Press release -
Kommuninvest issues USD 1.25 billion in sought-after first benchmark of the year
Kommuninvest i Sverige AB, rated AAA/Aaa, issued its first USD benchmark transaction for the year on Tuesday. The Swedish local government debt office printed USD 1.25 billion in 3-year Reg-S/144a notes. The order book exceeded USD1.9bn with 45 participating accounts, primarily central banks & official institutions as well as bank treasuries.
Anders Gånge, Head of Funding and Treasury at Kommuninvest, commented:
– In spite of competing deals, we were able to execute a well-received, upsized transaction, with strong demand from our core investor base of high quality global accounts. That is a satisfying start to our funding plans for the year.
The transaction is Kommuninvest’s first benchmark deal this year. The Kommuninvest 2017 funding forecast for long-term borrowing, over 1 year, is SEK 100 bn (USD 11.1 bn at SEK/USD=9.02)
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Kommuninvest is a municipal cooperation for efficient and sustainable financing of housing, infrastructure, schools, hospitals etc. Together, we get better loan terms than each one individually. Since its inception in 1986, the Kommuninvest collaboration has helped lower the local government sector’s borrowing costs by many billion kronor. Currently, 288 municipalities and county councils/regions are members of this voluntary cooperation, out of a total of 310 Swedish local governments. With total assets of around SEK 360 billion (USD ~41 billion), Kommuninvest is the largest lender to the local government sector and the sixth largest credit institution in Sweden. The head office is located in Örebro.