SEK Benchmark Programme

The Swedish Benchmark Program is a medium-term benchmark program in SEK for maturities between one and ten years. This programme provides the Swedish fixed income market with an attractive complement to government bonds and covered bonds. Kommuninvest's ambition is for the Swedish benchmark programme to be the largest of Kommuninvest's funding programmes.

Benchmark loans

Kommuninvest's overall goal is for each new outstanding bond to reach a benchmark size of SEK 3 billion as soon as possible. The subsequent debt securities issued during the term of the bond loan are issued through increases. The terms and conditions, except for the yield given, will be identical to the debt securities issued at the first time of issue.

Buy-back facility in the Swedish Bond Program

Kommuninvest offers a buy-back facility to market makers. This applies to outstanding bonds under the Swedish Bond Programme with a remaining maturity of less than 12 months.

Repurchases will be offered on an ongoing basis according to predetermined terms. Unless otherwise communicated, the repurchases are carried out at interest.

Outstanding bonds

Name

ISIN

Maturity

Coupon

Outstanding volume (SEK)

K2410

SE0010469205

2024-10-02

1,00%

47 316 000 000

K2505

SE0011414010

2025-05-12

1,00%

49 650 000 000

K2602

SE0013745452

2026-02-04

0,75%

45 675 000 000

K2611

SE0012569572

2026-11-12

1,00%

58 950 000 000

K2706

SE0016829048

2027-06-15

0,5%

46 250 000 000

K2805

SE0015660139

2028-05-12

0,75%

55 700 000 000

K2903

SE0018689523

2029-03-12

3,00 %

26 750 000 000

K2911

SE0019764143

2029-11-12

3,25%

13 500 000 000

K3006

SE0021923786

2030-06-12

3,25%

4 500 000 000

 

 

 

Total outstanding volume

348 291 000 000

Issue procedure

  • Kommuninvest's weekly borrowing in the Swedish benchmark program will be managed exclusively through Bloomberg's auction platform (AUPD).
  • On Fridays the week before the auction, Kommuninvest will mediate the volumes offered for each bond. Depending on the company's borrowing needs in each maturity, volumes will vary and can sometimes be zero.
  • The auction starts on Wednesday at 09.00. Bids are placed as a spread against matched maturity swap expressed in basis points (BP). Bids are placed via resellers in the benchmark program.

  • The auction closes at 10.00 a.m. Results are normally announced within 15 minutes of closing. For retailers, a summary of the auction will be available on Bloomberg.
  • Kommuninvest reserves the right to reject bids that are deemed to be unnecessarily expensive. There are no absolute rules for refusal. In a volatile and uncertain market, larger deviations from target market prices can be accepted.

 

Financial calendar