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Tomas Werngren, Kommuninvest CEO |
Agencies representing local governments are stepping up to the plate in a growing number of countries. This enables councils to tap capital markets as funding needs grow and governments move out of the market. Tax receipts, joint-and-several guarantees from their members and a culture of conservatism provide a security that underpins a legal structure. This has proved highly attractive to investors in agency paper.
A number of names (predominantly until now) from Scandinavia are already well known and trusted by the markets as triple A-rated borrowers.
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