スウエーデン地方金融公社
KOMMUNINVEST
Version: 30 August 2017
Photo: Eric Lindvall, ImageBankSweden
Disclaimer These materials are confidential and are not for - - PowerPoint PPT Presentation
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
KOMMUNINVEST
Version: 30 August 2017
Photo: Eric Lindvall, ImageBankSweden
Bloomberg ticker: KOMINS
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
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.
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
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
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)
a violation of US securities laws.
Bloomberg ticker: KOMINS
KOMMUNINVEST
www.kommuninvest.org 4
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。
国内のみ.
安く、安定した資金を提供.
Bloomberg ticker: KOMINS
KOMMUNINVEST
www.kommuninvest.org 5
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.
LCR Level 1 を獲得.
スウエーデン王国と同等のリスクとF SAより認定. (FSA Factbook)
銀の資金決済システムの一員.
(~USD 11 bn at SEK/USD=8.4690)
Bloomberg ticker: KOMINS www.kommuninvest.org 6
KOMMUNINVEST
エネルギー関連の投資増加.
%
Bloomberg ticker: KOMINS
地方自治体 (40%)
(Kommuninvestへの出資者宛貸し出し)
KOMMUNINVEST
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.
Bloomberg ticker: KOMINS
KOMMUNINVEST
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).
Bloomberg ticker: KOMINS
KOMMUNINVEST
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 &
Derivatives Other Subordinated loan Equity
Bloomberg ticker: KOMINS
KOMMUNINVEST
www.kommuninvest.org 10
流動性保有額 30 June 2017: SEK 71 bn
MACRO-ECONOMIC FRAMEWORK
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,
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
Bloomberg ticker: KOMINS
SWEDEN’S PUBLIC SECTOR
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.
Bloomberg ticker: KOMINS
SWEDEN’S PUBLIC SECTOR
www.kommuninvest.org 13
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
Bloomberg ticker: KOMINS
SWEDEN’S PUBLIC SECTOR
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)
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。
Bloomberg ticker: KOMINS
KOMMUNINVEST
www.kommuninvest.org 15
強固 安定 即効性
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.
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.
✓ 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
Bloomberg ticker: KOMINS www.kommuninvest.org 16
KOMMUNINVEST
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.
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.
in 2015; SEK 2.2 bn capital injected in 2016.)
ーに対し AT1 capital instruments の発行を検討.
Bloomberg ticker: KOMINS www.kommuninvest.org 17
KOMMUNINVEST
Sweden: Level 1
European Union: Level 1
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
Switzerland: Level 1
日より認定.
US: 審査中 Level 1
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.
Photo: Nicho Södling, ImageBankSweden
Bloomberg ticker: KOMINS
通貨別調達内訳 2013 – 2017 (Aug 24), 単位 USD bn 除く commercial paper borrowing
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
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
www.kommuninvest.org 20 調達可能通貨: AUD, CAD, CHF, DKK, EUR, GBP, JPY, MXN, NOK, NZD, SEK, ZAR, USD
Bloomberg ticker: KOMINS
www.kommuninvest.org 21
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
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)
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
Bloomberg ticker: KOMINS www.kommuninvest.org 24
KOMMUNINVEST
中長期調達: SEK 90-95 bn (USD ~10.5 bn)
Bonds 短期調達:
年度内調達計画変更の要因?
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
Bloomberg ticker: KOMINS
KOMMUNINVEST
www.kommuninvest.org 25
適格 projects
効率化
投資
員に提供.
members 並びに Kommuninvest Green Bonds Environmental Committeeによる検証を経て行われる.
2017 に発表
Bloomberg ticker: KOMINS www.kommuninvest.org 26
KOMMUNINVEST
Bond を発行.
transaction, maturing 23 April 2019. ISIN (RegS): XS1383831648
European roadshow to > 50 accounts.
900m, 41 accounts participated.
participation from environmentally focused investors, including AP3, AP4, CalSTRS, Everence Financial, NIB, Raiffeisen KAG, and UN JSPF.
