On Thursday, 3 September, MuniFin issued its first EUR green bond of the year, a EUR 1 billion 5-year benchmark. The transaction was welcomed by investors, attracting demand of more than eight times the issue size and marking both the largest green order book in MuniFin’s history and the largest order book for a Nordic SSA green bond.
MuniFin announced the mandate for the bond on Wednesday, 2 September, and books opened the following morning with guidance at the MS+11bps area. Momentum continued to build throughout the process, allowing MuniFin to tighten pricing by three basis points. Books ultimately closed at 11:15 CEST in excess of EUR 8.1 billion, marking another milestone in MuniFin’s 10-year green bond journey.
“As we celebrate 10 years in the green bond market, the success of this issuance is a strong endorsement of our long-term commitment to sustainable finance. Exceptional investor demand resulted in a record order book of EUR 8.1 billion, enabling us to tighten pricing by three basis points and achieve a one basis point greenium. We would like to thank our investors for their continued support and trust as we continue to finance sustainable investments and advance the green transition in the years ahead,” said Antti Kontio, Head of Funding and Sustainability.
Madeleine Moe, SSA DCM Origination, SEB, said:
“A big congratulations to the MuniFin team on the successful issuance of its first EUR green benchmark of the year, marking a decade as a green bond issuer. The exceptional investor response, reflected in an order book more than eight times oversubscribed for this EUR 1 billion transaction, once again underscores MuniFin’s strong standing in the market and the continued support from a broad and diversified investor base. The three basis points of spread tightening from initial price thoughts further highlight the confidence investors place in MuniFin and its long-standing commitment to sustainable finance.”
Investor demand was driven by high-quality accounts. Banks received the largest share of allocations at 37.6%, followed by central banks and official institutions at 29.1%. Geographically, the transaction achieved broad global distribution, with Nordic investors representing the largest share at 37.2%.
With this issuance, MuniFin has now completed approximately 80% of its long-term funding target for 2026.
Read more about MuniFin’s green finance and its 10-year journey here.
Transaction details
| Issuer | Municipality Finance Plc (“MuniFin”) |
| Issuer rating | Aa1 / AA+ (Moody’s / S&P) (stable / negative) |
| Issue amount | EUR 1,000,000,000.00 |
| Pricing date | 3rd September 2026 |
| Settlement date | 10th September 2026 |
| Maturity date | 14th September 2031 |
| Re-offer price / yield | 99.668% / 3.323% |
| Annual coupon | 3.250% |
| Re-offer spread | Mid-swaps + 8bps |
| Spread vs benchmark | OBL 2.90% Due October 2031 +23bps |
| ISIN | XS3500110997 |
| Joint lead managers | Danske Bank, DZ BANK, J.P. Morgan, SEB |
Comments from joint lead managers
“A huge congratulations to MuniFin on its 10y anniversary as a Green Bond Issuer. The 5y Green Bond was a stellar transaction which priced slightly inside the Fair Value on the Munifin curve. The largest orderbook for a MuniFin Green bond ever underscores the importance of choosing the right market timing, format and the investor work that Munifin have done over the years as a Green Bond Issuer. What a great way to celebrate the 10y anniversary.”
Bo Søndergaard, Head of SSA, Danske Bank
“A big congratulations to the MuniFin team on this landmark EUR 1bn 5-year green benchmark! Celebrating the 10-year anniversary of MuniFin’s green bond programme, this transaction achieved the largest orderbook ever for a MuniFin green bond and matched the symbolic character of this trade along all dimensions: exceptional, high-quality and diversified investor demand and very tight pricing compared to the Finnish sovereign, peers and MuniFin’s own secondary curve. This outstanding result reflects the market’s deep confidence in MuniFin’s green bonds. DZ BANK is proud to have supported this record-breaking transaction as Joint Lead Manager.”
Philipp Bergmann, Director, SSA Origination, DZ BANK
“Congratulations to the MuniFin team on this landmark 5-year EUR Green benchmark, commemorating the 10-year anniversary of MuniFin’s Green bond issuance program. Pricing at their tightest 5-year spread to mid-swaps in more than three years alongside achieving their largest-ever order book for this tenor, underscores the depth and strength of investor demand for MuniFin’s credit, particularly in Green format. J.P. Morgan is delighted to have partnered with MuniFin on this transaction.”
Matthew Dawes, Executive Director, SSA Syndicate, J.P. Morgan
“A big congratulations to the MuniFin team on the successful issuance of its first EUR Green benchmark of the year, marking a decade as a Green Bond issuer. The exceptional investor response, reflected in an orderbook more than eight times oversubscribed for this EUR 1 billion transaction, once again underscores MuniFin’s strong standing in the market and the continued support from a broad and diversified investor base. The three basis points of spread tightening from initial price thoughts further highlights the confidence investors place in MuniFin and its long-standing commitment to sustainable finance. SEB is proud to have served as Sole Green Structuring Advisor for MuniFin’s inaugural Green Bond in 2016 and honoured to have participated in this landmark anniversary transaction as Joint Lead Manager.”
Madeleine Moe, SSA DCM Origination, SEB
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