Starting on Tuesday, 1 October (depending on market conditions), Kommuninvest will start introducing a new loan (SE0005423753) three months longer than SGB1050 and maturing on 12 October 2016. The coupon rate is set at 2% and settlement will occur on 8 October (T+5). The relatively small volume together with the opportunity to do switches should ensure a smooth introduction. Moreover, initial issuance and switches will be done mostly against swaps, meaning that the net supply of interest rate risk to the market will be small.
Relative to mortgage curves, Kommuninvest bonds have performed somewhat since the levels we saw last spring where longer maturities traded nearly flat against mortgage bonds. In our view, such levels were extremely attractive for investors where the zero-risk weighting matters, such as bank treasuries. During autumn, we see further room for credit spreads to perform on the back of a continued global recovery and possibly more support from the Fed than the market previously expected. This should benefit Kommuninvest bonds as well as relative to swaps/government bonds.
To Read the Entire Report Please Click on the pdf File Below.
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Strategy: Sweden: Introduction Of K1610
Published 09/30/2013, 07:44 AM
Updated 05/14/2017, 06:45 AM
Strategy: Sweden: Introduction Of K1610
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