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Photo: Eric Lindvall, ImageBankSweden Version: 30 August 2017 KOMMUNINVEST Disclaimer These materials are confidential and are not for release, publication or distribution, in whole or in part, directly or


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SLIDE 1

スウエーデン地方金融公社

KOMMUNINVEST

Version: 30 August 2017

Photo: Eric Lindvall, ImageBankSweden

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SLIDE 2

Bloomberg ticker: KOMINS

Disclaimer

www.kommuninvest.org 2

These materials are confidential and are not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States (other than to qualified institutional buyers ("QIBs") (as defined below) who are also “qualified purchasers” within the meaning of Section 2(a)(51)(A) of the Investment Company Act (as defined below) and the rules and regulations thereunder), Canada, Japan or Australia. IMPORTANT: YOU ARE ADVISED TO READ THE FOLLOWING CAREFULLY BEFORE READING, ACCESSING

OR MAKING ANY OTHER USE OF THE MATERIALS THAT FOLLOW.

These materials have been prepared by and are the sole responsibility of Kommuninvest i Sverige AB (publ) (the “Issuer”) and have not been verified, approved or endorsed by any lead manager, bookrunner or underwriter retained by the Issuer. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. These materials are provided for information purposes only and do not constitute, or form part of, any offer or invitation to underwrite, subscribe for or otherwise acquire or dispose of, or any solicitation of any offer to underwrite, subscribe for or

  • therwise acquire or dispose of, any debt or other securities of the Issuer (“securities”) and are not intended to provide the

basis for any credit or any other third party evaluation of securities. These materials should not be considered as a recommendation that any investor should subscribe for or purchase any securities. If any such offer or invitation is made, it will be done pursuant to separate and distinct documentation in the form of a prospectus, offering circular or other equivalent document (a "prospectus") and any decision to purchase or subscribe for any securities pursuant to such offer or invitation should be made solely on the basis of such prospectus and not these materials. These materials may not be relied upon for the entering into of any transaction. In particular, investors should pay special attention to any sections of the final prospectus describing any risk factors. The merits or suitability of any securities or any transaction described in these materials to a particular person’s situation should be independently determined by such person. Any such determination should involve, inter alia, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of the securities or such transaction. These materials may contain projections and forward looking statements. Any such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Issuer’s actual performance or achievements to be materially different from any future performance or achievements expressed or implied by such forward-looking statements. Any such forward-looking statements will be based on numerous assumptions regarding the Issuer’s present and future strategies and the environment in which the Issuer will operate in the future.

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SLIDE 3

Bloomberg ticker: KOMINS www.kommuninvest.org 3

Further, any forward-looking statements will be based upon assumptions of future events which may not prove to be

  • accurate. Any such forward-looking statements in these materials will speak only as at the date of these materials and the

Issuer assumes no obligation to update or provide any additional information in relation to such forward-looking statements. These materials are confidential, are being made available to selected recipients only and are solely for the information of such recipients. These materials must not be reproduced, redistributed or passed on to any other person or published, in whole or in part, for any purpose without the prior written consent of the Issuer. These materials are not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. In particular, these materials are for distribution in the United Kingdom only to persons who meet the following criteria: 1. (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (ii) persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc”) of the Order or 2. persons to whom these materials may otherwise be directed without contravention of section 21 of the Financial Services and Markets Act 2000 (all such persons being referred to as “relevant persons”). These materials must not be acted or relied on by persons who are not relevant persons. In member states of the European Economic Area, these materials are only directed at persons who are “qualified investors” within the meaning of Article 2(1)(e) of Directive 2003/71/EC. These materials and the information contained herein do not constitute and should not be construed as an offer to sell or solicitation of an offer to buy securities in the United States. The securities described in these materials have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States or for the account or the benefit of, US persons (as defined in Regulation S under the Securities Act ("Regulation S")) absent registration under the Securities Act or unless an exemption from the registration requirements of the Securities Act is available. The Issuer does not intend to conduct a public offering of any securities in the United States. These materials are not for release, publication or distribution, in whole or in part, directly or indirectly, in

  • r into the United States except to qualified institutional buyers ("QIBs") as defined in Rule 144A under the Securities Act

who are also “qualified purchasers” ("QPs") within the meaning of Section 2(a)(51)(A) of the US Investment Company Act of 1940, as amended (the "Investment Company Act"), and the rules and regulations thereunder. By accepting delivery of these materials the recipient warrants and acknowledges that it is either (i) a non-US person (as defined in Regulation S)

  • utside the United States or (ii) a QIB that is also a QP. Any failure to comply with the foregoing restrictions may constitute

a violation of US securities laws.

Disclaimer (cont.)

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SLIDE 4

Bloomberg ticker: KOMINS

KOMMUNINVEST

スウエーデン地方金融公社の概要

www.kommuninvest.org 4

  • 1986年 に10 の地方自治体により設立。現在は

全体で310 の地方自治体の内、288 がメンバーと して出資。内訳は277 の市町村と11 の都道府県 です。

  • AAA/Aaa, 格付けは安定的.
  • 総資産 HY ’17: SEK 384bn (USD 45bn)
  • 貸付総額. HY ’17: SEK 297bn (USD 35bn)
  • 調達は内外の資本市場から. 貸付はスウエーデン

国内のみ.

  • 使命、役割: メンバー全体の投融資需要に対し、

安く、安定した資金を提供.

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SLIDE 5

Bloomberg ticker: KOMINS

KOMMUNINVEST

AAA の投資家にとっての価値と安全性

www.kommuninvest.org 5

  • 出資者である各地方自治体による無

条件、無制限の個別連帯保証が付与

. 地方自治体は憲法で保障された権

利に基づき市民に所得税を課すこと ができる.

  • BIS 0% リスクウエイト. スイス、英国で

LCR Level 1 を獲得.

  • スウエーデン金融庁の規制下にあり、

スウエーデン王国と同等のリスクとF SAより認定. (FSA Factbook)

  • 中銀の金融政策のcounterparty で、中

銀の資金決済システムの一員.

  • 2017 の調達予定額: SEK 90-95bn

(~USD 11 bn at SEK/USD=8.4690)

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SLIDE 6

Bloomberg ticker: KOMINS www.kommuninvest.org 6

KOMMUNINVEST

地方自治体の借り入れ推移

  • 人口増、高齢化、大都市集中による投資の増加.特にインフラ、住宅、

エネルギー関連の投資増加.

  • 借入残高はGDPの 11-13% で安定

%

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SLIDE 7

Bloomberg ticker: KOMINS

地方自治体 (40%)

(Kommuninvestへの出資者宛貸し出し)

KOMMUNINVEST

貸し出し内訳

www.kommuninvest.org 7

地方自治体の住宅関連会社 (30%)

(Kommuninvest への出資者の保証つき貸し出 し)

その他地方自治体関連会社 (22%)

( Kommuninvest への出資者の保証つき貸し出 し)

地方自治体エネルギー会社 (7%)

( Kommuninvest への出資者の保証つき貸し出 し)

都道府県 (1%)

( Kommuninvest への出資者宛て貸し出し)

Source: Kommuninvest. Loan portfolio as of 30 June 2017 貸し出し落札率. (除く、資本市場から直接調達可能 自治体)

✓ 地方自治体の借り入れの85 % は各自治体の投資収入見合い . ✓ 15 %は自治体本来の収入で、 税収、政府交付金、手数料等.

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SLIDE 8

Bloomberg ticker: KOMINS

KOMMUNINVEST

主要財務指標 (2013 – 30 June 2017 )

www.kommuninvest.org 8

FY 2013 FY2014 FY2015 FY2016 HY2017 貸付, USDbn 24.6 26.3 30.0 32.7 35.0 総資産, USDbn 32.8 36.8 40.2 42.7 45.3 純金融収支, USDm 114.5 108.1 94.3 90.0 50.1 営業収支, USDm 89.5 86.1 77.4 47.0 61.8 Leverage Ratio, reported according to CRR*, % 0.57 0.75 0.87 1.56 1.65 Leverage Ratio, including subordinated loan**, % 0.91 1.09 1.16 1.84 1.91 自己資本比率合計 59.5% 49.3% 59.8% 122.1% 163.4% Tier 1 capital, USD million

SEK/USD = 8.4690 (30 Jun 2017)

* Tier 1 capital in relation to total assets and commitments (exposures). ** Tier 1 capital and subordinated loan issued by Kommuninvest Cooperative Society, in relation to total assets and commitments (exposures).

