Kommuninvest prints Swedish green note with rare negative yield

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By Frank Jackman
12 Sep 2019

Swedish agency Kommuninvest doubled the size of its June 2023 green bond on Tuesday through a Skr3bn ($309.8m) tap. The tap was issued with a negative yield — rare for the Swedish krona market — and is the issuer’s first negative yielding green print since October 2016.

The note pays a 0.625% coupon but the tap was priced sufficiently above par to yield minus 0.103%.

“Printing with a negative yield is not very common in Sweden,” said a banker on the deal. “It does happen at shorter tenors, but is not as standard for SSA ...

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