnick, Alexandra Hudson Organizations: Wall, REUTERS, Zurich Insurance, Reuters, Traders, U.S . Federal Reserve, ECB, Apollo Global Management, P, Sweden's SBB, HK, Bank of England, Business insolvencies, EdenTree Investment Management, Oxford Economics reckons, Reuters Graphics Reuters, Alexandra Hudson Our, Thomson Locations: New York, U.S, China, Zurich, England, Wales, Europe, Israel

"It is hard to understand how the ECB ended up buying the bonds of property companies, while at the same time warning of the risks of property price inflation," former ECB chief economist Otmar Issing told Reuters. But data this week shows the central bank still owned the two bonds issued by SBB as of Nov. 24. While Sweden is not in the euro zone, SBB issued the debt bought by the ECB in neighbouring Finland, which is. Alongside the SBB bonds, the ECB also hoovered up the debt of other property companies which have since hit problems, including Sweden's Heimstaden. The ECB also gobbled up many German real estate bonds, including 39 issued by Vonovia, which has been selling property to cut debt.

Persons: Otmar Issing, Daniel Gros, Gros, Sweden's, Heimstaden, it's, Alexander Smith Organizations: SBB, European Central Bank, ECB, Reuters, Research, Institute, European, Bocconi University, Fitch, Vonovia, Thomson Locations: FRANKFURT, Europe, Germany, Sweden, Milan, Swedish, Finland

☆ Sweden's SBB posts bigger Q3 loss
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Marie Mannes/File Photo Acquire Licensing RightsSTOCKHOLM, Nov 13 (Reuters) - Debt-laden Swedish property group SBB (SBBb.ST) reported a widening of its pre-tax loss in the third quarter on Monday. The landlord, which owns properties across Sweden including hospitals and care homes, reported a pre-tax loss of 3.13 billion Swedish crowns ($287 million) for continuing operations, compared to a loss of a revised 2.56 billion a year ago. This was weaker than Carlsquare analyst Bertil Nilsson's expectation of a loss of 2 billion crowns. SBB slashed its property values by 3.52 billion crowns in the quarter, after analysts had warned property values in the sector could continue to see pressure from high interest rates. Its net operating income came in at 0.93 billion crowns, down from revised 1.02 billion a year earlier.

Persons: Marie Mannes, Bertil Nilsson's, Greta Rosen Fondahn, Terje Solsvik Organizations: SBB, REUTERS, Rights, Brookfield, Thomson Locations: Stockholm, Sweden, Rights STOCKHOLM, Swedish

☆ What could break under higher-for-longer interest rates?
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +5 min

Yet, the strain from interest rate hikes has just started to come through and with central banks signalling that rates will likely stay higher for longer, the notion of something "breaking" remains strong. Reuters Graphics Reuters Graphics1/ PROPERTY PAINNowhere is the impact of higher rates being felt more acutely than in real estate, still reeling from COVID-19. "We have many zombie companies in the United States and Europe from the low interest rates era, and I cannot imagine how they can survive now with high interest rates." Still, big question marks remain over their future, not least from a global property rout. Miller noted that European banks are also vulnerable given their bigger size relative to the economy that leaves them more exposed to risks from various pockets.

Persons: Jonathan Ernst, Heimstaden, Markus Allenspach, Julius Baer, Guy Miller, Miller Organizations: . Federal, REUTERS, Reuters Graphics Reuters, SBB, China Evergrande, HK, Federal, European Central Bank, Zurich Insurance, The Bank of Japan, Capital, Thomson Locations: Washington, Sweden, Europe, Stockholm, Berlin, CHINA, China, United States, Big U.S

☆ Yen falls to fresh 11-month low against dollar, focus on intervention risks
▼ + stars: | 2023-09-25 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsLONDON, Sept 25 (Reuters) - The dollar rose against the yen to an almost 11-month high on Monday following last week's gains, keeping traders focused on Japan intervention risks. The Japanese currency remained within striking distance of 150, a level which some market watchers saw as a line in the sand that would spur forex intervention from Japanese authorities similar to that of last year. A yen overshooting would be seen by many as a catalyst for renewed interventions to strengthen the Japanese currency, similarly to last year, she added. EURO FACES GROWTH FEARSThe euro edged 0.1% lower to $1.0633, moving towards a six-month low of $1.0615 touched on Friday against a stronger dollar.