Bloomberg ticker: KOMINS www.kommuninvest.org 27
KOMMUNINVEST
Green Bond to date by any issuer.
maturing 5 May 2020. ISIN: XS1508534861.
international conf call & continuous roadshowing throughout 2016.
Alecta, AP3, AP7, Danske Capital, Folksam Group, Nordea AM, KfW, SBAB, SPP Storebrand and Öhman.
Bloomberg ticker: KOMINS
FUNDING PROGRAMMES
www.kommuninvest.org 28
調達額の50%が目標.
Repo の効用
トの為設定.
Kommuninvest と行える.
* 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
Bloomberg ticker: KOMINS
SWEDISH BENCHMARK PROGRAMME
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
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.
Bloomberg ticker: KOMINS
FUNDING PROGRAMMES
www.kommuninvest.org 30
Target BM size USD ~1.5 bn. RegS and 144A.
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
Bloomberg ticker: KOMINS
KOMMUNINVEST
www.kommuninvest.org 31
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.
行からの調達も可能.
エーデンでは Level 1 assets として認定、LCR 上100%のウエイ ト.
* Clarification letter from Swedish FSA is included in the Kommuninvest Investor Factbook
Bloomberg ticker: KOMINS
開催 – グローバルな環境問題の討議の始まり.
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
Bloomberg ticker: KOMINS
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.
目標を設定している
水道、ゴミ処理等
ている
50% を超えている.
www.kommuninvest.se 34
Bloomberg ticker: KOMINS
www.kommuninvest.se 35
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
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.
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.
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
Bloomberg ticker: KOMINS
www.kommuninvest.se 36
“Overall, Kommuninvest’s Green Bond
framework and environmental policies provide a progressive, clear and sound framework for climate‐friendly invest-
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
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
Bloomberg ticker: KOMINS
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
Bloomberg ticker: KOMINS
www.kommuninvest.se 38
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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
within the city with 18,000 new housing units and workspaces for 10,000 people.
panels on roof provides electricity amounting to 16 kWh per sq.m.
Bloomberg ticker: KOMINS
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
farms in Europe, in collaboration with energy company Fortum.
capacity of 247.5 MW
apartments.
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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
meet regulatory emissions standards for wastewater 3) allow the city to grow 4) contribute to vision of becoming fossile-free.
together with recycling center and biogas production facility, creates synergy effects.
GWh/year).
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.
transports in the city.
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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
sustainable system for local transport, based on ultra- rapidly-charged electric buses (10 min. charging – 30
and emissions of carbon dioxide, nitrogen dioxide and particulate matter.
charging stations in regular traffic.
increased from zero in 2010 to 70 percent.
there is near-zero emissions of greenhouse gases.
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Sad
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;
Green Bonds
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).
格案件宛貸付を超えないこと.
適格貸付
財務、環境部門の責任者の署名で 行われる
Kommuninvest’s の貸付部門で審 査、仮認可が必要
認可をthe Kommuninvest Green Bonds Environmental Committee の公平な投票により決まる.
Bloomberg ticker: KOMINS
www.kommuninvest.se 44
専門分野
機能
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.
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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)).
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貸付 適格貸付
www.kommuninvest.se 46
調達総額 Green Bonds 資産、負債の 整合性 SRI/ESG & mainstream investors
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.
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.
Bloomberg ticker: KOMINS
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
calculating climate impact, is available for download at: kommuninvest.se/greenbonds
Bloomberg ticker: KOMINS
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* Project is planned, on-going or a maximum of nine months has passed since completion.
Projects may include
# of approved projects: 125
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付総残高の75%が上限
る
の将来の成長の重要な業務
www.kommuninvest.se 49
Bloomberg ticker: KOMINS
過程及び手順
www.kommuninvest.se 50
Bloomberg ticker: KOMINS
適用される法律及び規則
(Miljöbalken)
目標 www.miljomal.se
致
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
Source: goodcountry.org
Bloomberg ticker: KOMINS
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
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
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
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
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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
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
the Nordic region and Europe1, it is difficult for property owners to completely exclude fossil components in the energy mix. Property
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:
private transportation more for the same cost than a solution based on green fuel-only buses; or
example biodiesel) in these buses; and
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
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.