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SLIDE 9

Bloomberg ticker: KOMINS

KOMMUNINVEST

資本構成 30 June 2017

www.kommuninvest.org 9

流動性 71.3 357.4 債券他の発行 貸付 296.6 9.7 Derivatives Derivatives 14.7 8.9 その他 その他 1.4 1.0 劣後借り入れ 6.9 株式 合計 384.0 384.0 合計

SEK/USD = 8.2389 (30 Jun 2015)

資産 LIABILITIES SEK billion

Issued bonds &

  • ther securities

Derivatives Other Subordinated loan Equity

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SLIDE 10

Bloomberg ticker: KOMINS

KOMMUNINVEST

流動性確保状況, 30 June 2017

www.kommuninvest.org 10

流動性保有額 30 June 2017: SEK 71 bn

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SLIDE 11

MACRO-ECONOMIC FRAMEWORK

スウエーデン概要

www.kommuninvest.org 11

首都 Stockholm. 政体 Parliamentary democracy, Constitutional monarchy. 人口 10.1 million. 通貨 Swedish krona (SEK). European Union EU member since 1995, but not a member of the monetary union,

  • EMU. Independent central bank.

産業 Diversified, export-based. 主要輸出産業 Machinery, Electrical products & telecom, Chemicals & pharma- ceuticals, Forestry, Minerals, Automotive, Energy. 主要な輸出先 Norway, USA, Germany, UK.

評価順位

Environmental Performance Index (Yale University) (Jan 2016) #3 BSRI Sovereign Risk Index (BlackRock, July 2016) #4 Global Competitiveness Index (World Economic Forum, 2016-17) #6 Social Progress Index (Soc. Prog. Initiative, Apr 2017) #8 スウエーデン主要企業 Volvo Ericsson H&M Skanska Electrolux Sandvik Tobii Technology

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SLIDE 12

Bloomberg ticker: KOMINS

SWEDEN’S PUBLIC SECTOR

憲法上の組織

www.kommuninvest.org 12

中央政府

30 % of public sector spending

地方政府

70 % of public sector spending

国際金融市場

スウエーデン地方金融公 社の現在並びに将来に亘 る債務を無際限、無条件 に連帯、個別に保証. 地方政府は法律上破産で きず、また支払いの滞納 も不可. 憲法上、中央政府と地方 政府は同等.

Swedish constitution – Instrument of Government

条項 1 スウエーデンの民主主 義は意見の自由な構成、及び 平等な投票を根拠に成り立っ ている.それは、議員、議会 組織そして地方の個別の政府 によって実現される。. 条項 7 スウエーデンは地方議 会を各地方に持っている. 14章, 条項 4 地方政府は自分 の自治体の運営のために課税 する.

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SLIDE 13

Bloomberg ticker: KOMINS

SWEDEN’S PUBLIC SECTOR

公的部門の支出構造

www.kommuninvest.org 13

  • 保育
  • 医療保険
  • 市営住宅
  • 老人及び身障者介護
  • 少年、青年の教育制度
  • 法律、安全の整備
  • 衛生、ゴミ処理
  • エネルギー供給
  • 上下水道
  • 建設関連

地方政府

 70% の公的支出を担う

中央政府

 30% の公的支出を担う

  • 法律及び法令、政令、条例
  • 裁判制度
  • 国防及び警備
  • 環境整備
  • 高等教育及び調査研究
  • 公共交通機関整備
  • 地方政務及び動物、食品の衛生管理
  • 移民及び人種差別撤廃
  • 国家経済運営及び予算策定
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SLIDE 14

Bloomberg ticker: KOMINS

SWEDEN’S PUBLIC SECTOR

制度化された強固な枠組み

www.kommuninvest.org 14

健全な予算策定の 義務

地方自治体の各年度の 予算は収支のバランスが とれていなければならな い, 収支不均衡の場合は 3年以内に均衡させなけ ればならない.

Law: “Kommunallagen chap. 8 §4-5 (1991:900)”

財政の均一化

地方自治体の財政面の 不均衡は、毎年の税収 及び経費の均一化政策 により解消.

Law: “Lagen (2004:773)

  • m kommunalekonomisk

utjämning”

健全な金融政策の 要求

地方自治体は健全な金 融政策の遵守を義務付 けられている.

Law: “Kommunallagen chap. 8 §1-2 (1991:900)”

地方自治体の財政 原則

もし中央政府が地方自治 体に対し財政面の警告を 発した場合は、中央政府 は地方自治体の財政不 均衡を是正する措置をと らねばならない.

Approved by the government and in force since 1993.

熟慮されたスウエーデンの金融財政政策が、スウエーデンの強固な公共金融、及び低 い公的債務の実現に貢献している

スウエーデンの破産法によれば、地方自治体は清算できない為、破産を宣告出来ない。これは地方自治体は憲法上 課税できる権限を有する為である。スウエーデンの裁判所は、スウエーデンの地方自治体は破産法の管轄外と宣告 している。 (RH 1996:75) この見解はスウエーデンの法的原則として支持されている。

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SLIDE 15

Bloomberg ticker: KOMINS

KOMMUNINVEST

無条件、無制限の保証

www.kommuninvest.org 15

強固 安定 即効性

  • Kommuninvest Cooperative Society の全ての会員は、

Kommuninvest i Sverige AB.が行う全ての行為に対し、連帯、個別 に無条件、無制限の保証を行う契約を締結している

✓ 地方自治体は破産宣告が出来ず、他の自治体との合併以外で清算できない ✓ スウエーデンの自治体は徴税権を保有; ✓ 国家は地方自治体に対し最終的な責任を負う.

  • Kommuninvest’s AAA/Aaa の格付けをサポート.
  • スウエーデンの地方自治体政府が支払い不能に陥ったことは未だ

かってない.

✓ スウエーデンの最高裁は1994年の判決で、地方自治体政府が連帯、個別の 保証契約を結ぶ権利を有することを確認.

  • 投資家は裁判所の指令なしに、どの保証人に対しても請求できる

✓ スウエーデン地方政府によって保証された債務はEU内では、全て BIS 0% risk-weighted

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SLIDE 16

Bloomberg ticker: KOMINS www.kommuninvest.org 16

KOMMUNINVEST

レバレッジ比率

  • Kommuninvest は収益の積み上げで規定されたレバレッジ比率の

達成を目指す; 追加として、各メンバーによる資本注入、そしてそれ でも不足の場合は他の資本強化策を考える.

  • メンバーによる新たな資本注入の上限が 2014 と 2015 のAGM

で決定: 各自治体の住人一人当たりSEK 900 の資本注入 . これ で2018年1月1日までに、レバレッジ比率で最低 1.5 % 達成を目 指す.

  • メンバーは追加の資本提供を期待. (SEK 1.9 bn capital injection

in 2015; SEK 2.2 bn capital injected in 2016.)

  • もし最終のレバレッジ比率が予想より高く設定された場合、メンバ

ーに対し AT1 capital instruments の発行を検討.

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SLIDE 17

Bloomberg ticker: KOMINS www.kommuninvest.org 17

KOMMUNINVEST

流動性 coverage 比率 (LCR)

Sweden: Level 1

  • 2013年1月1日より有効.

European Union: Level 1

  • 2014年10月10日の European Commission Delegated Act on Liquidity Coverage

Ratio によれば、Kommuninvest の発行する債券は Level 1 assetsとして査定され、 2015年1月1日より有効.

UK: Level 1

  • Kommuninvest の発行する債券は2015年10月より Level 1 assets に査定.

Switzerland: Level 1

  • スイス中銀によれば Kommuninvest の発行する債券は Level 1 assetsに 2015年1月1

日より認定.

US: 審査中 Level 1

  • スウエーデンでは地方自治体は憲法上中央政府のリスクと同等と看做されている。 US

LCR によればKommuninvest は政府と同じリスクと看做され、従って2015年1月1日から Kommuninvest の発行する債券は、投資家の裁量で Level 1 の資産として認定.

