SpareBank 1 Boligkreditt Covered Bond Issuer

SpareBank 1 Boligkreditt is a Norwegian covered bond issuer jointly owned by the saving banks working closely together under the SpareBank 1 brand. The issuer's Bloomberg ticker is Spabol.


Investor Presentation

The company's purpose is to acquire first lien Norwegian residential mortgages originated by the owner banks in the SpareBank 1 Alliance and finance these through issuing covered bonds.

Watch a brief introduction video about the Norwegian residential market, covered bonds and SpareBank 1 Boligkreditt, before an interview with SpaBol management, below:

The SpareBank 1 Boligkreditt team

Investors in SpareBank 1 Boligkreditt's covered bonds in NOK, EUR or USD enjoy the safety of one of the world's highest quality residential mortgage cover pools.

The covered bond funding entity is of high strategic importance to the members in the SpareBank 1 Alliance. The Alliance consists of savings banks with a dominant share of mortgage retail lending as their core business. All of the business takes place within Norway and most SpareBank 1 banks trace their history to the 19th century. The Alliance's banking branch network is Norway's most extensive and the wide dispersion of banks ensures a well distributed cover pool.

As a specialised credit institution, SpareBank 1 Boligkreditt must comply with regulations applicable for all banks (including the existing and proposed Basel regulatory framework). The regulator in Norway is the Norwegian Financial Services Authority (Finanstilsynet).


Download a 2-page overview:

SpaBol 2-page overview

SpaBol 2-page overview (Deutsch)

SpareBank 1 Boligkreditt (ticker: Spabol) is established by the SpareBank 1 Alliance banks in August of 2005 in anticipation of the Norwegian Covered Bond legislation which is being drafted.

Work continues on the Covered Bond legislation.

The Norwegian covered bond legislation is passed by Parliament in June. In September SpareBank 1 Boligkreditt prices the inaugural EUR covered bond, effective October 1st, with a 3 year maturity for EUR 1.5 bn at a spread of 4 bps over mid-swaps.

August: The Issuing Programme (GMTCN Programme) is signed and bonds are rated Aaa/AAA by Moody's and Fitch.

The first NOK denominated covered bond issued in November, a floating rate, 2 year issue.

Spabol issues its second EUR benchmark in March 2008, a 3.25 year tenor with a spread over mid- swaps of 8 bps

Boligkreditt continued to issue NOK denominated covered bonds in 2008 (three fixed rate bonds with maturities of up to 10 years), but in response to the market disruptions in the autumn of 2008 the Norwegian Government's Treasury offered banks long term funding which was to be collateralized with covered bonds.  The Norwegian Government Covered Bond Swap Scheme (which was administered by the central bank) had an overall limit of NOK 330 bn of which Nok 229.5 bn was requested by the Norwegian banking sector, including SpareBank 1 Boligkreditt.

First Norwegian EUR benchmark covered bond from Spabol is issued in November, once more a three year maturity.  The issue opens up the Norwegian market supply denominated in EUR post the 2008 disruptions and Government swap facility.

At the end of 2009 the nomnial value of outstanding covered bonds issued in the market stands at just over NOK 75 bn, of which NOK 18.1 bn had been placed with the central bank for long term funding under the swap scheme.

Two further benchmark covered bonds were issued in the EUR market (1.25 bn and 1 bn in March and June, respectively) while the Norwegian domestic market is also evolving.  

In order to further diversify its funding sources, SpareBank 1 Boligkreditt commences work on an issuance programme which complies with the 144A rule for private placements in the U.S.  The October issue marks the Company's inaugural U.S. covered bond, a 3 year USD 1 bn issue priced at 54 bps over the USD mid-swap level.

Covered Bonds outstanding grow by NOK 38.8 bn (41%) during the year as the Covered Bond issuer's grows in accordance with the plan.  Spabol is at the end of the year financing approximately 36.5% of the overall volume of residential mortgages originated by its parents banks, the members of the SpareBank 1 Alliance.

Bonds are issued in all three of Spabol's currencies (NOK, EUR and USD) and a key theme is the extension of the outstanding curve in EUR with two 10-year bonds issued (February and September). The February issue is the first Norwegian 10 year covered bond denominated in EUR.  With the turmoil in European capital markets building in the autumn, Spabol issues another EUR 1 bn benchmark in November, a sign of its safe haven status.