Persons: Florence Lo, Kazuo Ueda, Esther Reichelt, Nick Rees, we've, Reichelt, Francois Villeroy de Galhau, Sterling, Joice Alves, Alun John, Ed Osmond, Bernadette Baum Organizations: U.S, REUTERS, Commerzbank, Federal Reserve, FX, Monex, SBB, European Central Bank, Bank, Thomson Locations: Japan, Swedish, Monex Europe, London

☆ SBB shares up 37% on cash infusion, end of strategy review
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

OSLO, Sept 25 (Reuters) - Shares of Swedish property group SBB (SBBb.ST) rose 37% in early trade on Monday after it announced on Sunday it would reorganise its business, securing an 8 billion crown ($719 million) cash boost and ending a strategic review. "The fact that SBB is freeing up 8 billion crowns must be seen in a very positive light. In a crisis, it is almost all about having liquidity, and SBB is getting it now," Carlsquare analyst Bertil Nilsson said. SBB, which has seen its shares plunge 95% since early 2022 on concerns over the group's viability, also on Sunday presented a decentralised structure to boost its transparency and funding options. ($1 = 11.1296 Swedish crowns)Reporting by Terje Solsvik and Jesus Calero, editing by Anna RingstromOur Standards: The Thomson Reuters Trust Principles.

Persons: Bertil Nilsson, Terje Solsvik, Jesus Calero, Anna Ringstrom Organizations: SBB, EduCo, Brookfield Asset Management, Brookfield, Core Infrastructure Partners, Thomson Locations: OSLO, EduCo, Brookfield, Swedish

☆ SBB sells 1.16% of education unit, receives $700 million as part of loan repayment
▼ + stars: | 2023-09-24 | by ( Rishabh Jaiswal | ) www.reuters.com time to read: +2 min

Sept 24 (Reuters) - Swedish property group SBB (SBBb.ST) on Sunday divested 1.16% of its education subsidiary EduCo to Brookfield Super-Core Infrastructure Partners for around 242 million Swedish crowns ($21.73 million) as it looks to bolster its finances. SBB will hold approximately 49.84% of EduCo after the divestment, following which EduCo will be controlled by Brookfield. As part of the deal announced on Sunday, EduCo will repay part of its inter-company loan from SBB, resulting in the Stockholm-based company receiving approximately 7.8 billion Swedish crowns ($700.46 million) in cash. SBB's remaining loan to EduCo will be around 5.5 billion Swedish crowns. Brookfield Super-Core Infrastructure Partners is the infrastructure fund of Canada's Brookfield Asset Management(BAM.TO).

Persons: EduCo, Brookfield, Rishabh, Barbara Lewis, Sharon Singleton Organizations: SBB, Sunday, Brookfield, Core Infrastructure Partners, International Monetary Fund, Brookfield Asset Management, Community, Thomson Locations: Brookfield, Sweden, Stockholm, EduCo, Bengaluru

Swedbank estimates the current shortfall for Heimstaden Bostad could be roughly 30 billion crowns ($2.7 billion). Sweden's financial regulator launched an inquiry into why and how Alecta had invested $4.5 billion in the property giant, in the first place. "If interest rates continue to rise and it's coupled with unemployment, that's what we are afraid of." With interest rates still climbing, analysts such as Marcus Gustavsson of Danske Bank, believe the worst is not yet over. "With rising interest rates, that funny money has turned into real money and it is painful."

Persons: Heimstaden Bostad, Alecta, Christian Dreyer, Karolina Ekholm, Heimstaden's Dreyer, we're, Dreyer, Niklas Wykman, Heimstaden, David Perez, Marcus Gustavsson, Andreas Cervenka, Sweden, Simon Johnson, Johan Ahlander, Greta Rosen Fondahn, Chiara Elisei, John O'Donnell, Hugh Lawson Organizations: International Monetary Fund, GOVT, Sweden's, Financial, Reuters, SBB, Danske Bank, Thomson Locations: STOCKHOLM, Nordic, Stockholm, Berlin, Sweden, Heimstaden, Germany, Gdansk, London

☆ World’s longest tunnel closes to train passengers after derailment
▼ + stars: | 2023-08-17 | by ( Barry Neild | ) edition.cnn.com time to read: +2 min

But the reduced capacity will mean re-routing passenger trains via a scenic railway that takes up to two hours longer until early 2024. It also completes a freight rail corridor between Rotterdam in the Netherlands and the Mediterranean Italian port of Genoa. Swiss rail investigators are currently trying to establish the cause of the accident in which no one was injured. “The Gotthard Base Tunnel is one of the safest in the world,” SBB CEO Vincent Ducrot told reporters on Wednesday. The teams deployed are doing everything they can to ensure that safe rail traffic through the Gotthard Base tunnel is possible again as quickly as possible.”