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SLIDE 18

Funding

Photo: Nicho Södling, ImageBankSweden

調達

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SLIDE 19

Bloomberg ticker: KOMINS

通貨別調達内訳 2013 – 2017 (Aug 24), 単位 USD bn 除く commercial paper borrowing

分散及びベンチマークを中心とした調達戦略

www.kommuninvest.org 19

* 分散 – 通貨,投資家,商品 * 柔軟性 * ベンチマークサイズ *流動性カーブ * 50 percent in SEK

SEK/USD= 8.0647 as of 24 Aug 2017

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SLIDE 20

Bloomberg ticker: KOMINS

2017 Debt Capital Market Awards

Best Uridashi issuer –

Winner 主要な調達 2017/2016 May ’17: 4yr USD 0.5 bn RegS/144A Green Bond due June 2021 Mar ’17: 1.5yr USD 0.5 bn RegS/144A bond due Sept ‘18 Feb ’17: launch of SEK benchmark bond K2302, due Feb 2023 Jan ’17: 3yr USD 1.25 bn RegS/144A benchmark bond due January 2019 Nov ’16: 5.5yr SEK 3.0 bn benchmark bond due June 2022 Oct ’16: 3yr SEK 5.0 bn RegS Green Bond due Jan 2020 Oct ’16: 2yr USD 0.5 bn fixed bond due Nov 2018 Sep ‘16: 3yr USD 1.25bn RegS/144A benchmark bond due Sept 2019

KOMMUNINVEST

調達計画 2017

www.kommuninvest.org 20 調達可能通貨: AUD, CAD, CHF, DKK, EUR, GBP, JPY, MXN, NOK, NZD, SEK, ZAR, USD

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SLIDE 21

Bloomberg ticker: KOMINS

投資家内訳, USD benchmarks

www.kommuninvest.org 21

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SLIDE 22

Bloomberg ticker: KOMINS

STRATEGIC STRATEGIC STRATEGIC

www.kommuninvest.org 22

PROGRAMME Commercial Paper Euro- Commercial Paper

(Step-classification)

Euro Medium Term Note (144 A) Swedish Benchmark Programme Kangaroo and Kauri Schuldschein, JPY Loan 枠

SEK 50 bn EUR 7 bn EUR 30 bn unlimited AUD 1 bn unlimited

DEALERS

Nordea, SEB, Danske Bank, Swedbank, SHB Citi, Barclays, Deutsche, Goldman Sachs, Credit Suisse, BoA/ML, UBS Citi, Commerzbank, Deutsche, Daiwa, J.P.Morgan, Merrill Lynch, Mizuho, Morgan Stanley, Nomura, UBS Swedbank, Danske Bank, Handels- banken, Nordea, SEB Nomura, CBA, RBC, TD Securities, ANZ, Westpac, National Australia Bank

格付け K1 (S&P), P-1 (Moody’s) A-1+ (S&P), P-1 (Moody’s) AAA (S&P), Aaa (Moody’s) AAA (S&P), Aaa (Moody’s) AAA (S&P), Aaa (Moody’s) AAA (S&P), Aaa (Moody’s) 通貨 SEK, EUR EUR, USD, SEK, CHF, GBP Any currency subject to agreement SEK AUD/NZD EUR 短期 中長期

KOMMUNINVEST

調達 programmes

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SLIDE 23

Bloomberg ticker: KOMINS

USD 1.5 bn

FLOATING

Aug 2018: 0.5bn, Dec 2018: 0.5bn, May 2019: 0.5bn CHF 0.315 bn Oct 2020: 65m, Mar 2021: 100m, Feb 2022: 150m FIXED

www.kommuninvest.org 23

OUTSTANDING BONDS (A SELECTION)

ベンチマーク発行済み残高*

SEK 162.1 bn

Kommuninvest の債券は 以下の中銀の担保、レポ 適格: Riksbank (Sweden’s central bank), Bank of Canada, European Central Bank, Federal Reserve, Monetary Authority of Singapore, Reserve Bank of Australia, Reserve Bank of New Zealand and Swiss National Bank. Aug 2017: 13.7bn, June 2018: 25.8bn, Mar 2019: 31.1bn, Feb 2020: 15.3bn, Dec 2020: 31.0bn, Sep 2021: 23.4bn, Jun 2022: 10.7 bn, Feb 2023: 11.0 bn

SEK BENCHMARK PROGRAMME (FIXED)

USD 8.75 bn

Oct 2017: 1.75bn, Jan 2018: 1.25bn, Oct 2018: 1.25bn, Jan 2019: 1.0bn, Sep 2019: 1.25bn, Nov 2019: 1.0bn, Mar 2020: 1.25bn

USD BENCHMARK PROGRAMME (FIXED)

Nov 2018: 125m, Nov 2021: 125m, Aug 2022: 275m, Feb 2024: 50m, Oct 2025: 150m, Oct 2026: 25m

AUD 0.75 bn

FIXED Jan 2020 CAD 0.25 bn FIXED Sep 2019 GBP 0.4 bn FIXED

* As of 24 Aug 2017

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SLIDE 24

Bloomberg ticker: KOMINS www.kommuninvest.org 24

KOMMUNINVEST

2017の調達計画

中長期調達: SEK 90-95 bn (USD ~10.5 bn)

  • 中心は: USD and SEK benchmark programmes, Uridashi, Green

Bonds 短期調達:

  • ECP, domestic CP, short-term Uridashi

年度内調達計画変更の要因?

  • 貸し出し見通しの変更
  • 既存貸し出しの期限前返済の増加

要調達額変更に伴う調達計画への影響

USD benchmark programme 変更なし (strategic programme)* SEK benchmark programme 変更なし (strategic programme)* Private placements 増減の可能性あり ECP 期限前返済の増加による影響 短期貸し付け増減の影響 * 発行額は投資家の需要次第で増加

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SLIDE 25

Bloomberg ticker: KOMINS

KOMMUNINVEST

Green Bond の発行

www.kommuninvest.org 25

適格 projects

  • 再生エネルギー
  • 非化石燃料によるエネルギー調達システムの

効率化

  • Green buildings 並びにエネルギーの効率化
  • 公共交通機関
  • ゴミ処理
  • 水処理
  • 建物、インフラ、繊細な環境への適応、順応

投資

  • 環境の改善計画
  • Green Loans を2015年6月1日より会

員に提供.

  • 今までに3本の Green Bonds 発行:
  • USD 600m in March ’16
  • SEK 5 bn in October ’16
  • USD 500m in May ‘17
  • Loan の認可は Kommuninvest’s

members 並びに Kommuninvest Green Bonds Environmental Committeeによる検証を経て行われる.

  • Ciceroより外部意見取得.
  • 最初の影響力のあるレポートは March

2017 に発表

slide-26
SLIDE 26

Bloomberg ticker: KOMINS www.kommuninvest.org 26

KOMMUNINVEST

第一号の $600m Green Bond

  • 15 March 2016,に北欧最大の Green

Bond を発行.

  • 3-year RegS/144A Green Bond

transaction, maturing 23 April 2019. ISIN (RegS): XS1383831648

  • Deal followed extensive US and

European roadshow to > 50 accounts.

  • Final book size approached USD

900m, 41 accounts participated.

  • High quality book with strong

participation from environmentally focused investors, including AP3, AP4, CalSTRS, Everence Financial, NIB, Raiffeisen KAG, and UN JSPF.

slide-27
SLIDE 27

Bloomberg ticker: KOMINS www.kommuninvest.org 27

KOMMUNINVEST

初のSKR建てGreen Bond SEK 5bn

  • Issued 18 October 2016, largest SEK

Green Bond to date by any issuer.

  • Long 3-year RegS transaction,

maturing 5 May 2020. ISIN: XS1508534861.

  • Deal followed domestic and

international conf call & continuous roadshowing throughout 2016.

  • Order book over SEK 13 bn.
  • 19 participating investors, including

Alecta, AP3, AP7, Danske Capital, Folksam Group, Nordea AM, KfW, SBAB, SPP Storebrand and Öhman.

slide-28
SLIDE 28

Bloomberg ticker: KOMINS

FUNDING PROGRAMMES

国内 benchmark programme

www.kommuninvest.org 28

  • 戦略的調達プログラムで2010年に設定. 要

調達額の50%が目標.

  • 5 社のmarket makers, repo facility, buybacks.
  • 1-2 件を毎年発行 (syndication) + taps.
  • LCR Level 1. Liquidity class 2 with Riksbank.

