Kommuninvest’s latest bond issue met roaring demand, as the Swedish local government debt office on Tuesday issued a new bond maturing 2021 in its Swedish Benchmark Programme. The bond immediately achieved benchmark status and the issue amounted to SEK 7.1 billion. Investor interest was stronger than Kommuninvest was prepared to issue on launch day.
Including K2109, which matures on 15 September 2021, Kommuninvest has seven bonds outstanding in its Swedish Benchmark Programme, maturing annually from 2015 to 2021.
– We now have a complete curve, says Anders Gånge, Head of Funding at Kommuninvest. Going forward we will increasingly look to extend the curve and grow the programme in line with lending growth and market demand.
Kommuninvest’s funding strategy includes a 50 percent funding target in SEK, with the Swedish Benchmark Programme as the primary funding source. The targeted level for outstanding volume in the Programme is a maximum of SEK 30 billion per bond.
Kommuninvest’s 2015 funding target, applicable to funding >1 year, is SEK 90-105 billion (USD 12-14 billion based on SEK/USD exchange rate as of 1 January). As of 20 April, SEK 40.5 billion had been raised.
About Kommuninvest
Kommuninvest is the Swedish local government debt office. Kommuninvest is owned by 280 Swedish municipalities and county councils with the purpose of supporting their financial operations through secure and cost-efficient financing, skills development and cooperation. With more than SEK 225 billion in lending, Kommuninvest is the largest lender to Swedish local governments.
Additional Swedish Benchmark Programme information
http://www.kommuninvest.org/en-gb/investor-relations/funding-programmes/swedish-benchmark-programme.php
For further information
Anders Gånge, Head of Funding & Treasury, tel: +46 (0) 10-470 87 12
e-mail: anders.gange@kommuninvest.se
Björn Bergstrand, Senior IR Manager/Head of Media Relations,
tel: +46 (0)10 470 87 31 alt. +46 (0) 70 886 94 76
e-mail: bjorn.bergstrand@kommuninvest.se
Pelle Ekestubbe, Senior Portfolio Manager, tel: +46 (0) 10-470 88 62
e-mail: pelle.ekestubbe@kommuninvest.se
