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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.
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.
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.
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
701 42 Örebro
Kommuninvest finances its lending to municipalities and regions by borrowing funds on the Swedish and international capital markets. Demand for low-risk issuers remained good during the year and Kommuninvest was able to meet its funding plans on favourable terms. At the end of the year, total borrowing amounted to SEK 397.4 (339.1) billion.
Good demand for Kommuninvest bonds
During 2018, the Company experienced continued favourable demand for the securities it issues, despite an occasionally anxious economic environment. An example of the Company’s strong position in the market is the USD 2.5 billion note issued in June – the Company’s individual largest transaction to date.
Over the year, the Company focused its funding efforts to its three strategic funding markets – Swedish kronor, US dollar and so-called Uridashi funding from the Japanese market. Kommuninvest strives to maintain an even distribution between domestic and international funding over time.
During 2018, two green bonds were issued, meaning the Company has issued a total of five bonds since 2016. Green bonds finance environmentally oriented investment projects in the Society’s member municipalities and regions.
Focus on increased benchmark funding
Over the year, SEK 138.8 (72.6) billion was borrowed in long-term debt instruments with maturities of more than one year. In addition, funding with potential premature redemption within one year was agreed, corresponding to SEK 14.7 (3.2) billion. Funding through short-term commercial papers, with maturities of less than one year, amounted to SEK 48.5 (92.7) billion. Previously issued funding of SEK 17.7 (20.0) billion was repurchased. Funding is secured to replace loans that mature or are cancelled, to finance new loans in the lending operations and to adjust the size of the liquidity reserve according to the current market view and liquidity preparedness requirements. Long-term funding increased in 2018 compared with 2017, due to very good growth in lending and longer-term financing of the Company’s liquidity reserve. A change of strategy had also been implemented in 2017, reducing borrowing needs for that year.
The Company is working actively to increase its funding in major bond programmes, referred to as benchmark programmes, both internationally and in Sweden. During the year, six major funding programmes denominated in USD were implemented.
A total of SEK 64.9 (42.7) billion was issued in the Swedish Benchmark Programme with SEK 192.7 (161.6) billion outstanding at the end of the year. In total, the Swedish bond programme encompasses nine outstanding bonds.
New funding by currency
(excl. commercial paper funding)
SEK 46 (56) %
USD 44 (35) %
JPY 9 (4) %
GBP – (2) %
EUR – (1) %
ZAR 0 (0) %
MXN, TRY 1(0) %
NOK – (2) %
New funding by programme
(excl. commercial paper funding)
Swedish Benchmark Programme 42 (56) %
Benchmark funding, other currencies 43 (32) %
Private Placements – (3) %
Uridashi 11 (4) %
Green Bonds 4 (5)%
Positive news for Kommuninvest’s bonds during the year
Early in the year, Nasdaq decided to include the Company’s Swedish benchmark bonds in its broadest and most important index for the Swedish fixed income market, OMRXALL. This inclusion is an important step in the Company’s objective of establishing municipal bonds in the Swedish bond market as an option offering good liquidity.
In October, the clearing operator London Clearing House (LCH) announced that it was expanding its range of approved securities issuers whose securities are eligible as collateral to include certain so-called supranational and agencies. Kommuninvest was one of eight to be added.
A significant issuer of SSAs
Kommuninvest issues on the international borrowing markets in the category “Sovereigns, Supranationals and Agencies”. With large annual borrowing volumes, Kommuninvest is a major international player in the SSA segment. Borrowers with whom Kommuninvest compares itself include:
This is the web version of the annual review for Kommuninvest. It is a summary of the complete legal versions of the annual reports for the two legal entities Kommuninvest i Sverige AB (the Company) and Kommuninvest Cooperative Society (the Society). The complete legal versions can be downloaded as PDF.