Sweden's Financial Supervisory Authority (FI) announced an in-depth analysis to map how issuers of covered bonds have applied the transitional provisions in the covered bond regulatory framework. The work follows the entry into force on 8 July 2022 of new rules for covered bond issuers, alongside transitional rules for bonds issued before the change, including certain “on tap” bonds where the outstanding amount is increased under the same ISIN during the bond’s life. The analysis will map institutions’ outstanding volumes of on-tap bonds to clarify which bonds fall under the transitional provisions and how increases in individual bond volumes relate to the conditions set in those rules. The review covers the 12 Swedish institutions authorised to issue covered bonds.
Finansinspektionen 2025-10-22
Sweden's Financial Supervisory Authority to review covered bond issuers’ use of transitional rules for on-tap issuance
Sweden's Financial Supervisory Authority (FI) is conducting an analysis to assess how issuers of covered bonds have applied transitional provisions in the regulatory framework. This follows the implementation of new rules on 8 July 2022, affecting bonds issued prior, including "on tap" bonds. The review involves mapping the outstanding volumes of these bonds across 12 authorized Swedish institutions.