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MuniFin’s new sustainability agenda aims to increase the share of sustainable finance and reduce financed emissions

The sustainability agenda primarily focuses on the long-term impact generated through the MuniFin’s business, i.e., the products and services offered to MuniFin’s customers, the Finnish public sector and affordable social housing sector. It defines a clearer direction and objectives for the company’s sustainability efforts, extending up to 2035. The agenda helps in meeting future regulations and enhances communication and reporting with customers, investors, and other key stakeholders. 

“The sustainability agenda is our way of measuring and communicating what we aim to achieve through our work. Our goals are now more aligned with what we are already doing and what we aspire to achieve in the future,” says Esa Kallio, CEO of MuniFin. 

“We wanted to update our perspective on what is crucial for sustainability in the context of our business and core mandate. We also wanted to set goals and metrics that more clearly describe our essential role in the Finnish welfare society,” adds Mikko Noronen, the Sustainability Analyst involved in developing the sustainability agenda. 

Key themes include supporting the welfare society and accelerating Finland’s green transition 

The sustainability agenda consists of three parts. The first part addresses MuniFin’s business environment from the perspective of sustainable development and how our operations relate to national and international goals. The agenda’s second and most important part includes the actual themes, goals, and metrics for MuniFin’s sustainability efforts. The third part discusses the future of the company’s sustainability work. 

The long-term metrics set include two related to sustainable finance and the company’s first emissions reduction target for financed buildings.  

“MuniFin’s customers play a significant role in achieving Finland’s climate goals. Our most substantial positive impact comes through our business, i.e., the financing we provide. Therefore, we aim for at least one-third of long-term customer financing to be green and social finance by 2030. At the end of June, the share was 18%”, says Noronen. 

During the development of the sustainability agenda, the maximum amount of margin discount offered for green financing was increased as an incentive for even more sustainable projects. 

“However, the most notable change in our sustainability efforts compared to our previous initiatives is the establishment of emissions reduction targets for the buildings we finance. Our goal is to achieve a reduction to 8 kgCO2 per m2 by 2035, which represents a 38% decrease from the 2022 levels. To reach this target, we will maintain continuous monitoring, engage in ongoing dialogue, and facilitate knowledge exchange with our customers”, explains Noronen. 

MuniFin has been developing emissions calculations for a while and, for example, joined the PCAF initiative in 2022. The network’s goal is to develop and implement a unified way of calculating and reporting financed emissions to promote the objectives of the Paris Climate Agreement. By joining, MuniFin committed to measuring and disclosing its emissions within three years. 

In addition to MuniFin employees, customers, investors, and other key stakeholders participated in the development of the sustainability adenda. 

 “We conducted a materiality analysis, which helped clarify our goals and our role even further,” says Noronen. 

In the agenda’s third part, which discusses the future of the company’s sustainability work, there is a commitment to review the goals within two years. 

“Goal achievement will be monitored annually as part of our annual reporting, and goals may be expanded or tightened as necessary. The document will also be updated as business environment changes, such as changes in national or international legislation and best practices in the markets,” Noronen explains. 

“Although the sustainability agenda largely focuses on our external means of impact, our employees remain the most crucial implementers of sustainability. Therefore, it is increasingly important for us to invest in developing a culture of sustainability and expertise,” says Kallio. 

Explore MuniFin’s sustainability agenda: 

MuniFin’s sustainability agenda 2023Download

MuniFin is a pioneer in sustainable finance in Finland 

In 2016, the company became the first financial institution in Finland to offer green finance for climate and environmentally friendly projects and was the first Finnish issuer of green bonds. 

In 2020, MuniFin was the first financial institution in Finland to issue social bonds, which is offered to projects that promote equality, communality, safety, welfare, or regional vitality. 

Learn more about green and social bonds. (link) 

For more information: 

Antti Kontio 

Head of Funding and Sustainability 

+358 50 3700 285 

MuniFinSustainability

MuniFin’s second USD benchmark of the year attracted high-quality investors

Seizing the opportunity presented by favourable market conditions, MuniFin promptly announced its second USD benchmark of the year with initial price thoughts at SOFR MS+40bps area. The books opened on Thursday morning with high demand, allowing MuniFin to tighten the spread by 2bps, fixing the trade at SOFR MS+38bps.

Ultimately, the orderbooks were closed at an impressive USD 3.3 billion, leading MuniFin to set the final size at USD 1.25 billion. This issuance stands as MuniFin’s most substantial USD Benchmark since January 2021. 