Persons: “, Vincent Ducrot Organizations: CNN, Rail, SBB, ” SBB Locations: Swiss, “, Europe, Erstfeld, Zurich, Milan, Italy, Rotterdam, Netherlands, Genoa, Gotthard

☆ World’s longest, deepest rail tunnel to close for months after freight derailment in the Swiss Alps
▼ + stars: | 2023-08-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

An Italian train makes its way at the north entrance of the new Gotthard Base Tunnel, the world's longest train tunnel, on the eve of its opening ceremony on May 31, 2016 in Erstfeld. Swiss rail authorities said repairs to the Gotthard Base Tunnel, the world's deepest traffic tunnel and longest of its kind, will take several months after the extent of the damage from a recent freight service derailment was found to be "significantly greater" than initially estimated. The operator currently assumes that both tunnel tubes will be available again for all rail traffic "to a limited extent" at the beginning of next year, while the undamaged east tunnel tube should be able to operate from Aug. 23 for freight traffic. It means that rail passengers traveling between north and southernmost Switzerland will be forced to take a more scenic route over the coming months. The Gotthard Base Tunnel is a high-speed railway route through the Swiss Alps.

Organizations: SBB Locations: Italian, Erstfeld ., Gotthard, Switzerland, Swiss

☆ How the ghost of 1990s property crash returned to haunt Sweden
▼ + stars: | 2023-07-28 | by ( John O'Donnell | ) www.reuters.com time to read: +4 min

SummaryCompanies Swedish house market tumbles as rates riseSwedes dusting down 1990s blueprint to contain crisisBanks say willing to seize collateralFRANKFURT, July 28 (Reuters) - Long before Europe faced its debt crisis, Sweden struggled through its own 1990s property crash. At the centre of the fallout is a $13 billion property group, SBB, which borrowed to buy public property including social housing, government offices, schools, hospitals and police stations. While property doubled in value in the five years leading up to the 1990s crash, prices have since risen five-fold. Sweden's bruising experience in the 1990s, when banks seized swathes of property underpinning loans, hardened its approach and gave it a blueprint for coping with crises. Swedbank has 1 trillion crowns ($97 billion) in mortgages and loans to tenant owner associations and a further 240 billion crowns in loans to property management companies.

Persons: Jens Henriksson, Price, Karolina Ekholm, Swedbank's, Swedbank, Carl Cederschiold, Masih Yazdi, Bo Lundgren, Lundgren, John O'Donnell, Marie, Alison Williams Organizations: SBB, Sweden's, Marie Mannes, Thomson Locations: FRANKFURT, Europe, Sweden, rocketed, Stockholm, Swedish

☆ Factbox: Corporate debt woes are on the rise
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +4 min

Size of debt: 14 billion pounds ($18.33 billion). The firm said earlier in July shareholders would provide 750 million pounds, but warned it would need an extra 2.5 billion pounds between 2025-2030. Size of debt: 6.4 billion euros ($7.19 billion) in net debt. What's at stake: Casino faces 3 billion euros of debt repayments in the next two years, with rating agencies Moody's and Standard & Poor's warning a default is likely. Deadlines to watch: Casino aims to secure an agreement with creditors by July 27.

Persons: Toby Melville, What's, Jean, Charles Naouri, Casino, Daniel Kretinsky, Kretinsky, Chiara Elisei, Dhara, Christina Fincher Organizations: Thames, REUTERS, Water, Casino, SBB, Thomson Locations: London, Britain, LONDON, Sweden, France, England, Czech, Brookfield, Spain, Barcelona

LONDON, July 18 (Reuters) - The spectre of rising corporate debt defaults exacerbating a global economic slowdown has for months been largely brushed aside by resilient credit markets. Now, long-feared corporate debt woes are starting to hit home, while more companies are being downgraded to a junk credit rating - facing higher borrowing costs as a result. Retailer Casino, with 6.4 billion euros ($7.19 billion) of net debt, is in court-backed talks with creditors; Britain's Thames Water is in the headlines with its 14 billion pound ($18.32 billion) debt pile. For FACTBOX: Corporate debt woes are on the rise, click here. Nonetheless, not all firms may be able to survive the challenges of vast debt, higher interest and business costs and declining profits.

