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

There are provisions contained within The Personal Data Act (“personuppgiftslagen” 1998:204) regarding the way in which personal data should be treated. The purpose of this legislation is to protect individuals from having their privacy violated via the processing of their personal data. The term “personal data” in this context refers to any information that can directly or indirectly be attributed to a living human being.

Kommuninvest i Sverige AB (“Kommuninvest”) is responsible for all personal data that is processed within the entire organisation. Below is a brief description of what personal data is processed, the reason why it is processed, and your individual right of access to any and all data that is held about you. 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 also in order to be able to fulfil its legal obligations. Kommuninvest processes personal data that is provided voluntarily in connection with visits to the Kommuninvest website, when entering into contracts, or when data is otherwise recorded in connection with the preparation or administration of a contract (for example, in connection with a lending or borrowing agreement). When matters are dealt with on the telephone, personal data is also processed because such telephone calls are recorded. Kommuninvest may also supplement personal data by obtaining further information from public records.

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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.

Kommuninvest’s SEK bonds included in major Nasdaq index

Nasdaq has decided to include Kommuninvest’s Swedish benchmark bonds in its broadest bond index, the OMRXALL. The decision was preceded by a consultation involving Sweden’s largest asset managers.

OMRXALL is one of the Swedish bond market’s most important benchmark indices, and is used for benchmarking a large proportion of assets under management in the Swedish bondmarket.

– Since the launch of our Swedish benchmark bond program in 2010, our strategy has been to establish municipal bonds as a natural and liquid part of the Swedish bond market, says Tomas Werngren, President and CEO of Kommuninvest. To be included in the broadest market index is a milestone and an important interim goal.

According to Christian Ragnartz, head of Kommuninvest’s debt management, the decision should have a positive effect on the demand for the company´s bonds. Additionally, there are a number of initiatives under way to further improve the liquidity. As examples he mentions an increased focus on the strategic funding markets and on benchmark issuance, but also increased transparency and better market coverage through potentially adding foreign market makers. The goal is to more clearly become a complement to Swedish government bonds.

– With the same rating (AAA) and regulatory treatment (level 1) as the Kingdom of Sweden, the liquidity premium is our main focus for the funding strategy. A decreased liquidity premium is crucial in order to add long term value for our members, he says.

With continued decreased borrowing requirement for the Swedish National Debt Office and an ongoing pricing correction in the housing market, which could potentially reduce covered bonds issuance from mortgage institutions, the prerequisites are also in place for increased demand for Kommuninvest bonds.

– Our target is for the entire Swedish benchmark curve to sustainably trade at similar levels to the sovereign that we see our peers in other countries trading to their respective sovereign. If we reach this objective, there is potential for a tightening of the spread between Kommuninvest and Swedish government bonds by as much as 20 to 30 basis points, he says.

Kommuninvest continues to grow as a consequence of increased market share and increased investments in welfare by municipalities, county councils and regions. Today Kommuninvest funds more than half of the municipal sector’s total debt of over SEK 600 billion. The Swedish benchmark programme has more than SEK 160 billion outstanding in eight bonds, maturing from 2018 to 2024.

There are currently five market makers in the programme: Danske Bank, Svenska Handelsbanken, Nordea, SEB and Swedbank. The index changes published by Nasdaq will take effect as of March 12, 2018. In addition to the broad OMRX All Index (OMRXALL), Kommuninvest’s bonds will also be included in the OMRX Bond All Index (OMRXBONDALL), the OMRX Bond All 1-3 y Index (OMRXBOND13), the OMRX Bond All 3-5 y Index (OMRXBOND35) and the OMRX Bond All 5 y Index (OMRXBOND5).

About Kommuninvest

Kommuninvest is a municipal cooperation for efficient and sustainable funding of welfare investment. Currently, 288 municipalities and county councils/regions are members of the cooperation. Total assets exceed SEK 400 billion (USD ~50 billion), Kommuninvest is the largest lender to the local government sector and the sixth largest credit institution in Sweden. For 2018 the forecast is that 85-100 bn SEK needs to be funded.

For further information

Christian Ragnartz, Head of Debt Management, tel: +46 706 07 38 34, e-mail: christian.ragnartz@kommuninvest.se

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