USD covered bonds from Spabol made a stronger mark in 2012 with two benchmarks issued (April and November of USD 1.25 bn each). The November issue was a 7 year maturity which becomes only the 2nd such tenor in the USD covered bond market.  A further two EUR benchmarks were issued (February and August).  Spreads for Spabol bonds are contracting markedly throughout the year alongside the broader market with the August EUR bond 5.5 year pricing at 17 bps over mid-swaps (compared to 63 bps for the 5 year in November 2011).

Lending to customers (mortgage loans on our balance sheet) grew by 9% over 2013, a significant decrease in the growth rate compared to 2012 (26%) and to previous years.  This growth was reflected in the smaller volume of international benchmark covered bonds placed during the year, which was down to three issues (compared to four in both of the years 2011 and 2012).  We placed USD 1 bn in April, and EUR 1 bn in June and November.   The reasons for this development is that we one the one hand seen a flat development in the real estate market in Norway over 2013, but also it has been a good year for the parent banks to issue senior unsecured bonds.  The SpareBank 1 banks have also seen financing sources from deposits increase. 

Cover pool quality continue to be very good, with no losses and extremely low arrears.  

No Euro issuance took place this year due to, among other things, the Norwegian governement swap scheme (which expired in 2014) where mortgage volumes where transferred back to the owner banks from the scheme and did not need covered bond market refinancing.

One of Boligkreditt's owner banks in the SpareBank 1 Alliance decide to issue their own label covered bonds.  All other SpareBank 1 banks continue to strongly back the well established common issuing platform of SpaBol.  The change means that the exiting bank is, according to agreement, witdrawing its share of mortgages as the associated covered bonds come due over time.  The remaining banks are continuing to transfer mortgages to the cover pool for covered bond funding.  Overall as a consequence of this change, the cover pool grows in with a smaller single digit rather than a high single digit percentage.  SpaBol issues 2 Euro, 1 billion benchmarks in each year. 

SpareBank 1 Boligkredtt issued its inaugural GBP covered bond, a £500 million, 5 year FRN.  The issuer decides to discontinue the covered bond rating from Fitch ratings due to the additional operating and funding costs that having a Fitch rating requires.  SpaBol covered bonds have been rated AAA by Fitch since 2007 and that rating is confirmed by the agency at the time of the discontinuation of the rating.  The covered bonds are rated Aaa by Moody's (no change).

SpareBank 1 Boligkreditt became a green bond issuer when issuing the first european green covered bond based on mortgages secured and financing energy efficient housing.  The bond was certified by the Climate Bond Initiative (CBI).

Receptive EUR markets lead to three benchmarks during the year, two 10-year covered bonds and one 7-year.  Norwegian kroner market accessed with issuance of approximately 11 billion.

SpareBank 1 Boligkreditt's Rating (Moody's):

Covered Bond: Aaa

Issuer Rating: Aa3

Counterparty Rating: Aa3

Download latest Moody's report in PDF format:


Credit ratings for SpareBank 1 banks

Sr. Unsec. Ratings Fitch Moody’s
SpareBank 1 SMN A / F2 Aa3  / P-1
SpareBank 1 SR-Bank A / F2 Aa3  / P-1
SpareBank 1 Nord-Norge A / F1 Aa3  / P-1
Sparebank 1 Ostlandet n/a Aa3  / P-1
SpareBank 1 Sorost n/a Aa3 / P-1








Arve Austestad

Managing Director / CEO
Mobile: +47 95 03 97 69

Eivind Hegelstad

Director, CFO / Investor Relations
Mobile: +47 95 41 33 79


Steven Simonsen

Director / Chief Legal Officer
Mobile: +47 91 36 87 78


Jahn Fredrik Hoff

Director, Liquidity investments
Mobile: +47 92 28 19 97

Jette Svanes

Mobile: +47 41 46 27 60

Petter Gravås

Risk Manager
Mobile: +4741 10 89 87

Inger Lise Kårhus

Risk Analyst
Mobile: +47 93 81 89 37

The Board of Directors of SpareBank 1 Boligkreditt AS is presented below.