Repo の効用

  • プログラムの流動性サポー

トの為設定.

  • 無制限に reverse repos を

Kommuninvest と行える.

  • 競争力のあるプライス.

* Outstanding as of 24 August 2017.

Issue ISIN Maturity Coupon Outstanding amount* K1708 SE0003787985 12 Aug, 2017 4.00% SEK 13.7 bn K1806 SE0006424990 12 Jun, 2018 1.00% SEK 25.8 bn K1903 SE0005131299 12 Mar, 2019 2.25% SEK 31.1 bn K2002 SE0005705621 16 Feb, 2020 0.75% SEK 15.3 bn K2012 SE0005705621 1 Dec, 2020 2.50% SEK 31.0 bn K2109 SE0006995064 15 Sept, 2021 1.00% SEK 23.4 bn K2109 SE0006995064 15 Sept, 2021 1.00% SEK 10.7 bn K2109 SE0006995064 15 Sept, 2021 1.00% SEK 11.0 bn

slide-29
SLIDE 29

Bloomberg ticker: KOMINS

SWEDISH BENCHMARK PROGRAMME

発行手順

www.kommuninvest.org 29

New bond (primary issue) Kommuninvest (KI) informs market makers (MMs) of issue intent approx. 2 weeks prior to issue. Benchmark bond status (min. SEK 3 bn

  • utstanding) typically sought on first day of issue – MMs are then

required to continuously provide bid/ask quotes. Volume allocation split equally between MMs, or adjusted according to MM interest. On issue date, KI issues bonds to MMs. Typically, bonds are available to investors through MMs within 15 minutes. Tap to existing outstanding bonds Taps in smaller volumes on an on-going basis, until the bond has a one year remaining maturity. Targeted maximum size outstanding in a bond is SEK ~30 bn. Investors can buy or sell the bond through the MM. The MM can bid for the bond in the market or with KI, or stay short and repo it from KI.

slide-30
SLIDE 30

Bloomberg ticker: KOMINS

FUNDING PROGRAMMES

USD benchmark プログラム

www.kommuninvest.org 30

  • 戦略的調達の programme.
  • 年間1-2 件の発行 (auctioned public offerings).

Target BM size USD ~1.5 bn. RegS and 144A.

  • 担保並びにレポ適格: Riksbank (Sweden’s CB),

ECB, Fed and central banks of Australia, Singapore and Switzerland.

ISIN (RegS) Maturity Coupon Outstanding

XS0847832267 24 Oct, 2017 1.000% USD 1.75 bn XS1173233237 29 Jan, 2018 1.000% USD 1.25 bn XS1302788416 9 Oct, 2018 1.125% USD 1.25 bn XS1346287748 22 Jan, 2019 1.500% USD 1.00 bn XS1489407467 17 Sep, 2019 1.125% USD 1.25 bn XS1114373274 12 Nov, 2019 2.000% USD 1.00 bn XS1550202532 19 Mar, 2020 1.750% USD 1.25 bn 投資家分類

$1.0bn, issued in Jan 2016 地域別 投資家別

slide-31
SLIDE 31

Bloomberg ticker: KOMINS

KOMMUNINVEST

要約

www.kommuninvest.org 31

  • AAA/Aaa, “国と同等のリスク” で リスクウエイトは0% .
  • 各自治体による無条件、無制限の個別、連帯保証が付与. 各自治

体は憲法に保障された権利に基づき所得税を課すことが出来る.

  • 慎重なリスク管理、非常に質の高い流動性の維持、そして中央銀

行からの調達も可能.

  • 主要な中央銀行から担保、レポ適格認定を受けている. 又スウ

エーデンでは Level 1 assets として認定、LCR 上100%のウエイ ト.

  • 国内のリスク規制上、政府債と同等のリスクと看做されている*.

* Clarification letter from Swedish FSA is included in the Kommuninvest Investor Factbook

slide-32
SLIDE 32

Green Bonds

slide-33
SLIDE 33

Bloomberg ticker: KOMINS

スウエーデンは持続可能な発展を目指す

  • 人類の環境に関する最初の国連の会議が1972年にストックホルムで

開催 – グローバルな環境問題の討議の始まり.

  • 現在の国内の議事日程 – 議会承認済 – 現時点の目標, 16 の質的目

標と、 24 からなる行程表. スウエーデンは旧弊から脱する最初の福祉 国家を目指す.

www.kommuninvest.se 33

環境実行 Index 2016 - top 50 countries

Source: Environmental Performance Index, developed by Yale University & Columbia University

slide-34
SLIDE 34

Bloomberg ticker: KOMINS

  • スウエーデンのグリーンに対する努力は, 街造り、地方のイン

フラへの投資、その拡大、その管理、責任ある行動を通じて 行われる.

  • >90 % 以上の地方自治体がグリーンの目標か、又は各々の

目標を設定している

  • 主要な投資 : 住宅、商業施設、インフラ、エネルギー、上下

水道、ゴミ処理等

  • 53 の地方自治体が the EU Covenant of Mayors に調印し

ている

  • 地方自治体による投資が、スウエーデン全体の公共投資の

50% を超えている.

  • 透明性と正確なレポートがこの種の発展を刺激している.

地方自治体の役割

www.kommuninvest.se 34

slide-35
SLIDE 35

Bloomberg ticker: KOMINS

Kommuninvest のGreen Bonds Framework

www.kommuninvest.se 35

  • 1. 資金使途

地方自治体による投資は低炭素を促進す るもの、そして気候変動を抑制、改善し、 社会に資するもの.

グリーンボンド原則の4本柱

  • 2. 案件評価と選定

i) Project の中身の証明とその有効性 の確認は Kommuninvest’s の組合 員の環境財務担当が行う; ii) その選別と仮認可は Kommuninvest’s の融資担当部署 が行う; iii) 再審査と最終認可は Kommuninvest のGreen Bonds Environmental Committeeによる 投票で合意を得る.

  • 4. 報告

i) green bond の発行とその資金の投 資案件に関する報告は毎年の投資 効率のレポートで行う; ii) 毎年、持続可能性も報告.

  • 3. 資金使途のフォローManagement
  • f Proceeds

Earmarked account for proceeds. Lending to Eligible Projects precedes Green Bond issuance.

第三者評価:

i) 第三者の見解を Cicero から取得 ii) auditors による再評価、according to SNT4400

slide-36
SLIDE 36

Bloomberg ticker: KOMINS

Ciceroによる第三者評価

www.kommuninvest.se 36

“Overall, Kommuninvest’s Green Bond

framework and environmental policies provide a progressive, clear and sound framework for climate‐friendly invest-

  • ments. The green bond framework lists

eligible projects that are supportive of the objective of promoting a transition to low‐carbon and climate‐resilient growth and is supported by a strong governance structure in Kommuninvest. It’s a clear strength that Kommuninvest in their selection of eligible loans puts strong emphasis on environmental

  • competence. This is of particular

importance since the framework covers many eligible project categories, some with a broad scope.”

Center for International Climate and Environmental Research (Cicero), 25 January 2016

Renewable energy

Wind Dark green Solar Dark green Hydro Dark green Bioenergy and biogas Medium green Geothermal Dark green Conversion from fossil Dark green to renewable

Energy efficiency

Dark green

Public transport

Medium green

Waste management

Medium green

Green buildings

Medium green

Water management

Dark green

Adaptation measures

Dark green

Environmental mgmt

Medium green

slide-37
SLIDE 37

Bloomberg ticker: KOMINS

第三者評価

www.kommuninvest.se 37

Capital Finance International

Best Green Bond Issuer Europe 2016 – Winner

Sustainable & Responsible Capital Markets awards 2016

Public sector Green/SRI Bond Deal of the Year – Nominee

Sustainable & Responsible Capital Markets awards 2016

Most impressive Government Bond Agency Green/SRI issuer - Nominee

2017 Debt Capital Market Awards

Best Green Bond issuer - Nominee

slide-38
SLIDE 38

Bloomberg ticker: KOMINS

適格プロジェクト

www.kommuninvest.se 38

slide-39
SLIDE 39

Bloomberg ticker: KOMINS

Herresta School in Järfälla

www.kommuninvest.se 39

合板材だけで作ったスウエーデンで最初の学校

Committed funds Whereof disbursed Project start Project completion Category SEK 317 million SEK 300 million 1 Jan. 2014 15 Nov 2015 Green Buildings

  • Part of Barkarbystaden, the largest urban development in Stockholm area – a new city

within the city with 18,000 new housing units and workspaces for 10,000 people.

