|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
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Latest Issue 2014/15 December-January
Full coverage of the KangaNews Awards 2014. Financial-system inquiry final report, impact on bond markets and a bank CEO responds. Insights from the 2014 KangaNews Corporate Debt Summit. Australia and New Zealand annual reviews. China-Australia free trade and RMB bonds. 2014 deal data.