“Congratulations to the MuniFin team on a successful transaction; reacting swiftly to the favourable market conditions and clear issuance window to secure their second USD Benchmark in 2023. Final demand in excess of USD 3.3bn marks one of MuniFin’s largest ever USD books; a reflection of the high-quality credit and recognition of the team’s efforts on global investor engagement. RBC was delighted to be involved and it was a pleasure working with the team on this transaction”, says Eleanor Singer, Vice President, SSA DCM, at RBC Capital Markets. 

“Maintaining our strong dedication to the USD benchmark market, we are delighted to return for the second time this year. We extend our gratitude to all the investors who participated. With this new benchmark we are almost done with our funding for 2023”, says Antti Kontio, Head of Funding and Sustainability at MuniFin.

The transaction was distributed to a broadly diversified group of investors across Europe (39.1%), Americas (28.7%), MEA (17.3%) and Asia Pacific (14.9%). The orderbook included 85 high-quality investor accounts, with significant participation from central banks and other official institutions (40.3%) and asset managers (15.3%). 

With this transaction, MuniFin has completed EUR 9.5 billion of its 9-10 billion long-term funding target for the year.

Read the press release:

MuniFin USD 1.25 billion_Press-releaseDownload

Transaction details

Issuer:Municipality Finance Plc (“Munifin”) 
Ratings:Aa1 / AA+ (both Stable) by Moody’s / S&P 
Format:RegS / 144A 
Coupon:4.875% Fixed, S/A, 30/360, short first 
Size:USD1.25 billion 
Pricing Date:5th October 2023 
Payment Date:13th October 2023 (T+5) 
Maturity Date:13th January 2027 
Reoffer Spread:SOFR MS + 38 bps | CT3 + 17.2bps 
Joint Bookrunners:BofA Securities, J.P. Morgan, RBC Capital Markets, TD Securities 

Comments from the Bookrunners

“Huge congratulations to the MuniFin team for strategically taking this week’s window despite the volatile backdrop. An excellent result for MuniFin’s second USD benchmark of 2023 as illustrated by the size and depth of the orderbook. Bank of America is extremely proud to have been a part of this transaction and successfully rounding out MuniFin’s benchmark funding for 2023.” 

Robert Matthews, Vice President, SSA DCM, BofA Securities 

“Congratulations to the MuniFin team for swiftly responding to market conditions, taking advantage of a clear issuance window to price a successful transaction! The orders over $3.3bn+ not only make this one of MuniFin’s largest orderbooks but also underline investors’ confidence in MuniFin’s name. This was apt to end the benchmark funding on a high note and we’re delighted to be involved!” 

Matthieu Batard, Head of SSA Syndicate, J.P. Morgan 

“Congratulations to the entire MuniFin team on a seamlessly executed new 3yr USD transaction. MuniFin were nimble in their approach to securing an efficient funding window this week which paid off with an incredible USD 3.3bn final orderbook from a wide variety of global USD investors.” 

Paul Eustace, Managing Director, Global Co-Head of SSA and Head of Europe and Asia Syndicate, TD Securities 

Further information

Joakim Holmström – Executive Vice President, Capital Markets and Sustainability 

+358 50 4443 638 

Antti Kontio – Head of Funding and Sustainability 

+358 50 3700 285 

Karoliina Kajova – Senior Manager, Funding 

+358 50 5767 707 

Lari Toppinen – Senior Analyst, Funding 

+358 50 4079 300 

Aaro Koski – Analyst, Funding 

+358 45 1387 465 

FundingMuniFin

MuniFin’s return responded to deficient supply in the GBP SSA market

Taking advantage of the supply void followed by the latest central banks meetings, MuniFin priced a GBP 250 million fixed-rate benchmark due 22 July 2027. The books were opened 10 am London time on Wednesday morning with initial guidance released at UKT+60bps area, equivalent to SONIA +19bps.  

Investor demand was strong from the outset and the books closed in just couple of hours in excess of GBP 280 million. The transaction pays an annual coupon of 5.125% and a spread of +60bps over the 1.250% UKT due July 2027. 

“The Sterling market is an important funding market for us, so it was great to return after a little break. We are grateful for the support from our investors”, says Karoliina Kajova, Senior Manager at MuniFin. 

“Huge congratulations to the MuniFin team for a highly successful return to the GBP market. MuniFin was quick to capitalise on the constructive market backdrop, allowing them to extend their benchmark GBP curve at a competitive cost”, says Alex Paterson, Head of SSA DCM at Barclays. 

Barclays acted as the bookrunner on the transaction, together with Citi and Bank of America. 