  • Nursery school for 100 children, school for 300 children ages 6-11, approx 8,500 sq.m.
  • Built according to specifications for Environmental Building (Miljöbyggnad) Gold
  • Energy use for building estimated at 57 kWh per sq.m, nearly CO2 –neutral. Solar

panels on roof provides electricity amounting to 16 kWh per sq.m.

  • One of Sweden’s contributions at the 2014 World Sustainable Building Conference
slide-40
SLIDE 40

Bloomberg ticker: KOMINS

Blaiken wind farm – phases 2 & 3

www.kommuninvest.se 40

陸上でヨーロッパ最大の風力発電所

Committed funds Whereof disbursed Project start Project completion Category SEK 650 million SEK 650 million 1 Jan. 2012 31 Dec. 2015 Renewable Energy

  • Skellefteå Kraft (owned by Skellefteå Municipality) develops one the largest wind

farms in Europe, in collaboration with energy company Fortum.

  • Once completed, in 2017, the wind farm will contain 99 wind turbines with an installed

capacity of 247.5 MW

  • Annual production of 700 GWh, equivalent to annual electricity use in 161,500

apartments.

  • Phases 2 and 3 consist of 30 + 30 wind turbines.
slide-41
SLIDE 41

Bloomberg ticker: KOMINS

Sobacken – Borås municipality

www.kommuninvest.se 41

新しい下水処理施設並びに生化学燃料による発電、暖房施設

Committed funds Whereof disbursed Project start Project completion Category SEK 2.5 billion SEK 1.0 billion 1 Sept. 2015 1 Apr. 2018 Renewable Energy

  • Objectives: 1) Safeguard delivery of district heating and wastewater purification 2)

meet regulatory emissions standards for wastewater 3) allow the city to grow 4) contribute to vision of becoming fossile-free.

  • Co-localization of wastewater treatment plant and combined power and heating plant,

together with recycling center and biogas production facility, creates synergy effects.

  • Climate benefits:
  • Significant increase in renewable energy, both heating and electricity (electricity ~80

GWh/year).

  • Nitrogen and

phosphorus emissions as well as BOD7 to be reduced; N from 16 mg/litre to 8 mg/litre, equivalent to wastewater from 25,400 people.

  • Increased efficiency
  • Reduced amount of

transports in the city.

slide-42
SLIDE 42

Bloomberg ticker: KOMINS

Umeå – 公共交通用の電気バス

www.kommuninvest.se 42

効率的、クリーン、そして静かな公共交通機関

Whereof disbursed Project start Project completion Category SEK 77 million SEK 77 million 1 Jan. 2012 30 Apr. 2016 Public Transportation

  • The city of Umeå, in northern Sweden, is investing in a

sustainable system for local transport, based on ultra- rapidly-charged electric buses (10 min. charging – 30

  • min. driving)
  • Electrical buses replace diesel buses, reducing noise

and emissions of carbon dioxide, nitrogen dioxide and particulate matter.

  • In 2016 there will be 9 electric buses and two fast

charging stations in regular traffic.

  • Vision 2020:
  • another 24 buses in operation
  • share of electric bus transport kilometers to have

increased from zero in 2010 to 70 percent.

  • Due to high degree of renewables in local energy mix,

there is near-zero emissions of greenhouse gases.

slide-43
SLIDE 43

Bloomberg ticker: KOMINS

Sad

手順

www.kommuninvest.se 43

適格案件

スウエーデン地方政府の投資適格案件とは、低炭素、気候変動を抑制するもので、 それらは;

  • 申込者の継続的な環境配慮の一部であり;
  • 国家、又地方の環境改善のゴールで;
  • 気候変動を抑制、又変動に順応するもの.

Green Bonds

  • 大部分の Green Bonds の発行代

わり金は新規案件に (継続、完工案 件は過去9ヶ月までに限定).

  • 制限: Green Bonds の発行額は適

格案件宛貸付を超えないこと.

適格貸付

  • 貸付の申し込みは申し込み団体の

財務、環境部門の責任者の署名で 行われる

  • Screening and pre-approval by

Kommuninvest’s の貸付部門で審 査、仮認可が必要

  • 四半期毎: 適格案件は最終審査、

認可をthe Kommuninvest Green Bonds Environmental Committee の公平な投票により決まる.

slide-44
SLIDE 44

Bloomberg ticker: KOMINS

環境審査チーム

www.kommuninvest.se 44

専門分野

  • エネルギー及び気候変動対策
  • 都市開発及び企画
  • ゴミ処理並びに循環経済、生態経済
  • 環境整備
  • 環境工学
  • 持続的な報告システム

機能

  • 監査並びに Green Loan 申し込みの最終認可
  • 諮問委員会
  • Green Loan reportingの審査、決定
  • Reportingの影響の審査、承認
  • Green Bondsの枠組み造り、その改善への参画

LtR: Björn Söderlundh, Head of Lending, Kommuninvest; Marta Fallgren, Env. Mgr, Uppsala County Council; Sara Pettersson, Urban Development Officer, City of Gothenburg; Susanne Arneborg, Energy Coordinator, Municipality of Borås; Petra Mangnäs, Client Advisor, Kommuninvest; Hanna Arneson, Sustainability Mgr, Municipality of Örebro; Andreas Hagnell, Senior Advisor Environment and Energy, Swedish Association of Local Authorities and Regions.

slide-45
SLIDE 45

Bloomberg ticker: KOMINS

持続可能な分野

www.kommuninvest.se 45

全ての案件は以下の要件を満たさねばならない: ✓ 低炭素、気候変動を抑制する社会を創造する案件 ✓ 各自治体に於いて計画性のある環境造りの一部であること ✓ スウエーデン及び各地域の数ある目標に合致したものであること ✓ 気候変動を和らげる、もしくは気候変動に適応する、もしくは気候変動以外の分野で環 境改善に資する案件. グリーンの建設及びエネルギー効率化の為の追加の要請 以下の要件のひとつを満たすこと: 1. 新しい建設は少なくともスウエーデンの規制(BBR21)より1平方メーター当り25%改 善 (Swedish Building Regulations (BBR 21)). できれば以下の証明を取得 1) LEED gold, 2) BREEAM very good, 3) Environmental Building (Miljöbyggnad silver), 4) Svanen, 5) EU Green Building or 6) Feby-12 (Mini-energy building) 2. 現在の建物に於ける種々活動で25%を上回るエネルギー消費の削減を達成 3. 主な修築は1平方メーター当り年間35%のエネルギー消費減を達成 (Swedish Building Regulations (BBR 21)).

slide-46
SLIDE 46

Bloomberg ticker: KOMINS

貸付 適格貸付

資金使途の管理運営

www.kommuninvest.se 46

調達総額 Green Bonds 資産、負債の 整合性 SRI/ESG & mainstream investors

  • グリーン bond による調達資金は気候変動抑制、その対応の為の案

件、又は他の持続可能な環境改善の為の案件に使途が Kommuninvest’s Green Bonds Frameworkにより制限されている.

  • グリーン貸付額は常にグリーン bonds の発行額を上回っていることが

必要. Kommuninvest’s の監査役が公平に審査チェック.

流動性資金 準備 適格案件

高格付け、保守的運用 資産: 84% が中銀担保 適格資産 at 30 June 2016; 81% in AAA-資産 運用規則: グリーンボンド の発行額は適格貸付額 を上回らない.

slide-47
SLIDE 47

Bloomberg ticker: KOMINS

効用効果報告, December 2016

www.kommuninvest.se 47

再生エネルギー | SEK 8.6 bn, 27 projects  1.7 TWh of annual renewable energy generation through financing new and existing renewable energy infrastructure | ~ 400,000 tonnes in CO2 emissions avoided annually. グリーンな建物 | SEK 6.6 bn, 41 projects  14.8 GWh of energy savings through construction of low-energy residential and commercial property | ~ 2,000 tonnes in CO2 emissions saved annually. エネルギーシステムの効率化 | SEK 0.2 bn, 3 projects  ~ 21,000 tonnes in annual CO2 emissions savings through energy efficiency measures in local energy systems. 上下水道, 公共交通機関, 塵処理 | SEK 2.4 bn, 10 projects | broadbased impact, including:  reduction in harmful substances from wastewater treatment + expansion of access to municipal wastewater for additional 23,000 people (PEs)  increased capacity of local public transport networks, 6 million car kilometres avoided  improved waste mgmt & energy extraction by optical sorting.

