Sustainability Bonds Framework
The Model of Local Government Funding Agency (LGFA) has proved highly
efficient over the years
A well established model
The model of a national funding agency
bringing together local authorities to
pool their borrowing needs in the bond
market has already proved successful in
various Northern European countries,
Japan and New Zealand.
GNG
KBNK
Kommunalbanken
BANK
Norwa
1926
(Aaa/AAA/NR)
1914
(Aaa/AAA/AAA)
A sustainable model
Created by Danish municipalities in the
late 19th century, the model has
disseminated in many countries
NWB BANK
NEDERLANDSE WATERSCHAPSBANK N.V.
1954
(Aaa/AAA/NR)
CAFL
2013
(Aa3/AA-/NR)
A core mandate
• Funding the investments of local
authorities is the core mandate of Local
Government Funding Agencies.
Moody's/S&P/Fitch ratings / NR: Non Rated
11
MuniFin
MUNICIPALITY FINANCE
1989
(Aal/AA+/NR)
KOYHUNNYERT
1986
(Aaa/AAA/NR)
KOMMUNE
KREDIT
1899
(Aaa/AAA/NR)
JFM
1957
(A1/A+/NR)
LGFA
NEW ZEALAND
OLA COVERNMENT
FUNDING AGENCY
2011
(NR/AA+/AA+)
Over 125 years in Northern Europe
CAFL
Lo bonque
des collectivitésView entire presentation