Persons: Julius Baer's, Markus Allenspach, Guy Miller, Miller, it's, Aymen Mahmoud, McDermott Will, Emery, Elena Lieskovska, Chiara Elisei, Dhara, Christina Fincher Organizations: SBB, P Global, U.S, Reuters, ICE, Zurich Insurance, ABN AMRO, European Central Bank, London Finance, Bain Capital, Thomson Locations: Swedish, Spain, Europe

Now it is at the epicentre of a property crash that threatens to engulf the Nordic state's economy. It has said it plans on selling roughly 6 billion Swedish crowns worth of assets this year. Speculators are betting that the stock price has further to fall. SBB shares are subject to more short-selling - a bet that the stock price will drop - than any other Swedish company, according to data from the financial regulator. "If, on the other hand, the SBB will be bought up, then the small shareholders will probably lose everything."

Persons: Maria De Geer, who've, Ilija Batljan, Batljan, Robert Bergqvist, SEB, Leiv Synnes, pare, De Geer, Pablo Mayo, Elaine Hardcastle Organizations: SBB, Swedish Shareholders Association, Organisation for Economic Cooperation, Development, Asset Management, SBB Treasury Oyj, Reuters, Thomson Locations: STOCKHOLM, FRANKFURT, Sweden, Swedish, Cerqueiro, London

☆ What could break as interest rates rise?
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +5 min

Sweden, where rates rose again on Thursday, is one to watch with most homeowners' mortgages moving in lockstep with rates. Reuters Graphics2/ REAL ESTATE: PART 2Having taken advantage of the low rates era to borrow aplenty and buy up property assets, the commercial real estate sector is grappling with higher debt refinancing costs as rates rise. "The single most important thing is interest rates. But not just interest rates; what it is equally important is the predictability of rates," said Thomas Mundy, EMEA head of capital markets strategy at real estate firm JLL. "If we were settled on an interest rate, real estate prices could adjust.

Persons: Richard Portes, Thomas Mundy, Banks, Florian, Ielpo, Jerome Powell, Markus Allenspach, Julius Baer, Nick Kraemer, Wagner, Vladimir Putin's, Putin, Tina Fordham, Chiara Elisei, Naomi Rovnick, Nell Mackenzie, Karin Strohecker, Vincent Flasseur, Kripa Jayaram, Sumanta Sen, Pasit, Dhara Ranasinghe, Alison Williams Organizations: International Monetary Fund, Reuters, Federal, Finance, London Business School, Lombard, Federal Reserve, Casino, Sweden's SBB, Fordham Global Foresight, Thomson Locations: Britain, Norway, Russia, Sweden, lockstep, London's, City, RUSSIA, Ukraine

SummarySummary Companies STOXX 600 off 0.1%Defence firms fall after failed Russian mutinyHealthcare sector drags STOXX 600German business morale weakens againJune 26 (Reuters) - European shares inched lower on Monday, led by healthcare, while defence stocks fell after an aborted weekend mutiny in Russia. The pan-European STOXX 600 index (.STOXX) slipped 0.1% as of 1600 GMT, extending losses for its sixth straight session. Shares of major European defence firms Leonardo SpA (LDOF.MI), Saab AB (SAABb.ST) and Rheinmetall AG (RHMG.DE) each dropped more than 4%, weighing on the European aerospace and defence sub-index (.SXPARO) which fell 0.9%. "It's too early to price something into the market, that's why the really limited move on defence stocks." The healthcare index (.SXDP) fell 1.1% and was a big drag on the STOXX 600 index, which has come under pressure on concerns about an economic slowdown from a potentially longer-than-expected global interest rate hiking cycle.

Persons: Vladimir Putin, Leonardo, Shanti Kelemen, It's, Germany's DAX, Aston Martin, Amruta Khandekar, Varun H, Dhanya Ann Thoppil, Richard Chang Organizations: Wagner Group, Leonardo SpA, Saab AB, Rheinmetall AG, G Wealth, Energy, Siemens Energy, Lucid, Cineworld, SBB, Thomson Locations: Russia, Ukraine, Europe's, British, Swedish

High debts, rising interest rates and a wilting economy has produced a toxic cocktail for Sweden's commercial property companies, with several cut to junk by rating agencies. Sweden and Germany are among the worst affected by a widening property slump on the continent, according to Eurostat. Swedish officials are worried that banks could compound property companies' troubled by cutting credit, triggering firesales that would further drag down the market. Financial markets minister Wykman said he had held discussions with banks, property companies and investors about the entire commercial property market. This week, analysts at JP Morgan said big banks in Sweden, which had 1 trillion Swedish crowns of property exposure, were 'ill-prepared' for losses.