Our Green Bonds Impact Report, including a description

  • f the methodology for

calculating climate impact, is available for download at: kommuninvest.se/greenbonds

slide-48
SLIDE 48

Bloomberg ticker: KOMINS

適格貸付の内訳, 24 Aug 2017

www.kommuninvest.se 48

* Project is planned, on-going or a maximum of nine months has passed since completion.

Projects may include

  • Bioenergy
  • Biogas from waste
  • Geothermal
  • Hydro
  • Solar
  • Wave
  • Wind

# of approved projects: 125

slide-49
SLIDE 49

Bloomberg ticker: KOMINS

グリーンボンドの発行戦略

  • 戦略的にグリーンボンドを SEK and USD で発行
  • SEK and USDの双方でイールドカーブを確立する目標
  • SEKで50%の調達目標達成
  • 他通貨での発行も検討、EUR も含む
  • 発行額はグリーン適格貸付額により決定 調達額はグリーン貸

付総残高の75%が上限

  • 資産負債期間の整合性はない。調達は貸付より短期間もありう

  • グリーン貸付及びグリーンボンドの発行は Kommuninvest’s

の将来の成長の重要な業務

www.kommuninvest.se 49

slide-50
SLIDE 50

Bloomberg ticker: KOMINS

SEK 市場でのグリーンボンドの発行

過程及び手順

  • Syndicated transactions for new bonds, subsequent tapping
  • Issuance under EMTN programme
  • Maturity date between outstanding SEK Benchmark Bonds
  • Expected maturities: 2-5 years
  • Larger initial issuance to meet investor demands
  • Allocation preference to green investors

www.kommuninvest.se 50

slide-51
SLIDE 51

Bloomberg ticker: KOMINS

全ての案件はスウエーデン国内

適用される法律及び規則

  • EU 法
  • スウエーデンの環境 Code

(Miljöbalken)

  • スウエーデンの 16 の質的環境改善

目標 www.miljomal.se

  • 各自治体の定める環境政策への合

  • OECD が定める多国籍企業に対す

る規則に合致

Kommuninvest sustainability perspective and indicators:

http://kommuninvest.se/en/about-us- 3/sustainability-2/

www.kommuninvest.se 51

Source: socialprogressimperative.org

Top-10 countries, Good Country Index

  • 1. Ireland
  • 2. Finland
  • 3. Switzerland
  • 4. Netherlands
  • 5. New Zealand
  • 6. Sweden
  • 7. United Kingdom
  • 8. Norway
  • 9. Denmark
  • 10. Belgium

Source: goodcountry.org

slide-52
SLIDE 52

Bloomberg ticker: KOMINS

Fossil reduction vs fossil-free (1/2)

www.kommuninvest.org 52

View on Fossil energy – fossil reduction vs fossil-free

The overall aim of the Kommuninvest Green Bonds framework is to contribute to the transition to low-carbon and climate-resilient growth, through projects that address mitigation of climate change, adaptation to climate change or environmental management in other areas than climate change (the latter max 30% of volume). In its Second Opinion, Cicero points to the fact that some of Eligible projects may include fossil energy to a non-negligible extent (over 10- 20%). This applies to the framework categories Renewable energy, Energy efficiency in energy systems and Public transportation and sustainable transportation. The framework has a broad scope, as it is aimed at supporting climate and environment initiatives across Sweden’s local government sector, all over Sweden. The projects address sectors of society with great impact on CO2-emissions, but which are not totally CO2-free. We will not approve investment projects that lead to a lock-in of fossil energy-based infrastructure. However, we may approve projects with a component of fossil energy if the project enables the transition to a climate-neutral infrastructure and similar solutions, whilst reducing climate impact. Impact analysis and impact reporting is an absolute requirement for projects partly encompassing fossil energy to a non- negligible extent (over 10-20%). The Environmental Committee is responsible for assuring that any project that includes a fossil component to a non-negligible extent will have significant positive climate and/or environmental impacts. Our views on fossil with regards to the project categories listed above is outlined in this paper. A complete exclusion of fossil energy from any project is virtually impossible to achieve, since fossil energy is

  • ften embedded in components, building materials and energy

production equipment, even in solar cells. The Swedish energy system – a background Sweden’s energy system uses a very low proportion of fossil fuels, especially in the production of electricity and district heating. The total share of renewables in the energy system, at over 50 percent, is the highest in the European Union. In addition, Sweden has a large proportion of nuclear power for electricity generation, at about 40

  • percent. Fossil energy is mainly used in the transport sector and for

industrial processes. A particular Swedish feature is that half of the energy used for heating purposes is supplied by district heating. The expansion of district heating and its conversion from fossil fuels to biomass and waste is the main factor behind Sweden’s reduced fossil CO2 emissions by some 25 percent since 1990. Why we allow a small share of fossil energy in district heating (max. 10 %) In the district heating sector, a fossil energy component sometimes cannot be completely avoided. Fossil energy may be required to start up processes, to use for peak energy at times of extreme energy demand and for back-up purposes. District heating is a flexible energy system capable of extracting energy from various types of energy sources and waste. We only accept projects with positive climate impact, e.g. a reduced carbon footprint, and which uses a limited amount of fossil energy (max 10 percent). We favor using waste for energy extraction as a resource-efficient and more climate-positive solution than landfill and other permanent

  • deposits. However, waste often includes fractions of plastics, which

according to international standards is regarded as fossil energy. Therefore, fossil waste incineration will not be accepted as a major component of eligible projects. (In general, maximum 10 per cent fossil component).

POSITION PAPER ON FOSSIL DATED 5 FEBRUARY 2016

slide-53
SLIDE 53

Bloomberg ticker: KOMINS

Fossil reduction vs fossil-free (2/2)

www.kommuninvest.org 53

We view peat as a non-renewable energy source. A possible exception is peat whose extraction can be shown to reduce methane leaking emissions from peat bogs. Such peat could be tolerated as climate positive. Kommuninvest also benefits from operating in a country where systems and regulations regarding waste sorting and smoke gas purification are highly developed. Why some energy efficiency projects may include fossil energy We support energy efficiency measures because they lead to a reduction in energy use, thereby contributing to a reduction in CO2

  • emissions. The principal way for property owners to reduce climate

impact is to make energy use more efficient. The focus of the projects will be on energy reduction, however the energy supply, which will generally not be a part of the project, may include a fossil energy

  • component. Given the increasingly interconnected electricity system in

the Nordic region and Europe1, it is difficult for property owners to completely exclude fossil components in the energy mix. Property

  • wners that are supplied with district heating also have limited
  • pportunity to influence the energy mix. The share of renewables in

the energy system is mainly a task for national and EU regulation. Why public transport and sustainable mobility projects may include fossil energy We support public transport-related projects in order to increase the use of such systems, thereby reducing car use and hence the use of fossil energy. However, in the support of a build-up of public transport infrastructure, for example, we generally cannot be certain that this infrastructure will only be used by transport vehicles that run on renewable energy. This usually is outside the scope of the project. Further, fuel mixtures for renewables often include minor fossil components, this generally is the case for both biodiesel, ethanol, bio- methane and electricity. The actual shares of renewables is often a question for national regulation and market. It is thus problematic to completely exclude fossil components. If vehicles are part of the application, they generally should be powered by renewable fuels. Fossil fuel buses (i.e. diesel and hybrid) can only be approved if the municipality/county council shows that the investment:

  • reduces total Greenhouse Gas emissions by promoting public over

private transportation more for the same cost than a solution based on green fuel-only buses; or

  • includes a plan to use a substantial portion of green fuels (for

example biodiesel) in these buses; and

  • includes impact analysis and impact reporting.

Given that few municipalities and regions operate their own bus fleets, such projects are expected to be limited in number. Impact analysis and reporting required The framework clearly specifies that a project that includes fossil energy to a non-negligible extent will only be approved if an impact analysis shows that there will be significant positive climate and/or environmental impact and impact reporting afterwards is required. The individual loan application should state why fossil components are part

  • f the energy mix. The above will ensure a high environmental

standard in execution.

