Stenhus’s credit profile benefits from relatively strong cash generation and, on the back of a lowered policy rate in recent quarters, the ICR is expected to strengthen back up towards 2.5x in 2026. The SEK 500m senior unsecured bond issue with final maturity in December 2028 trades with a pick-up of some 65bps towards closest peers such as NP3, Nyfosa and Stendörren. Albeit we like the fundamental credit risk in Stenhus, the pick-up is warranted by a shorter track-record in the bond market, hig ....