A document describing corporate governance and management is located as one of the documents on the left hand side of this page (Norwegian: eierstyring og selskapsledelse).  The Board is responsible for compliance with all regulatory requirements, including all reporting aspects. The Board of Directors sets policy, instructs and supervise management.

The Company is exempt from having an audit and risk committee (the whole Board oversees these topics), but the Board has a renumeration committee where the members are Mr. Olsen, Mr. Bolstad and Mr. Soraas. The Company does not have any variable renumeration scheme, nor does it have any share or options based plans as part of the renumeration for management.  There is an election committee for the Board, which makes suggestions for all SpareBank 1 jointly owned Companies.

There are usually 8 Board meetings each year, where at least 4 are in a digital format.

None of the members of the Board of Directors have any shares in the Company, nor personal interests in or relationships or employment with the Company. The only renumeration received is for that of a member of the Board, as specified in a note to the annual accounts.

Due to the nature of the Company’s business as a specialist funding unit for the SpareBank 1 banks, and wholly owned by these banks, a number of the Board members are employed by the Company’s shareholders (the SpareBank 1 banks).  Two members of the Board, Mrs. Eriksen and Mrs. Aas Larsen are not employed by any of the owner banks.  The board represents a fully independent oversight of the Company's CEO and management team.

All shareholders have a Transfer and Servicing agreement, a Shareholders Agreement and a Shareholder Note Purchase Agreement with the Company. These agreements are identical for all owners, independent of whether an owner has a membership place on the Board. 

Bengt Olsen


Function: Member of the board since 31 March 2019, Chairperson of the Board since March 31 2022

Position: CFO in SpareBank 1 Nord-Norge (SNN) since January 2019

Education: Master of Science in Business from Nord Universitet, Norway and Universität Mannheim, Germany

Residing in:  Tromsø, Norway

Other board positions: Board member SpareBank 1 Nord-Norge 2016-2019, Board member SpareBank 1 Markets since 2019, Board memeber KPB AS (Bodø).

Geir-Egil Bolstad

Function: Member of the board since September 2009

Position: CFO in SpareBank 1 Østlandet

Education: Master of business studies (BI) and MBA (NHH)

Residing in:  Hamar, Norway

Other board positions: Board member Kredinor, Board member BN Bank

Trond Søraas

Function: Member of the board since since March 2022

Position: CFO in SpareBank 1 SMN since March 2022, previous CFO in BN Bank ASA since 2010

Education: Siviløkonom NHH, CFA NHH

Residing in:  Trondheim, Norway

Other board positions: Chair of the board SMN Invest, Member of the board SpareBank1 Markets

Herborg Aanestad

Function: Member of the Board since April 2024

Position: Chief Risk Officer in BN Bank ASA

Education: Master of Science in Business and Economics from NHH Norwegian School of Economics.

Residing in: Trondheim, Norway

Other board positions: -

Heidi Aas Larsen

Function: Member of the board since 15 December 2020

Position: Lawyer, Partner at Tenden Advokatfirma ANS, since 2005

Education: Master`s Degree in Law (University of Bergen)

Residing in:  Tønsberg, Norway

Other board positions: Chair of the board in KB Arkitekter AS and Gårdsand AS, Member of the Board in Stabil AS.

Inger Eriksen

Function: Member of the Board since April 2024

Position: General Counsel, SINTEF since September 2022

Education:  Master of law from the University of Oslo

Residing in: Stjørdal, Norway

Other board positions: 


Bjørn Rune Rindal

Function: Member of the Board since April 2024

Position: CEO at SpareBank Ringerike Hadeland since Oct 2022


Master’s Programs in Science degree in Business Economics Analysis, Buskerud University College

Executive Master's Program in Strategic Management, Technology, and Innovation, BI, Oslo

Bachelor in Economics and Mathematics, Buskerud University College and University of Oslo

Residing in: Hønefoss, Norway

Other board positions: 

Samarbeidende Sparebanker AS, member of the Board

EiendomsMegler 1 Ringerike Hadeland AS, chairperson of the Board

SpareBank 1 Økonomihuset AS, chairperson of the Board