1) The Swedish electricity mix is approximately 60 g CO2 per kWh. This can be compared with about 100 g CO2 per kWh for the Nordic electricity mix; 1000 g CO2 per kWh for coal-generated electricity and nearly 400 g CO2 per kWh for gas condensation, a common form of electricity generation in Europe. As electricity markets in the Nordic region and Europe become increasingly interconnected, it is not entirely clear how to assess the environmental impact. Furthermore, the share of renewable electricity in Sweden and Norway are regulated with green certificates rather than by individual buying of certified renewable electricity.

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SLIDE 54

Photo: Henrik Trygg, ImageBankSweden

スウエーデン経済

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Bloomberg ticker: KOMINS

MACRO-ECONOMIC FRAMEWORK

スウエーデン経済の実勢及び予測

www.kommuninvest.org 55

  • 数少ないAAA格付けを取得している国のひとつ.
  • 公的債務残高が低く、ヨーロッパで強い経済を維持.
  • 公的予算の整合性を保障する枠組み.

NIER* forecast, March 2017 2016 2017 2018 2019 GDP, working day adjusted, % 3.0 2.8 2.2 1.8 Employment growth, % 1.5 1.7 0.8 0.6 Unemployment, % 6.9 6.7 6.5 6.5 Inflation, CPI, % 1.0 1.5 1.6 2.4 Inflation with fixed interest rate, CPIF, % 1.4 1.7 2.0 2.0 Repo rate (at year-end, %)

  • 0.50
  • 0.50
  • 0.25

0.50 General government net lending, % of GDP 0.9 0.5 0.6 0.8 General government gross debt (Maastricht debt), % of GDP 41.3 39.2 37.5 36.1

* National Institute of Economic Research (Konjunkturinstitutet)

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Bloomberg ticker: KOMINS

MACRO-ECONOMIC FRAMEWORK

スウエーデンの住宅市場

www.kommuninvest.org 56

  • 40%が私的
  • 供給不足
  • 値上がりが急
  • 家主の借り入れ増加.
  • スウエーデンのFSAによるス

トレステストによれば家賃及び 借り入れマージンは健全.

  • アパートの60%を占める
  • 260-290の地方自治体が支配

する市場

  • 家賃は普通家主と賃借人の代表

で毎年決定、家賃を決定する要因 は、 i) アパートの公益サービスの 価値及び、 ii) 建物の価値の変動 及び家屋、アパートの維持管理費 用.

Kommuninvest は規制された賃貸市場で活発に活 動している自治体の住宅会社に積極的に貸付. 貸付 は常に自治体の個別、全体、無制限の保証の下に行 われる.

私的市場の賃貸アパート及び家 屋 規制された住宅、アパート市場ー個 人及び公的家主

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SLIDE 57

Bloomberg ticker: KOMINS

MACRO-ECONOMIC FRAMEWORK

スウエーデンはEUの緊急援助の負担なし

www.kommuninvest.org 57 EU member, eurozone member EU member, non-eurozone member Non EU country

Sweden is not a member of the eurozone, because the "no" vote prevailed in the 2003 referendum. No new referendum is planned. Therefore, Sweden has not participated with credits through the European Stability Mechanism, ESM (nor its predecessors EFSF and EFSM)*. However, Sweden has made voluntary bailout commitments (bilateral loans), to support fellow European countries:

  • Iceland

EUR 495m (2008), 495m paid out, 205m

  • utstanding after two early prepayments.
  • Latvia

EUR 720m (2009), terminated, not paid out

  • Ireland

SEK 600m (2010), 300m paid out

* Sweden’s commitments are limited to: 1) its share, 3.1%, of the guarantee arrangements of the ESM / EFSM loan facilities. 2) its quota share of the financial support provided by IMF, the International Monetary Fund. Sweden’s quota is SEK 25bn. There are also additional commitments to the IMF, capped at SEK 45bn.

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Bloomberg ticker: KOMINS

SWEDEN’S PUBLIC SECTOR

福祉国家の手本

www.kommuninvest.org 58

社会的平等 互助 充実した私生活 自己責任 GDP比税収 , 2014

世界各国比較 1. Denmark 2. Sweden 3. Switzerland 4. Norway 5. Finland 6. Netherlands

Source: Tallberg Foundation, compilation of 16 recognized ranking lists (human development, democracy, enterprise, environment, education, competitiveness, etc) Pictures: Lena Granefelt, Henrik Trygg, Henrik Trygg, Lena Granefelt/ImageBank Sweden Source: OECD database, August 2016

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Bloomberg ticker: KOMINS

Gross central government debt/GDP was 34 percent in 2015, excluding on- lending to the Riksbank, money market assets and lending to foreign states. Central government debt including on-lending and assets in debt management was 28 percent in relation to GDP in 2015.

SWEDEN’S PUBLIC SECTOR

国家債務は低水準で安定

www.kommuninvest.org 59

Source: The National Institute for Economic Research and the Swedish National Debt Office, January 2016. Forecast for 2016 and 2017

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SLIDE 60

Bloomberg ticker: KOMINS www.kommuninvest.org 60

SWEDEN’S PUBLIC SECTOR

地方自治体の財政

収支構造 2015-2019

SEK billion

Out- come Forecast Calculation 2015 2016 2017 2018 2018 Income from activities* 192 218 231 244 256 Expenses from activities

  • 915
  • 985
  • 1038
  • 1100
  • 1166

Depreciation

  • 30
  • 32
  • 34
  • 37
  • 39

Net expenses from activities

  • 753
  • 798
  • 842
  • 893
  • 949

Tax revenue 634 671 707 754 810 Gen gov grants and equalisation 128 139 142 148 153 Net financial income** 4 3 2

  • 4

Net income before extraordinary items 13 14 8 9 10 Share of taxes and grants % 1,7 1,8 1,0 1,0 1,0 *The non-recurring effect of repayments of AFA premiums is included with SEK 5 bn for 2015.

Source: Swedish Association of Local Authorities and Regions, “The Economy Report, April 2016”

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SLIDE 61

Photo: ImageBankSweden

Kommuninvest

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SLIDE 62

Bloomberg ticker: KOMINS www.kommuninvest.org 62

KOMMUNINVEST

Strategic framework

Local government borrowing

  • Investment needs in municipal services and infrastructure fuel

increase in local government borrowing.

  • Expected annual growth rate in local government borrowing: 6-7

percent, in line with 2011-2015 average. Kommuninvest strategic targets

➢ Customer Satisfaction Index ➢ Employee Satisfaction Index ➢ Investor Satisfaction Index & efficiency in funding

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SLIDE 63

Bloomberg ticker: KOMINS www.kommuninvest.org 63

KOMMUNINVEST

Legal structure

Ultimate owners Ownership association Credit market company

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SLIDE 64

Bloomberg ticker: KOMINS www.kommuninvest.org 64

KOMMUNINVEST AND THE LIQUIDITY COVERAGE RATIO

High Quality assets

Equal to the Swedish sovereign

Swedish constitution, article 1: ”Swedish democracy is founded on the free formation of opinion and on universal and equal suffrage. It is realised through a representative and parliamentary form of government and through local self-government.” Principles governing the organisation and working procedures of local authorities and local taxation are adopted by law, the Government may not adopt provisions which relate to the Riksdag – the supreme body – or authorities under the Riksdag. Nor may the Government adopt provisions which relate to local taxation.

Explicitly guaranteed by 280 Swedish local governments (SLGs)

All bonds are guaranteed until maturity through a joint and several, explicit and irrevocable guarantee. The guarantee is signed by the 272 municipalities and 8 county councils that own Kommuninvest. i. SLGs cannot be declared bankrupt (court decision in Investor Factbook) ii. Guarantee is valid (legal opinion in Investor Factbook) iii. SLGs are entitled to enter into guarantee arrangement (see Investor Factbook)

KI bonds are treated as sovereign risk (0 % risk weight, according to Swedish FSA1. Bonds are LCR Level 1 eligible in EU, UKand Switzerland, from 2015. Accepted as collateral with numerous central banks, increasingly used in repo transactions globally. Monetary policy counterparty to the Riksbank. Member of Riksbank clearing and payment system, RIX.

