Obligationsfinansiering och refinansieringsrisk i börsnoterade fastighetsbolag : En kvalitativ studie om obligationsfinansiering i börsnoterade fastighetsbolag

Sammanfattning

This study aims to increase the understanding of how public real estate companies that use bond financing in their financing strategy perceive and relate to refinancing risk. The background of the study is that real estate companies operate in a capital intensive industry where large amounts of capital are required for investments and property development. Traditionally, financing has mainly consisted of equity and bank loans, but in recent decades bond financing has become an increasingly important source of financing. By using bond financing, companies can gain access to large amounts of capital while reducing their dependence on individual banks. Bonds also involve certain risks, such as refinancing risk, which means that when the bond matures, the capital must be replaced with new financing. This can lead to problems since bonds often have a maturity period of approximately five years, and the entire amount must be repaid at once, unlike bank loans where smaller amounts are amortized over a longer period of time.The purpose of the study is to create a deeper understanding of how public real estate companies that use bond financing experience and manage refinancing risk. The study was conducted using a qualitative research method. Data collection was carried out through semi structured interviews with six respondents in leading financial positions, such as chief financial officers, treasury managers, and portfolio managers, from Swedish listed real estate companies. The results were analyzed using theories of capital structure, trade-off theory, refinancing risk, and credit ratings.The results show that all respondents use a diversified financing strategy in which both bank loans and bonds play a central role. Financing cost appears to be the most important factor in the choice between bank financing and bond financing, but flexibility, access to capital, and the possibility of spreading risk are also highlighted as crucial factors. The study also shows that credit ratings are of great importance for real estate companies’ ability to use bond financing. A high credit rating creates confidence among investors and leads to lower financing costs as well as better access to the capital market. Refinancing risk emerges as one of the most central risks associated with bond financing. To manage this risk, companies work strategically to spread debt maturities over time, use several different sources of financing, and refinance debt in advance. Several respondents describe that refinancing is planned well in advance and that companies continuously monitor market conditions and investor sentiment in order to act when conditions are favorable. The results also show that external factors such as interest rates, credit spreads, and geopolitical uncertainty have a major impact on the ability to refinance bonds.