The content of this section is intended for investors and for informational purposes only. The content is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Kommuninvest does not make representation or warranty (express or implied) of any nature or accept any responsibility or liability of any kind for accuracy or sufficiency of any information, statement, assumption or projection in this information, or for any loss or damage (whether direct, indirect, consequential or other) arising out of reliance upon this content. The reader of the information of this section is solely responsible for making its own independent appraisal of the contents herein.


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Google Analytics

Kommuninvest website uses Google Analytics, a web analytics service provided by Google. Google Analytics use cookies and the information generated by them, through your use of this website (including your IP address), will be transmitted to and stored by Google on servers in the United States. This information is used to evaluate visitor statistics. Kommuninvest, for example, use reports from the visits on the web site to improve content, navigation and structure. Google may also transfer this information to third parties when it is required by law or when third parties process the information on Google's behalf. Google will not associate IP addresses with any other data held by Google. You may refuse the use of cookies by selecting the appropriate settings in the browser (see below). By visiting Kommuninvest´s site, you agree that Google processes personal information in the manner and for the purposes described above.  

How to avoid cookies

If you do not wish to accept cookies, your web browser can be set to automatically deny the storage of cookies or to inform you every time a website requests permission to store a cookie. Previously stored cookies can also be deleted via the web browser. Visit the web browser’s help pages for more information. If you have any questions about this don’t hesitate to contact us. By visiting the web-site of the Swedish Post and Telecom Authority (PTS), that monitors the electronic communications sector, you will find further information about cookies.

Information regarding the treatment of personal data by Kommuninvest i Sverige AB

Kommuninvest has high ambitions regarding openness, traceability and transparency. At the same time, the company complies with regulations aimed at protecting the individual and its integrity. Much of the information pertaining to an individual is referred to as personal data. Personal data are defined as follows: Any information directly or indirectly attributable to a human being who is in life is regarded as personal data. Even images (photos) and sound recordings on individuals treated by computer can be personal data even if no names are mentioned. Encrypted data and various types of electronic identities, such as IP numbers, are counted as personal data if they can be linked to a physical person. This information describes Kommuninvest's considerations and regulations regarding the company's handling of personal information when you visit our websites or have other contacts with us. Kommuninvest i Sverige AB (“Kommuninvest”) is responsible for all personal data that is processed within the entire organization. Below is a brief description of what personal data is processed, the reason why it is processed, and your individual right of access to all data that is held about you. By visiting our site, you agree to these privacy principles. If you do not agree to these data protection principles, stop using this site and refrain from phone contacts. We refer instead to mail correspondence, which is handled through the registrations department. Please feel free to get in touch with us if you need any further information about this by using the contact details below.  

Personal data that is being managed

Kommuninvest processes personal data for the administration and execution of contracts that are in force, and to be able to fulfil its legal obligations. Kommuninvest processes personal data that is provided voluntarily when visiting the Kommuninvest website, when entering contracts, or when data is otherwise recorded about the preparation or administration of a contract (for example, about a lending or borrowing agreement). When matters are dealt with on the telephone, personal data is also processed by recording the call. Kommuninvest may also supplement personal data by obtaining further information from public records. Personal data may be disclosed in certain situations where Kommuninvest is obliged by law to provide information to an agency, for example the Swedish Financial Supervisory Authority, or the Swedish Data Protection Authority.  

Non-identifiable data

Kommuninvest may occasionally collect anonymous information about the use of its websites to improve the site and the services provided. These usage data may apply among others: the number of visits to the site and their length; the user's geographical position; usage rate of the site different sections; which technique is used; disturbances in the business. The data is not reviewed at an individual level without your express permission.  

Identifiable data

When Kommuninvest collects identifiable data, we strive to inform you as to the purpose for which the information is requested. Normally, this information is requested to answer your questions. Kommuninvest may share this type of information within the Group for the purposes mentioned in this information. Kommuninvest uses subcontractors to offer digital services. We may need to share your personal information with these for them to provide us with their services. Our subcontractors may not use this kind of personal data for any other purpose and we assume that their services are covered by privacy. Kommuninvest does not sell and does not exchange personal data with other companies for marketing purposes. Kommuninvest may contact you to complete customer satisfaction and market research.  

