On Tuesday 3 June, MuniFin returned to the euro market with its first green benchmark of the year — a EUR 1 billion, 7-year transaction that attracted exceptional investor interest and marked a significant milestone in the issuer’s 2025 funding programme.
The orderbook reached over EUR 4.8 billion, nearly five times oversubscribed, making it MuniFin’s largest green EUR orderbook to date and the second-largest EUR orderbook in its history. The transaction represents a strong endorsement of MuniFin’s sustainability agenda.
“We are very grateful to our lead arrangers and all the investors who participated in this landmark transaction,” said Joakim Holmström, Executive Vice President, Capital Markets and Sustainability. “As our first green benchmark in the euro market this year, it clearly resonated with the market, helping us achieve exceptionally strong investor support and competitive pricing. The orderbook was nearly five times oversubscribed, making it the second-largest EUR orderbook on record — a strong endorsement of our sustainability strategy and the strength of MuniFin’s credit. We are proud to continue our streak of successful benchmark transactions in 2025.”
“Congratulations to the MuniFin team on their triumphant return to the EUR green bond market. This outstanding EUR 7-year green bond not only marks the largest book for a MuniFin EUR ESG-labelled benchmark but also represents the first Nordic agency syndicated ESG issuance of the year. The remarkable investor demand highlights MuniFin’s leadership in sustainable finance and the steadfast support from the investor community. We are honoured to have been part of this exceptional transaction,” said Tina Nguyen, Executive Director SSA DCM, J.P. Morgan.
The deal was announced on Monday 2 June and formally launched the following morning. Initial price thoughts were set at mid-swaps +42bps, before tightening to +39bps due to exceptionally strong demand. Books closed at 11:00 CET in excess of EUR 4.8 billion, including EUR 280 million of joint lead manager interest.
Investor demand was driven by high-quality accounts. Central Banks and Official Institutions led allocations at 38%, followed by Banks at 31.5%. Nordic investors accounted for the largest regional share at 29.4%, with the remainder broadly diversified across Europe and other global regions.
With this issuance, MuniFin has now completed approximately 70% of its long-term funding target for 2025.
Transaction details
Final terms, 3 June 2025
| Issuer | Municipality Finance Plc (“MuniFin”) |
| Issue rating | Aa1 / AA+ (Moody’s / S&P) (all stable) |
| Issue amount | EUR 1,000,000,000.00 |
| Pricing date | 3rd June 2025 |
| Settlement date | 10th June 2025 |
| Maturity date | 14th June 2032 |
| Re-offer price / yield | 99.451% / 2.712% |
| Annual coupon | 2.625% |
| Re-offer spread | Mid-swaps + 39bps |
| Spread vs benchmark | DBR 0.0% Due February 2032 +49.5bps |
| ISIN | XS3092023178 |
| Joint lead managers | Danske Bank, DZ BANK, J.P. Morgan, SEB |
Distribution by type
Distribution by region
Comments from joint lead managers
“A big congratulations to the MuniFin team on the first EUR Green Benchmark of the year, what a great outcome pricing flat or slightly thru the secondary curve with a very strong diversified order book. The transaction underpins the very successful investor engagement and funding during the year from MuniFin and stresses the need for Green Bonds are still intact. With close to 70% concluded this year funding it provides a strong back drop for the 7y Green Bond.”
Bo Søndergaard, Head of SSA, Danske Bank
“A big congratulations to the MuniFin team for successfully issuing another landmark benchmark transaction in 2025, this time achieving the largest orderbook ever for a green MuniFin EUR benchmark! Astonishing was in particular the big momentum straight from the outset which is a testimony to the strong investor followership MuniFin has built up over the course of multiple decades. The success is also based on MuniFin’s ambitious and transparent Green Bond Programme which – besides being aligned with the Green Bond Principles – also shows a high degree of alignment with the EU Green Taxonomy’s technical screening criteria. DZ BANK is honored to have been acting as a joint lead manager on this record-breaking green bond transaction.”
Philipp Bergmann, Vice President, SSA Origination, DZ BANK
“Congratulations to the MuniFin team on the successful launch of its first EUR Green benchmark of the year — and on achieving the largest-ever EUR Green orderbook. The €1 billion, 7-year transaction attracted strong, high-quality, and diversified demand from investors, allowing pricing to tighten by three basis points from initial guidance. This outstanding result reflects MuniFin’s robust market presence and the continued strength of its Green Bond Programme. SEB is proud to have supported this landmark transaction as joint lead manager.”
Anna Sjulander, Head of SSA DCM, SEB