The orderbook was of the highest quality as 50% was allocated to banks and 44% to central banks and other official institutions. Rest of the orderbook went to Fund Managers (4%) and insurance and pension funds (2%). Geographically, the bonds were distributed to investors from the UK (57%), followed by Asia and Middle East (42%) and France (4%). 

“Achieving such a high-quality, oversubscribed orderbook whilst re-opening the GBP SSA market in the second week of August is testament to the depth of MuniFin’s following from its global investor base. Barclays is delighted to have been able to support this transaction”, Paterson continues. 

With this transaction, MuniFin has completed over EUR 7.5 billion of its EUR 9-10 billion long-term funding target for the year.

Read the press release:

230809 MuniFin GBP 250mn Press ReleaseDownload

Transaction details 

Issuer:Municipality Finance Plc (“MuniFin”)
Ratings:Aa1 / AA+ (both Stable) by Moody’s / S&P
Format:Senior, Unsecured, Reg S, Registered
Size:GBP 250 million
Pricing Date:9th August 2023
Settlement Date:16th August 2023
Maturity Date:22nd July 2027
Coupon:5.125%, Fixed, Annual, ACT/ACT
Reoffer Spread:UKT 1 ¼ 07/22/27 (Mid) + 60 bps
Joint Bookrunners:Barclays / BofA / Citi

Comments from the bookrunners 

“Congratulations to the MuniFin team for a hugely successful return to the sterling market. This transaction strategically extends the MuniFin sterling curve and captured focus during a quieter period for the SSA sector. Investors also appreciated high quality issuance in an under-supplied tenor thus far in 2023.” 

Robert Matthews, SSA DCM, Bank of America 

“Congratulations to the MuniFin funding team for their first new Sterling benchmark since January 2022!  Although August is typically a quieter month in primary markets, the MuniFin team took advantage of a stable and constructive market backdrop to price a successful £250 million transaction, which was well supported by high quality accounts.  Citi is delighted to have worked with MuniFin on this deal which re-affirms their commitment to the Sterling SSA market.” 

Ebba Wexler, Head of SSA DCM, Citi 

Further information 

Joakim Holmström – Executive Vice President, Capital Markets and Sustainability 

+358 50 4443 638 

Antti Kontio – Head of Funding and Sustainability 

+358 50 3700 285 

Karoliina Kajova – Senior Manager, Funding 

+358 50 5767 707 

Lari Toppinen – Senior Analyst, Funding 

+358 50 4079 300 

Aaro Koski – Analyst, Funding 

+358 45 1387 465 

FundingMuniFin

MuniFin Group published its Half Year Report from January–June 2023: Business developed steadily under uncertain market environment

The first half of 2023 was marked by continued economic uncertainty. The Russian invasion of Ukraine gave rise to an energy crisis and caused the cost of living to shoot up, complicating the economic situation. MuniFin’s operations remained stable and the company was able to successfully carry out its core mandate of ensuring the availability of affordable financing for its customers.

The Group’s net operating profit excluding unrealised fair value changes amounted to EUR 81 million in January–June, growing from the comparison period and exceeding the previous year’s figure by 9.3%. The increase in net operating profit was affected by significant non-recurring item included in the comparison period’s costs and increase in net interest income of 2%.

New long-term customer financing decreased in January–June and amounted to EUR 1.9 billion. Long-term customer financing excluding unrealised fair value changes totalled EUR 31.5 billion at the end of June and saw an increase of 2.8%.

In January–June, new long-term funding reached to more than EUR 7 billion. MuniFin decided to repay the debt related to the European Central Bank’s targeted longer-term refinancing operations (TLTRO III) in the reporting period. The debt totalled EUR 2.0 billion. 

The Group’s total liquidity is very strong. Because of the uncertainty arising from the war and inflation outlook, the Group has maintained larger than normal liquidity buffers as a precaution.

At the end of June, the Group’s CET1 capital ratio was very strong at 101.3%. The Group’s leverage ratio continued to strengthen, and it was 11.9%. 

–Market turbulence has not had a direct effect on MuniFin’s operations. Our funding has remained stable and our access to the capital markets strong throughout the first half of the year. Despite the continued uncertainty, we have again successfully carried out our core mandate and ensured affordable financing for our customers, notes Esa Kallio, President and CEO at MuniFin.

The Group will also publish a separate Pillar III Report on risk management and capital adequacy on August 8.

MuniFin Half Year Report 2023Download

EconomyMuniFin

MuniFin strikes again to the Swiss bond market

After the encouraging results of the comeback to the Swiss bond market in May, MuniFin priced another CHF 100 million bond on 24 July. All 18 accounts that took part in the orderbook were Swiss investors. The 3-year bond pays an annual coupon of 1.6 % and  Zürcher Kantonalbank acted as the sole manager for the deal. 

