​Largest-ever order book for a Kommuninvest transaction

Press Releases   •   Jan 16, 2019 10:29 UTC

Kommuninvest has issued its first major USD transaction for the year, a three-year USD 1.5 billion benchmark bond. With a final order book of over USD 3.5 billion it was Kommuninvest's most oversubscribed issue ever. The price was set at 12 basis points above the reference rate (mid-swaps), corresponding to about 22 basis points over comparable US government bonds.

Presentation at CA-CIB Sustainability Bonds Conference, Paris

News   •   Dec 11, 2018 09:00 UTC

Kommuninvest's presentation from the annual sustainable finance conference in Paris, arranged by Crédit Agricole CIB on 11 December 2018.

​Presentation EU Commission: Meeting with Member States expert group on sustainable finance

News   •   Dec 04, 2018 13:22 UTC

Kommuninvest has participated in a meeting in Brussels with the EU member countries' expert group on sustainable finance. The meeting was part of the work on the EU Commission's Action Plan on Financing Sustainable Growth. Kommuninvest was one of five financial institutions that had been invited to share their experiences in sustainable financing.

Barclays appointed new market maker for Kommuninvest's Swedish Benchmark Programme

Press Releases   •   Nov 27, 2018 09:06 UTC

​Barclays has been appointed as a new market maker for Kommuninvest's Swedish Benchmark Programme, increasing the market maker to six banks: Barclays, Danske Bank, Nordea, SEB, Svenska Handelsbanken and Swedbank. The move is motivated by Kommuninvest's strategy to establish municipal bonds as a liquid part of the Swedish bond market, and also by increased interest from foreign investors.

Kommuninvest publishes 2019 funding forecast

Press Releases   •   Nov 26, 2018 16:30 UTC

​Kommuninvest forecasts SEK 100-120 billion in funding in 2019 (longer than one year maturity). The forecast is based on the expected new lending, renewal of maturing loans and renewals of maturing outstanding borrowings, as well as on an assessment of the size of the liquidity reserve at the end of 2019. As of 26 November, Kommuninvest had completed SEK 131.5 billion in long-term funding.

Kommuninvest issues USD 1.25 billion in sought-after fifth benchmark of the year

Press Releases   •   Nov 22, 2018 11:17 UTC

Kommuninvest i Sverige AB, rated AAA/Aaa, issued its fifth USD benchmark transaction for the year on Wednesday, when the Swedish local government debt office printed USD 1.25 billion in long 3-year Reg-S/144a notes. The order book exceeded USD 1.6bn with over 40 participating accounts, with central banks, official institutions and bank treasuries as dominant investor categories.

​Kommuninvest again achieves lower funding cost with green bond

Press Releases   •   Oct 17, 2018 11:59 UTC

Kommuninvest has issued its fifth green bond, and its third in Swedish krona, a short 5-year SEK 3 billion transaction. Thanks to an oversubscribed book, pricing was finalised at 2.5 b.p. inside the issuer's regular SEK curve. The performance mirrored Kommuninvest's previous SEK green bond, issued in April 2018 at 3 b.p. inside the curve. The new bond attracted 29 investors from eleven countries.

Kommuninvest announces plans for new Green Bond

Press Releases   •   Oct 12, 2018 07:58 UTC

Kommuninvest is planning a new green bond, the fifth to date and the third in Swedish kronor, for financing green investment projects in the Swedish municipal sector. Kommuninvest has so far committed a total of SEK 35.2 billion in Green loans to 209 projects in 98 municipalities and county councils / regions. Nordea, SEB and Swedbank have been mandated to lead the transaction.

Kommuninvest bonds deemed eligible as collateral with LCH Ltd

Press Releases   •   Oct 11, 2018 07:59 UTC

LCH, the clearing services operator, has announced it is expanding its range of eligible securities to include bond from certain Supranational and Agency issuers. Kommuninvest is one of eight eligible issuers whose bonds are deemed as acceptable collateral with LCH Ltd.

Kommuninvest issues USD 1 billion 3-year benchmark

Press Releases   •   Oct 03, 2018 14:23 UTC

Kommuninvest i Sverige AB, rated AAA/Aaa, issued its third USD benchmark transaction for the year on Tuesday. The Swedish local government debt office printed USD 1 billion in 3-year Reg-S/144a notes. The notes, which mature on 16 November 2021, pays a semi-annual coupon of 3.00% and was issued at a spread of 19.4bps over US Treasuries 2.875% due September 2021, equivalent to mid-swaps + 3bps. This is one of the lowest levels against both swaps and US Treasuries that Kommuninvest has ever has experienced for a three-year bond.

The order book approached USD1.3bn from over 50 accounts, primarily central banks & official institutions as well as bank treasuries.

Bond terms
Issuer Kommuninvest i Sverige AB
Size USD 1 billion
Coupon 3.000 % semi-annual
Maturity 16 November 2021
Price 99,799%
Yield 3,103%
Spread versus USD mid-swaps +3 bps
Spread versus US Treasuries +19,4 bps
Lead managers BofAML, BNP Paribas, HSBC, JP Morgan

Marcus Waineby, Senior Funding Manager at Kommuninvest, commented:

- This was a solid outcome for Kommuninvest. Investor interest was geographically widespread, including strong participation from central banks, official institutions, bank treasuries and fund managers.

For further information, see separate Press Points attached to this release.

Contact information

Tobias Landström, Deputy Head of Debt Management, tel: +46 705 86 78 51, e-mail: tobias.landstrom@kommuninvest.se

Marcus Waineby, Senior Funding Manager, tel: +46 706 96 77 69, e-mail: marcus.waineby@kommuninvest.se

Björn Bergstrand, Head of Media Relations, +46 708 86 94 76, e-mail: bjorn.bergstrand@kommuninvest.se

Kommuninvest is a municipal cooperation for efficient and sustainable financing of housing, infrastructure, schools, hospitals etc. Together, we get better loan terms than each one individually. Since its inception in 1986, the Kommuninvest collaboration has helped lower the local government sector’s borrowing costs by many billion kronor. Currently, 288 municipalities and county councils/regions are members of this voluntary cooperation, out of a total of 310 Swedish local governments. With total assets exceeding SEK 400 billion (USD ~45 billion), Kommuninvest is the largest lender to the local government sector and the sixth largest credit institution in Sweden. The head office is located in Örebro.

Kommuninvest has issued a new USD benchmark transaction, at a spread of 19.4bps over US Treasuries and at a spread of + 3 bps to mid-swaps. This was one of the lowest levels against both swaps and US Treasuries that Kommuninvest has ever has experienced for a three-year bond. The 3-year Reg-S/144a notes mature on 16 November 2021.

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About Kommuninvest

We finance welfare

Kommuninvest is a municipal cooperation for efficient and sustainable financing of housing, infrastructure, schools, hospitals etc. Together, we get better loan terms than each one individually. Since its inception in 1986, the Kommuninvest collaboration has helped lower the local government sector’s borrowing costs by many billion kronor. Currently, 288 municipalities and county councils/regions are members of this voluntary cooperation, out of a total of 310 Swedish local governments. With total assets of around SEK 360 billion (USD ~41 billion), Kommuninvest is the largest lender to the local government sector and the sixth largest credit institution in Sweden. The head office is located in Örebro.

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  • Kommuninvest
  • Drottninggatan 2
  • 70142 Örebro
  • Sverige

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