Benchmark issuance

Kommuninvest’s objective is for each new outstanding bond to reach benchmark size status of SEK 3 billion as quickly as possible. Pricing is determined based on market conditions, the planned volume of the issue, its maturity and other conditions. Subsequent to the new issue, bonds are issued “on-tap”. Except for the yield, the terms will be identical to those of the bond issued initially.

Issue procedure

From April 27th, the following will apply:

• Kommuninvest’s weekly funding in the Swedish benchmark programme will only be processed through Bloomberg’s auction platform (AUPD).
• The day before an auction, Kommuninvest will publish the volumes offered for each bond. Depending on the company’s borrowing needs in each maturity, the volumes will vary and can sometimes be zero.
• Wednesday’s auction will start at 09.00 CET. Bids are to be placed as spread vs matched maturity swap expressed in basis points (BP). Bids are to be placed through market makers in the benchmark programme.
• The auction closes at 10.00 CET. The results are normally announced within 15 minutes of the closure. Market makers will be able find the summary of the auction in Bloomberg.
• Kommuninvest reserves the right to reject bids that are deemed to be unnecessarily expensive. There are no absolute rules for rejection. In a volatile and uncertain market, greater deviations from indicative market prices may be accepted.

Upcoming Issue dates/potential bonds

This is a preliminary calendar. If conditions change, dates might be adjusted.  

Buyback facility under the Swedish Benchmark Programme

• Kommuninvest offers a buyback facility to market makers. This applies to outstanding bonds issued under the Swedish Benchmark Programme with a maturity of less than 12 months. 
• Buybacks will be offered on an ongoing basis according to predetermined terms.  
• Unless otherwise communicated, the buybacks will be executed in yield.