Personnel management

In an application or request relating to an employment advertised on our website or in any other medium, you may need to provide Kommuninvest personal information, such as your resume. Kommuninvest can use this information on all its units when making employment decisions or for purpose of the request. Kommuninvest can save the data for future use, unless you have prohibited this.  

Subcontractors in information management

In some situations, Kommuninvest uses subcontractors who collects, evaluates and otherwise handles data on our behalf. Kommuninvest's principle is that subcontractors commit to our data protection regulations. Normally this is governed by an agreement between Kommuninvest and our suppliers.  

The accuracy of your personal data

This site may not be used to publish or disseminate data protected by copyright or other equivalent rights without the permission of the proprietor, or otherwise in a way that is adversely, offensive or harmful to Kommuninvest or third parties. By submitting this type of information through the Website, you grant Kommuninvest the right to use, develop, produce, distribute, publish or transmit the information you send in whole or in part, and / or add the data sent from you without obligation and liability to other material or other products or services.  

Transcript from register and the rectification of errors

Once a year you can, free of charge, request a transcript from Kommuninvest whereby you will receive information on the personal data about you that is being held, where this data came from, why it was obtained, the purpose for which it is being held, and to whom any data may be disclosed. If you would like to be sent such a transcript, please send a written request, signed by you, to the address you will find below. You can notify us at the same address if you no longer wish to receive information from Kommuninvest, or if you would like to request the correction of some erroneous or incomplete personal data.

Comments on Kommuninvest's actions

You are welcome to contact Kommuninvest's complaint manager who takes care of your comments. Describe what you are not happy with and who you previously have had contact with. Kommuninvest i Sverige AB Klagomålsansvarig Box 124 701 42 Örebro

Kommuninvest and the US regulation regarding Liquidity Coverage Ratio

Kommuninvest today publishes its view on the recently published final draft regulation regarding Liquidity Coverage Ratio in the U.S.

For further information, please contact Björn Bergstrand, Senior Investor Relations Manager, mobile +46 708 86 94 76, e-mail: name.surname@kommuninvest.se

Kommuninvest and the US regulation regarding Liquidity Coverage Ratio


On September 3, 2014, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued its final draft regarding the Liquidity Coverage Ratio requirement.

Eligible securities

Securities carrying a sovereign guarantee are eligible as Hiqh Quality Liquid Assets (HQLA) at Level 1. Municipal securities will not currently count toward HQLA, but regulators are planning to issue a new proposal that would allow certain highly liquid muni securities to be treated as HQLA, probably at Level 2b.

Kommuninvest position

Kommuninvest believes there are valid arguments to include Kommuninvest securities as Hiqh Quality Liquid Assets (HQLA) at Level 1:

  • Kommuninvest is a public sector institution whose mandate is to provide Swedish local governments with cost-efficient and stable funding. Kommuninvest is a not-for-profit initiative, and its lending is exclusively to Swedish local government sector entities.
  • Kommuninvest bonds are 0 % risk-weighted according to the Basel III framework and carry a AAA/Aaa rating. During stressed market conditions, Kommuninvest obligations have a proven record as a reliable source of liquidity.
  • Kommuninvest bonds are explicitly guaranteed by the members of the Kommuninvest Cooperative Society, which totalled 272 municipalities and 8 county councils on 15 September, 2014. Local governments in Sweden are by law entitled to levy tax to meet their commitments. No Swedish local government has ever defaulted on a payment commitment nor can they be declared bankrupt; Swedish local governments can only cease to exist through merging. Kommuninvest has never recorded a loss in its lending to Swedish local governments.
  • In Sweden, Kommuninvest is a Level 1 asset for LCR purposes. No haircuts apply and no cap on proportion in overall liquidity buffer. Effective from 1 January 2013. • In the European Union, Kommuninvest is an expected Level 1 asset. According to an EU Commission draft, Kommuninvest securities are to be classified as a Level 1 instrument (decision expected October 2014).
  • Kommuninvest’s mandate as the Swedish Local Government Debt Office, its 0 % risk-weighting and the explicit guarantee from local government sector owners with tax-levying authority, makes it the closest proxy to Swedish sovereign risk.
  • In particular, Kommuninvest believes its benchmark bonds issued in USD under its Euro Medium Term Note programme qualify as liquid and readily-marketable instruments in the US market. As of 15 September, 2014, there were seven (7) bonds outstanding, for a total outstanding amount of USD 9.6 billion and in maturities ranging from 2015 to 2017.
  • Kommuninvest bonds are accepted by US banks for repo transactions and accepted as collateral by the Federal Reserve.


