|2013/2014 funding volume||US$14.8BN/US$11-14BN|
|AUD volume 2013/2014 (full year/to Jul 31)||A$90M/A$100M|
|USD benchmark size||US$1.5BN|
|EUR benchmark size||N/A|
|SEK benchmark size||SEK3BN|
|RBA repo eligible?||Yes|
|RBNZ repo eligible?||n/a|
Kommuninvest is a local government funding agency owned by Swedish local governments. It is responsible for the coordinated procurement of financing by Swedish municipalities and county councils. Kommuninvest is owned by 280 municipalities and county councils – out of 310 in total – with the purpose of supporting their financial operations through secure and cost-efficient financing, financial advice, skills development and coordination.
Kommuninvest only lends to members of Kommuninvest Cooperative Society, or, against guarantees, to companies in which members are majority shareholders, to municipal foundations and to municipal associations.
Kommuninvest aims to keep risk exposure low. The fundamental principle applied in managing risk is that the terms for borrowing and lending shall be equal in terms of risk. The intention is to eliminate the risks that arise in operations.
Kommuninvest’s lending is financed through short- and long-term borrowing programmes in the national and international capital markets. Kommuninvest strives to maintain a presence in established capital markets, to be a well-known and reliable partner, and to build long-term relationships with investors and securities dealers.
Kommuninvest maintains a high degree of flexibility in its borrowing, allowing the issuer to meet investors’ needs for securities and providing broad access to various debt capital markets.
The funding target for 2014 is US$11-14 billion. The largest borrowing programmes are the Swedish benchmark bond programme, the EMTN programme, the ECP programme, the domestic CP programme, and the Kangaroo/Kauri programme.
AUD and NZD activity
Kommuninvest debuted in the Kangaroo bond market in 2011. It has no outstanding Kauri bonds.
For further information please contact:
Head of Funding and Treasury
+46 10 470 87 12
Tuesday, 3 March 2015 12:36pm
New Zealand market participants are positive about the state of international demand for... Register to read more
Thursday, 26 February 2015 10:47am
Kangaroo deal flow continued to dominate during the week under review, though it was a busy week... Register to read more
Latest Issue 2015 February-March
The future of bank capital. USPP market participant insights. Global demand for AUD product. Listed market shake-up. L-Bank: committed to innovation. Sector previews: Australian credit and securitisation. Slim prospects for tax overhaul.