The Development of the Swedish Corporate Bond Market A sustainable market with a potential of high future growth? By Erik Wallqvist

Introduction Financial crisis Basel IIIStricter lending policies High growth of the corporate bond market 123

Corporate issuance volume in SEK million (Swedbank, 2013). Issuance volume 2008: SEK 45 b Issuance volume 2012: SEK 100 b

Method - Qualitative, in-depth semi-structured interviews. - Interviewes with actors from all sides of the market. Purpose Examine:- Previous development - Impact from development - How to adapt and utilize

Frame of reference Previous research- Daniel Barr (2011) - Gunnarsdottir & Lindh (2011) - Wieslander (2012) Theory- Bond properties - General financial structure Legal Framework- Basel III

Results/Conclusion What has been the impact from the growing Swedish corporate bond market on the market participants? - Established part on the financial market in Sweden. - Established financing alternative for companies. - New investment alternative for investors.

Results/Conclusion How will the market participants behave to the expected continued growth of the Swedish corporate bond market? What is their attitude towards this future growth? - All actors are positive towards a continued future growth. - Companies will consider the bond alternative as a natural source of financing. - Banks expand their originating units.

Results/Conclusion How shall market participants act to exploit opportunities or handle disadvantages, arising from the growth of the corporate bond market? -Originators shall keep a long-term strategy. -Investors have to fully understand all risk related to corporate bonds. -Develop a standardized bond documentation. -Companies shall diversify their debt portfolio.

Thanks to the audience for listening. Thanks to all respondents and all professors that helped me in the process of this research. and