The information above has been prepared by and is the sole responsibility of Kommuninvest i Sverige AB (publ) (the ”Issuer”) and has not been verified, approved or endorsed by any legal counsel, lead manager, bookrunner or underwriter retained by the Issuer. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein.

This information may contain projections and forward looking statements. Any such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Issuer’s actual performance or achievements to be materially different from any future performance or achievements expressed or implied by such forward-looking statements. Any such forward-looking statements will be based on numerous assumptions regarding the Issuer’s present and future strategies and the environment in which the Issuer will operate in the future.

This information is provided for information purposes only and do not constitute, or form part of, any offer or invitation to underwrite, subscribe for or otherwise acquire or dispose of, or any solicitation of any offer to underwrite, subscribe for or otherwise acquire or dispose of, any debt or other securities of the Issuer (”securities”) and are not intended to provide the basis for any credit or any other third party evaluation of securities. This information should not be considered as a recommendation that any investor should subscribe for or purchase any securities. If any such offer or invitation is made, it will be done pursuant to separate and distinct documentation in the form of a prospectus, offering circular or other equivalent document (a ”prospectus”) and any decision to purchase or subscribe for any securities pursuant to such offer or invitation should be made solely on the basis of such prospectus and not This information. This information may not be relied upon for the entering into of any transaction.

Further, any forward-looking statements will be based upon assumptions of future events which may not prove to be accurate. Any such forward-looking statements in this information will speak only as at the date of this information and the Issuer assumes no obligation to update or provide any additional information in relation to such forward-looking statements.

This information is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. In particular, This information is for distribution in the United Kingdom only to persons who meet the following criteria: 1. (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the ”Order”) or (ii) persons falling within Article 49(2)(a) to (d) (”high net worth companies, unincorporated associations etc”) of the Order or 2. persons to whom

This information may otherwise be directed without contravention of section 21 of the Financial Services and Markets Act 2000 (all such persons being referred to as ”relevant persons”). This information must not be acted or relied on by persons who are not relevant persons. In member states of the European Economic Area, This information is only directed at persons who are ”qualified investors” within the meaning of Article 2(1)(e) of Directive 2003/71/EC.

This information is only being provided to (i) persons that are ”qualified institutional buyers” (”QIBs”) as defined in Rule 144A under the US Securities Act of 1933 (the ”US Securities Act”) in reliance on the exemption from registration provided by Rule 144A or (ii) persons outside the United States in connection with offshore transactions in reliance on Regulation S under the US Securities Act. By accepting delivery of this presentation the recipient warrants and acknowledges that it falls within the category of persons under (i) or (ii) above. This information and the information contained herein do not constitute and should not be construed as an offer to sell or solicitation of an offer to buy securities in the United States. The securities proposed to be offered have not been, and will not be, registered under the US Securities Act and, subject to certain exceptions, may not be offered or sold within the United States, its territories or possessions. Such securities may be offered and sold (i) within the United States only to QIBs, in reliance on the exemption from registration provided by Rule 144A and (ii) outside the United States in connection with offshore transactions in reliance on Regulation S.