Kommuninvest will shortly, and market conditions permitting, issue a new bond under its Swedish Benchmark Programme. The bond, labelled K2410, will mature on 2 of October 2024. Kommuninvest targets benchmark status for K2410, equivalent to SEK 3 billion outstanding on the first day of trading. Final terms are to be established shortly.
Kommuninvest currently accounts for approximately 50 percent of the total external borrowings of Swedish local governments, with a substantial part of its funding undertaken in its Swedish benchmark programme. Current outstanding volumes is SEK 153 billion in seven bonds.
– Our Swedish benchmark programme is now well established, and our focus is on maintaining and developing the programme in tune with the local government sector’s borrowing needs. We also see that our customers tend to go for longer maturities. This motivates the launch of this new 7-year-old bond, says Pelle Ekestubbe, Senior Portfolio Manager at Kommuninvest.
Kommuninvest’s 2017 funding target, applicable to funding >1 year, is SEK 90-95 billion.
Kommuninvest is the Swedish local government debt office. Kommuninvest is owned by 288 Swedish municipalities and county councils with the purpose of supporting their financial operations through secure and cost-efficient financing, skills development and cooperation. With some SEK 300 billion in lending, Kommuninvest is the largest lender to Swedish local governments.
For further information
Christian Ragnartz, Head of Debt Management, +46 (0) 70 607 38 34, email@example.com
Marcus Waineby Senior Portfolio Manager, +46 (0) 10 470 88 63, firstname.lastname@example.org
Pelle Ekestubbe, Senior Portfolio Manager, +46 (0) 10-470 88 62, email@example.com
Tobias Landström Senior Funding Officer, +46 (0) 10 470 88, Tobias.firstname.lastname@example.org
Björn Bergstrand, Head of Media Relations, +46 (0)10 470 87 31, +46 (0) 70 886 94 76, email@example.com