SpareBank 1 Naeringskreditt Covered Bond Issuer

SpareBank 1 Naeringskreditt (Spacom) is a covered bond issuer and a sister company to SpareBank 1 Boligkreditt (Spabol). The two companies share one management team but have different boards of directors. SparBank 1 Naeringskreditt is, like Boligkreditt, owned by banks in the SpareBank 1 Alliance and its covered bonds are rated Aaa by Moody's. Naeringskreditt's cover pool consist of Norwegian commercial mortgages alongside liquid assets (whereas Boligkreditt's cover pool is based on residential mortgages). SpareBank 1 Naeringskreditt's Bloomberg ticker is Spacom

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

Investors in SpareBank 1 Naeringskreditt's covered bonds in NOK, EUR or SEK enjoy the safety of a high quality cover pool.


The entire SpareBank 1 Boligkreditt and Naeringskreditt team with the Stavanger harbour in the background

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 Naeringskreditt must fully 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).

The SpareBank 1 Alliance banks jointly acquire BN Bank, a lender specialized in commercial real estate in Norway.

SpareBank 1 Naeringskreditt is established in order to access funding under newly offered Norwegian covered bond swap facility, operated by Norway's central bank as a response to the tightening general bank funding conditions after the events of 2008 (Lehman bankruptcy). The cover pool consist exclusively of commercial mortgages from BN Bank at this time.

Other large SpareBank 1 banks start work to qualify their commercial real estate loans for the Naeringskreditt cover pool. Naeringskreditt obtains an initial credit rating for its covered bonds from Moody's.

SpareBank 1 Naeringskreditt issues its first covered bond in the market, outside of the Government swap facility (which closed for further lending in the 2 half of 2009): a 4 year NOK 1 billion issue.

Both SpareBank 1 SR Bank and SpareBank 1 SMN have now sold commercial mortgage loans to Naeringskreditt, the Company's issued debt approaches NOK 11 billion.

Moody's upgrades Naeringskreditts covered bonds to Aa2 (September 2013). Total debt issued is just over NOK 13 billion at the end of the year and SpareBank 1 Nord Norge (SNN) and Sparebanken Hedmark have also now sold commercial mortgage loans to the cover pool. 2 SEK bonds are sold; a 3 year and a 5 year maturity for a 1 bn SEK each.

First EUR bonds are issued, in the form of private placements, both as registered covered bonds (NSV) and as bearer bonds under the Company's new EUR 3 billion Medium Term Covered Note issuance programme. As a share of the Company's outstanding debt of NOK 15.6 billion, 6% is in EUR, 15% in SEK and the remainder in NOK.  All the government swap facility bonds are repaid and replaced with market funding.  Moody's upgrades the covered bonds to Aa1 (March 2014). SpareBankenen 1 Nordvest has joined other Alliance banks as a contributor of mortgages to the Company's cover pool.

Naeringskreditt covered bonds are upgraded to Aaa from Aa1 as a result of the change in Moody's ratings methodology with regards to the anchor point for the covered bond rating.  BN Bank changes its strategy from commercial lending to retail.  BN Bank is the largest bank contributing mortgages.

 After the shift in BN Bank's strategy, the bank's mortgages in the cover pool steadily declines from 80% of all mortgages (2015) to 40% (2020).  Other banks in the SpareBank 1 Alliance transfer more mortgages, but pool volume remains stable at around NOK 10 billion.  Funding volumes are commensurate with that. 

SpareBank 1 Naeringskreditt's Covered Bond Ratings:

Moody's: (click on Moody's to see the latest report): Aaa

Credit ratings for our parent banks

Sr. Unsec. Ratings Moody’s
SpareBank 1 SMN A1  / P-1
SpareBank 1 Nord-Norge Aa3  / P-1
Sparebank 1 Østlandet Aa3  / P-1
SpareBank 1 Sørøst A1 / 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



Henning Nilsen

Director, COO
Mobile: +47 90 54 74 32


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


The Board of Directors of SpareBank 1 Naeringskreditt 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 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, a number of the Board members are employed by the Company’s shareholders (the SpareBank 1 banks). 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. Two members of the Board, Mrs. Kristiansen and Mrs. Aas Larsen are not employed by any of the owner banks.

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