AB Svensk Exportkredit (LSE:88LX) (CSE:SEKBRIC14) said it has signed a financing agreement for Saab´s sale of the Gripen fighter plane to Brazil.
This is SEK´s largest ever lending transaction, totaling the equivalent of Skr 41.9 billion. SEK is financing the entire transaction and EKN is insuring the loan repayments. Payments will be made gradually over a period of several years.
Total new lending, including agreed but undisbursed loans, after the first nine months of 2015 was consequently much higher than after the same period in 2014, at Skr 83.0 billion compared with Skr 42.8 billion.
Financial market conditions have deteriorated in the summer and in early autumn, with significant stock market declines, large flows of capital from the emerging markets and uncertainty regarding US Federal Reserve´s possible interest rate increases. This has led to increased volatility, resulting in greater uncertainty and wider credit spreads.
SEK´s mission is to ensure access to financial solutions for the Swedish export industry on commercial and sustainable terms. SEK has a complementary role in the market, which means we act as a complement to bank and capital market financing for exporters wanting a range of financing sources. SEK´s vision is to strengthen the competitiveness of Swedish exporters, which helps create employment and sustainable growth in Sweden.