Photo: Eric Lindvall, ImageBankSweden Version: 30 August 2017 KOMMUNINVEST スウエーデン地方金融公社
Disclaimer 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 otherwise acquire or dispose of, any debt or other securities of the Issuer (“securities”) and are not intended to provide th e 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 sh ould 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. www.kommuninvest.org 2 Bloomberg ticker: KOMINS
Disclaimer (cont.) 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 or 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) outside 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. www.kommuninvest.org 3 Bloomberg ticker: KOMINS
KOMMUNINVEST スウエーデン地方金融公社の概要 • 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 . 4 www.kommuninvest.org Bloomberg ticker: KOMINS
KOMMUNINVEST AAA の投資家にとっての価値と安全性 • 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 5 www.kommuninvest.org Bloomberg ticker: KOMINS (~USD 11 bn at SEK/USD=8.4690)
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 • % www.kommuninvest.org 6 Bloomberg ticker: KOMINS
KOMMUNINVEST 貸し出し内訳 地方自治体 (40%) (Kommuninvest への出資者宛貸し出し ) 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 貸し出し落札率 . （除く、資本市場から直接調達可能 し ) 自治体） ✓ 地方自治体の借り入れの 85 % 地方自治体エネルギー会社 (7%) は各自治体の投資収入見合い ( Kommuninvest への出資者の保証つき貸し出 . し ) ✓ 15 % は自治体本来の収入で、 税収、政府交付金、手数料等 . 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 www.kommuninvest.org 7 Bloomberg ticker: KOMINS
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