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Credit Risk Assessment of Real Estate Companies: How does the Credit Assessment of Banks and Bond Investors Differ?
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
2017 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesisAlternative title
Hur skiljer sig kreditbedömningen av fastighetsbolag mellan banker och skuldinvesterare? (Swedish)
Abstract [en]

The vast majority of the Swedish real estate companies are to some extent financed by debt and are dependent on external capital when expanding their business. Swedish real estate companies have traditionally financed their business through bank loans, but as a result of – among other things – stricter regulations, an increasing share of the Swedish real estate companies seek funding in the capital market, and corporate bonds in particular have emerged as an alternative to bank loans. In all types of lending, whether it is a bank loan or an investor who buys a bond, the lender must assess the credit risk of the company and / or the bond. This is to ensure the company's repayment ability and that the borrower gets sufficient compensation for the risk undertaken. In this thesis, the credit risk assessment process has been evaluated from two different perspectives to explore if there are any differences in the assessment conducted by banks and bond investors. In this thesis, it appears that the differences between the different parties' assessment are relatively small and that both parties evaluate approximately the same parameters and key performance indicators.

Abstract [sv]

De allra flesta fastighetsbolag i Sverige finansierar sig delvis genom externt kapital och är beroende av nya krediter när de vill utöka sin verksamhet. Svenska fastighetsbolag har traditionellt sett finansierat sig via banklån men på grund av bland annat striktare regleringar väljer alltfler fastighetsbolag att söka finansiering på kapitalmarknaden, där framförallt företagsobligationer har växt fram som ett alternativ till bankfinansiering.  I alla typer av kreditgivning, oavsett om det handlar om banklån eller en investerare som köper en obligation, måste kreditgivaren göra en kreditriskbedömning av bolaget och/eller obligationen. Detta för att säkerställa bolagets återbetalningsförmåga och att långivaren får tillräcklig kompensation för den risk denne tar. I det här examensarbetet har kreditriskbedömningsprocessen utvärderats från två olika perspektiv för att se om det går att hitta några skillnader i bedömningen utförd av banker respektive obligationsinvesterare. Resultatet tyder på att skillnaderna mellan de olika parternas bedömning inte är särskilt stora utan båda parter utvärderar ungefär samma parametrar och nyckeltal.

Place, publisher, year, edition, pages
2017. , p. 52
Keywords [en]
Credit risk, credit risk assessment, bonds, bond investor, bank loan
Keywords [sv]
kreditrisk, kreditbedömning, banklån, obligation, obligationsinvesterare
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-211143Local ID: TRITA-FOB-ByF-MASTER-2017:52Archive number: 510OAI: oai:DiVA.org:kth-211143DiVA, id: diva2:1127817
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Available from: 2017-07-19 Created: 2017-07-19 Last updated: 2017-07-19Bibliographically approved

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CiteExportLink to record
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