Our strategy involves reliance on a stable funding structure that fits our risk appetite and allows for diversification across investors, products and currencies. We operate primarily in the Euro market and Nordic markets, but we are able to source funding in many countries and currencies. This includes regular issues in EUR benchmark format, both covered bonds and senior unsecured, as well as the domestic USD market for senior in 144A format. We supplement benchmark issues with private placements of bonds.
Further, the Nordic currencies are an important source of funding. We will from time to time issue in GBP, JPY, CHF as well as other currencies when market conditions allow. Issuing subordinated debt in Additional Tier 1 or Tier 2 format may cover a part of the funding need. However, the issuance plans for subordinated debt are driven by balance sheet growth and redemptions on the one side and our capital targets on the other.
Funding 2013 - 2017