Photo: Henrik Trygg, ImageBankSweden
Bloomberg ticker: KOMINS
MACRO-ECONOMIC FRAMEWORK
www.kommuninvest.org 55
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 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)
Bloomberg ticker: KOMINS
MACRO-ECONOMIC FRAMEWORK
www.kommuninvest.org 56
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.
する市場
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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MACRO-ECONOMIC FRAMEWORK
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:
EUR 495m (2008), 495m paid out, 205m
EUR 720m (2009), terminated, not paid out
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.
Bloomberg ticker: KOMINS
SWEDEN’S PUBLIC SECTOR
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
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
www.kommuninvest.org 59
Source: The National Institute for Economic Research and the Swedish National Debt Office, January 2016. Forecast for 2016 and 2017
Bloomberg ticker: KOMINS www.kommuninvest.org 60
SWEDEN’S PUBLIC SECTOR
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
Depreciation
Net expenses from activities
Tax revenue 634 671 707 754 810 Gen gov grants and equalisation 128 139 142 148 153 Net financial income** 4 3 2
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”
Photo: ImageBankSweden
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KOMMUNINVEST
Local government borrowing
increase in local government borrowing.
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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KOMMUNINVEST
Ultimate owners Ownership association Credit market company
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KOMMUNINVEST AND THE LIQUIDITY COVERAGE RATIO
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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KOMMUNINVEST AND THE LIQUIDITY COVERAGE RATIO
Eligilibity as LCR Level 1 has broadened investor appeal to include bank treasuries.
funding programme.
quote prices in Kommuninvest paper.
Federal Reserve. As a result, Kommuninvest USD benchmark bonds are reputedly being used in the repo market.
Kommuninvest refinancing capabilities; e.g. the liquidity of securities issued.
Photo: Johan Alp, ImageBankSweden
Bloomberg ticker: KOMINS
KOMMUNINVEST
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
20-40% of the lending.
counterparty to Sweden’s central bank, the Riksbank.
Credit risk
guaranteed by members only.
to set income tax rates.
analyzing applications for membership.
least twice yearly.
bankrupt.
derivatives: ratings restrictions on derivative counterparties and collateral
collateral agreement.
www.kommuninvest.org 68
classification so indicates Risk monitoring bodies (micro)
Risk monitoring bodies (macro)
membership approval and reviews it yearly)
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
taken by the Board of Directors
Cooperative Society.
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
Lending to Swedish local governments is 0% risk-weighted from a capital adequacy
www.kommuninvest.org 69
CREDIT ANALYS | LENDING
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)
www.kommuninvest.org 70
CREDIT ANALYS | LENDING
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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Source: Kommuninvest
KOMMUNINVEST
Net debt = + Loan debt + Pension liability + Provisions
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Head of Debt Managemen Tel: +46 (0)10 470 87 06 christian.ragnartz@kommuninvest.se
KOMMUNINVEST
www.kommuninvest.org 72
Head of Investor Relations Tel: +46 (0)10 470 88 81 carl-henrik.arosenius@kommuninvest.se
Funding Officer Tel: +46 (0)10 470 88 66 per.adolfsson@kommuninvest.se
Deputy CEO/Chief Operating Officer Tel: +46 (0)10 470 87 11 maria.viimne@kommuninvest.se
Investor Relations – ir@kommuninvest.se
Senior Investor Relations Manager Tel: +46 (0)10 470 87 31 bjorn.bergstrand@kommuninvest.se
Senior Advisor, Japan/Asia Rep. Tel: +81 90 2758 0222 kanichiro.hirata@kommuninvest.se
Funding – funding@kommuninvest.se
Senior Funding Officer Tel: +46 (0)10 470 88 83 tobias.landstrom@kommuninvest.se
Senior Funding Officer Tel: +46 (0)10 470 88 82 ulrika.hedqvist@kommuninvest.se
Senior Portfolio Manager Tel: +46 (0)10 470 88 63 Marcus.waineby@kommuninvest.se
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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
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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
Notes