Persons: Niklas Wykman, Wykman, Ilija Batljan, Batljan, JP Morgan, Finland's, SEBa.ST, Chiara Elisei, Sinead Cruise, John O'Donnell, Toby Chopra Organizations: Organisation for Economic Cooperation, Development, Financial, Reuters, Eurostat, OECD, Reuters Graphics, SBB, JP, Thomson Locations: STOCKHOLM, FRANKFURT, Europe, Sweden, Germany, Stockholm, Swedish, Spain, Ireland, London

☆ Europe stocks climb after U.S. debt ceiling deal; Swedish property group SBB soars 30%
▼ + stars: | 2023-06-02 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The Stoxx 600 index was up 1% around midday London time, as it climbed further from the two-month low hit on Wednesday. Mining stocks led gains, up 4.6%, while oil and gas rose 2% ahead of the June 4 OPEC+ meeting . European stock markets were higher Friday, after U.S. lawmakers passed a bill to raise the debt ceiling and cap government spending for two years, days before the default deadline. Recent comments from officials have indicated the central bank may opt to skip another hike at its June meeting. Governing Council member Francois Villeroy de Galhau said Thursday further hikes would be "relatively marginal" and "most of the path is complete."

Persons: Christine Lagarde, Francois Villeroy de Galhau Organizations: Mining, Federal Reserve, European Central Bank, ECB Locations: U.S, Europe

☆ Europe markets fall ahead of House vote on U.S. debt ceiling; SBB down 9%
▼ + stars: | 2023-05-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

European stock markets were lower Wednesday morning as jitters remained over the U.S. debt ceiling bill ahead of the June 5 deadline. The Stoxx 600 index was down 0.5% at 8:45 a.m. London time, with food and beverage stocks down 1.1% and autos 1.05% lower. Utilities and telecoms benefited from a move toward defensives as the only sectors in the green, both up around 0.1%. European marketsAfter passing a key procedural vote in the House Rules Committee on Tuesday, the Fiscal Responsibility Act is provisionally scheduled to face a floor vote in the Republican-majority House around 8:30 p.m. It then needs to pass the Democratic-controlled Senate before Monday, when the U.S. Treasury predicts it will not have enough money to meet its debt obligations.

Persons: jitters Organizations: Republican, Democratic, U.S . Treasury Locations: London, defensives

☆ European shares touch two-month low on dismal China data
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

May 31 (Reuters) - European shares hit an over two-month low on Wednesday as weak economic data from China fuelled concerns about a global slowdown and countered optimism from signs of easing inflation in some of the major euro zone economies. The pan-European STOXX 600 index (.STOXX) fell 0.7% to hit its lowest level since March 31. Both the indexes were also trading at a two-month low on Wednesday. China is Germany's main trading partner. Shares of troubled Swedish real estate firm SBB (SBBb.ST) sank 7.6% to a near seven-year low.

Persons: Sruthi Shankar, Sherry Jacob, Phillips Organizations: FTSE, CAC, SBB, Thomson Locations: China, Paris, Europe, Westphalia, Swedish, Bengaluru

☆ European shares rise on US debt deal optimism
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

May 29 (Reuters) - European shares rose on Monday as investors drew comfort from a tentative deal reached by U.S. lawmakers to raise the debt ceiling and avert a default. The euro zone stocks index (.STOXXE) climbed 0.4% by 0715 GMT, with the bloc's banks (.SX7E) among the top gainers. Trading volumes were light, with markets in the United States, the UK and several European countries closed. U.S. President Joe Biden on Sunday finalised a budget agreement with House Speaker Kevin McCarthy to suspend the $31.4 trillion debt ceiling until Jan. 1, 2025, and said the deal was ready to move to Congress for a vote. Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Property Crunch Lays Low SBB, One of Europe's Most Indebted Landlords
▼ + stars: | 2023-05-09 | by ( ) www.wsj.com time to read: 1 min

Shares in heavily indebted Swedish landlord SBB continued a multi-day spiral Tuesday, dropping after the company said late Monday it would postpone payment of its dividend in a bid to preserve cash. The rocky reception followed a Monday downgrade of the company’s bonds by S&P Global Ratings to junk. The downgrade is slated to further increase the Stockholm-based property owner’s interest payments and may make it harder to refinance its high debt load coming due in the next two years.

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