Municipal Finance Agency | Municipal Bonds for Institutional Investors

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To whom it may concern

The Municipal Finance Agency is just about to provide you with a new opportunity to invest in the German sub-sovereign asset class. For the first time, investors will be able to invest in a selection of German municipalities. Still, bonds issued by the Municipal Finance Agency will feature all qualities required by institutional investors: Volume, liquidity and a professional bond investor relations department.

As of now, we are in the process of creating an information center that will meet all the needs of institutional investors. Please feel free to contact us via mail at if we can assist you with any information. More information will follow along with the first bond issue of the Municipal Finance Agency end 2103 / early 2014.

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Straubing / Germany, May 14, 2013

"Municipal Finance Agency" for German Municipalities about to start
„Nuremberg and Wuerzburg, Municipal Bond 2013/2023“ paves the way for a new class of assets

Straubing, May 14, 2013 – With a landmark transaction the cities of Nuremberg and Wuerzburg will together issue the so called EUR 100 million "Frankenanleihe" (Franconian Bond, ISIN DE000A1TNFP6) on May 16, 2013. The bond is oversubscribed by 4.5 times.

This is the first time that German municipalities issue a bond together. By doing so, Nuremberg and Wuerzburg achieved a higher issuance volume and thus reduced the costs.

However, issuing a bond still consumes a lot of time and costs. For Nuremberg and Wuerzburg the preparation of the "Frankenanleihe" took more than 6 months. Beyond that, institutional investors need a professional bond relations department. Most municipalities can not or do not want to pro-vide such services.

In order to provide small, medium and big municipalities with refinancing on the capital markets, the Kandler Gruppe GmbH (the "Kandler Group") designed the "Municipal Finance Agency" or "MuFin" (Kommunale Finanzagentur, KoFin).

The Kandler Group will organize and manage the complete transaction for the municipalities. This means that the municipalities will not have to take any steps that would not be necessary for taking out a loan. Especially, the municipality will not have to contact the issuing banks, law firms, inves-tors and the stock exchanges.

For this service the municipality will not have to bear any additional costs, especially not for issuing banks, law firms etc., beyond the interest and the repayment of the capital. In addition to this, the standardized MuFin-concept will provide for a significantly shorter period from decision of the mu-nicipality to the issuance of the bond.

As covered by the renowned German business newspaper Handelsblatt and Bloomberg News (September 24, 2012) the first bond issuance of the MuFin is planned for 2013.

Further information on the planned issuances of the MuFin will be given on the re-launched project website during the next weeks.

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Straubing / Germany, November 30, 2012

"All for one, one for all?"
Deutsche Bank Research publishes thoughts about a German municipal finance agency

In August 2012, the research-branch of German "Deutsche Bank" published a research on the topic of a municipal finance agency under the leadership of Frank Zipfel (as well as Samuel Mann as co-author).

The study outlines the various questions that are connected with bundling the funding of several municipalities.

We at Kandler Group therefore decided to refer to the results of the renowned research-branch of Deutsche Bank. This study covers most aspects of a municipal finance agency and concurs to a large degree with our research results.

The study of Deutsche Bank can be found at: "One for all, all for one?" (German language)

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Straubing / Germany, July 3, 2012

Municipal Finance Agency 2012 reveals new refinancing possibilities
Kandler Gruppe GmbH (the "Kandler Group") announces new concept for municipal fund-raising

Straubing / Germany, July 3, 2012 – German municipalities manage funding on their own. But taking out bank loans faces increasing difficulties: Stricter requirements for banks' equity capital and the withdrawal of several banks from the municipal finance sector suggest a meltdown of favourable credit terms for municipalities.

In this situation, only the private capital markets can meet the financial demands of municipalities. However, until now most municipalities do not have access to the private capital markets as the costs for issuing bonds do not pay off on low volumes.

The Kandler Group now announces, that it is going to present a concept study named „Kommunale Finanzagentur 2012“ (“Municipal Finance Agency 2012”) for bundling the financial demands of several municipalities.

The concept study will be presented this summer here on this website. The concept study will be available in both German and English.

This website is not addressed to consumers.
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