1) Clarification letter from Swedish FSA, Finansinspektionen, included in Investor Factbook

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SLIDE 65

Bloomberg ticker: KOMINS www.kommuninvest.org 65

KOMMUNINVEST AND THE LIQUIDITY COVERAGE RATIO

Liquid Assets

  • Global investor base, focus on central banks and official institutions.

Eligilibity as LCR Level 1 has broadened investor appeal to include bank treasuries.

  • Outstanding USD benchmark bond curve exceeding USD 10 bn – strategic

funding programme.

  • Ongoing relations with many of the world’s largest investment banks, who

quote prices in Kommuninvest paper.

  • Eligible as collateral with NasdaqOMX.
  • Eligible as collateral with increasing numbers of central banks, including the

Federal Reserve. As a result, Kommuninvest USD benchmark bonds are reputedly being used in the repo market.

  • AAA rating reflects, among other things, rating agencies’ views on

Kommuninvest refinancing capabilities; e.g. the liquidity of securities issued.

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Photo: Johan Alp, ImageBankSweden

Risk management

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Bloomberg ticker: KOMINS

KOMMUNINVEST

Risk management

www.kommuninvest.org 67

Market risk

Interest rate risk Strict hedging principles for lending and funding transactions. Interest rate risk is kept at a minimum. Exchange risk All currency exposure hedged on asset & liability basis to SEK, USD and EUR. Refinancing risk Diversified funding sources limit risk. Liquidity risk

  • The liquidity reserve has to be between

20-40% of the lending.

  • Kommuninvest is a monetary policy

counterparty to Sweden’s central bank, the Riksbank.

Credit risk

  • Lending to members and companies

guaranteed by members only.

  • Local governments have unlimited right

to set income tax rates.

  • Strict methods for assessing and

analyzing applications for membership.

  • Each member’s credit monitored at

least twice yearly.

  • A local government cannot be declared

bankrupt.

  • Liquidity invested in highly rated assets
  • nly: 0 or 20% risk-weight.
  • Strategy to limit credit risk relating to

derivatives: ratings restrictions on derivative counterparties and collateral

  • agreements. Lowest A/A2-rating without

collateral agreement.

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SLIDE 68

www.kommuninvest.org 68

  • Day-to-day follow-up of exposures
  • Follow-up of specific municipalities
  • Member and sector follow-up twice a year
  • Continuous follow-up required if risk model

classification so indicates Risk monitoring bodies (micro)

  • Lending Group
  • Risk & Analysis Group
  • Credit Group
  • CEO
  • Board of the Company

Risk monitoring bodies (macro)

  • Lending Group
  • Risk & Analysis Group
  • Credit Research & Finance Committee
  • Board of the Company (sets lending limit upon

membership approval and reviews it yearly)

  • Board of the Cooperative Society (approves

membership application)

Upon membership application | Throughout membership

Liquidity preparedness Historical profits Financial capacity Development potential Activities with risks Assessment criteria pre and post membership approval

  • Decision to offer membership is

taken by the Board of Directors

  • f the Kommuninvest

Cooperative Society.

  • Fundamental requirement: The

municipality must be able to meet its obligations as a borrower and a guarantor.

The full analysis is always based on a qualitative & quantitative assessment, taking into account the group perspective, e.g. considering growth opportunities, regional/local economic activity, financial sustainability and surplus / deficit values in the balance sheet.

KOMMUNINVEST

Credit analysis in lending operations

Lending to Swedish local governments is 0% risk-weighted from a capital adequacy

  • perspective. No Swedish local government has ever defaulted on a payment commitment.
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SLIDE 69

www.kommuninvest.org 69

CREDIT ANALYS | LENDING

Credit model – risk factor scale

Quantitative model based on 11 key ratios

Member key ratios analysed against both the member’s own trend and the average for similar members.

Population growth Current ratio Government grants Net debt Net cost Commitments Loan debts Tax Solvency incl. pension commitments Results before extraordinary items Vacancy rates, municipal housing company From excellent (risk factor 0-3) to “watch list” (risk factor 8.5-13)

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SLIDE 70

www.kommuninvest.org 70

CREDIT ANALYS | LENDING

KI risk factor and lending limits

Lending limit Kommuninvest’s decision on the highest acceptable net debt level of a member, including items “below the line”, e.g. pension commitments. General limit set at SEK 128,000 per inhabitant for 2016, equivalent to 30 % of Sweden’s GDP. K-Max Amount that member can borrow from Kommuninvest (K-Max) = Kommuninvest’s lending limit – member’s net debt

Risk factor 0–3.0

Borrowing can be made up to 100% of K-Max

Risk factor 3.5–6.0 Borrowing generally limited to 75% of K-Max Risk factor 6.5–8.0 Borrowing generally limited to 50% of K-Max Risk factor 8.5–13

Borrowing generally limited to 50% of K-Max Member put on watch-list, discussions initiated Access to new loans can be restricted

Special limit Some members can support a higher lending limit, due to significant income from the municipal energy company, surplus values in the housing company or other. Kommuninvest places higher demands on such members and they are also monitored more closely.

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Bloomberg ticker: KOMINS www.kommuninvest.org 71

Source: Kommuninvest

KOMMUNINVEST

Municipal net debt, per citizen in SEK

Net debt = + Loan debt + Pension liability + Provisions

  • Cash
  • Investments in liquid assets
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Bloomberg ticker: KOMINS

  • Mr. Christian Ragnartz

Head of Debt Managemen Tel: +46 (0)10 470 87 06 christian.ragnartz@kommuninvest.se

KOMMUNINVEST

Contacts

www.kommuninvest.org 72

  • Mr. Carl-Henrik Arosenius

Head of Investor Relations Tel: +46 (0)10 470 88 81 carl-henrik.arosenius@kommuninvest.se

  • Mr. Per Adolfsson

Funding Officer Tel: +46 (0)10 470 88 66 per.adolfsson@kommuninvest.se

  • Ms. Maria Viimne

Deputy CEO/Chief Operating Officer Tel: +46 (0)10 470 87 11 maria.viimne@kommuninvest.se

Investor Relations – ir@kommuninvest.se

  • Mr. Björn Bergstrand

Senior Investor Relations Manager Tel: +46 (0)10 470 87 31 bjorn.bergstrand@kommuninvest.se

  • Mr. Kanichiro Hirata

Senior Advisor, Japan/Asia Rep. Tel: +81 90 2758 0222 kanichiro.hirata@kommuninvest.se

Funding – funding@kommuninvest.se

  • Mr. Tobias Landström

Senior Funding Officer Tel: +46 (0)10 470 88 83 tobias.landstrom@kommuninvest.se

  • Ms. Ulrika Gonzalez Hedqvist

Senior Funding Officer Tel: +46 (0)10 470 88 82 ulrika.hedqvist@kommuninvest.se

  • Mr. Marcus Waineby

Senior Portfolio Manager Tel: +46 (0)10 470 88 63 Marcus.waineby@kommuninvest.se

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Bloomberg ticker: KOMINS www.kommuninvest.org 73

The Kommuninvest Investor Factbook contains in-depth information material on Kommuninvest and the Swedish local government sector, including financial reports, rating reports and legal documentation. The Factbook is specifically designed to facilitate investor/counterparty credit approval and review processes.

All documents included in the Factbook are available for download at Kommuninvest’s website www.kommuninvest.org  Investor Relations  Financial information. KOMMUNINVEST

Investor Factbook

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Bloomberg ticker: KOMINS

Additional information

www.kommuninvest.org 74

Kommuninvest: www.kommuninvest.org Swedish Government: http://www.sweden.gov.se/ (loans to other countries: http://www.government.se/sb/d/3323/a/157255 ) The Swedish Central Bank, the Riksbank – financial stability reports: http://www.riksbank.se/en/Financial-stability/ collateral information: http://www.riksbank.se/en/Financial-stability/The-RIX-payment-system/Collateral/ The National Institute of Economic Research – economic surveys and forecasts for the Swedish economy: www.konj.se The Swedish Financial Supervisory Authority – risk and supervision reports: http://www.finansinspektionen.se/Folder-EN/Startpage/Supervision/Reports/ Swedish Association of Local Authorities and Regions – publications and reports: http://english.skl.se/publications_and_reports

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SLIDE 75

Notes