“Despite a calm market due to summer holidays in Switzerland, MuniFin could access the short end of the market, which was favored by investors in light of the inverted swap curve. This marks the issuer’s second CHF trade in short sequence – proof that it is a very well known and liked name for Swiss investors”, says DCM Specialist Benjamin Heck from Zürcher Kantonalbank.

With this transaction, MuniFin has completed over EUR 7.3 billion of its EUR 9-10 billion long-term funding target for the year.

Transaction details

IssuerMunicipality Finance Plc
Issuer RatingsS&P: AA+ (stable) / Moody’s: Aa1 (stable)
AmountCHF 100’000’000
Tenor3 years
Coupon1.6000 % Fixed, Annual, (30/360)
Reoffer price100.015 %
Trade date24.7.2023
Payment date4.8.2023
Maturity date4.8.2026
Lead ManagerZürcher Kantonalbank
ListingSIX Swiss Exchange
ISINCH1266847230

Read more

MuniFin returns to the Swiss bond market

Further information 

Joakim Holmström – Executive Vice President, Capital Markets and Sustainability 

+358 50 4443 638  

Antti Kontio – Head of Funding and Sustainability 

+358 50 3700 285 

Karoliina Kajova – Senior Manager, Funding 

+358 50 5767 707 

Lari Toppinen – Analyst, Funding 

+358 50 4079 300 

Aaro Koski – Analyst, Funding

+358 45 138 7465

FundingMuniFin

MuniFin revises its long-term funding program up by EUR 1 billion

“The increased funding need is mainly driven by a combination of expected larger customer financing volumes and long-term funding redemptions. We have issued approximately EUR 7.0 billion so far, thus we are well positioned for the second part of the year”, says Antti Kontio, Head of Funding and Sustainability at MuniFin.

Further information

Antti Kontio

Head of Funding and Sustainability 

+358 50 3700 285 

FundingMuniFin

MuniFin’s USD 1 billion benchmark a success in the busy SSA market

Yesterday, MuniFin issued its first USD benchmark of the year. The USD 1 billion benchmark is due 15 December 2027 and pays a semi-annual coupon of 4.125%. In time of pricing, the spread was set at SOFR MS +45bps.

“We were anticipating a high USD SSA supply due to the central bank meetings next week, so we decided to announce the mandate early on Monday morning to secure a favourable issuance window. This paid off: the books opened on Tuesday morning with quality indications of interest already covering the whole trade”, says Analyst Lari Toppinen from MuniFin Funding team.

Later that afternoon, MuniFin was able to close the books in excess of USD 2.6 billion with a very high-quality orderbook. Central banks and other official institutions took 70.6% of the bonds, followed by banks at 25.6%. Asset Managers took 3.6% and the rest went to corporates. 

“This is a stellar result and a demonstration of our solid investor engagement. We couldn’t be happier”, Toppinen continues. 

Geographically, most of the investors came from Europe (excluding Nordics), followed by Americas at 27.6%, Asia Pacific at 19%, Africa and Middle East at 15% and Nordics at 7%. 

With this transaction, MuniFin has completed over two thirds of its long-term funding target for 2023. 

Transaction details

Issuer:Municipality Finance Plc (“MuniFin”)
Ratings:Aa1 / AA+ (both Stable) by Moody’s / S&P
Format:RegS/144A
Size:USD 1 billion
Pricing Date:6th June 2023
Payment Date:13th June 2023
Maturity Date:15th December 2027
Coupon:4.125%, Fixed, semi-annual, 30/360
Reoffer Spread:SOFR MS + 45 bps | CT5 + 28.3bps
Joint Bookrunners:Barclays / BMO / Daiwa / Nomura

Comments from the Bookrunners

“Congratulations to the MuniFin team for an outstanding outcome for its first USD benchmark transaction in 2023, a highly successful new short 5-year. Following the volatility connected to the US Debt Ceiling topic, MuniFin was quick to seize a stable execution window, and despite a wave of USD issuance from SSA peers, generated a well-diversified final orderbook that was more than 2.5x oversubscribed. Furthermore, MuniFin was able to achieve 2bps of tightening to price with minimal new issue concession, which acts as a testament to MuniFin’s strong following from its global investor base. Barclays is honoured to have supported this transaction.” Alex Paterson, Head of SSA DCM, Barclays

“Congratulations to the MuniFin team for a very successful USD outing in what has been a very busy primary market following the resolution of the US Debt Ceiling over the w-end. The transaction was largely oversubscribed and pricing was flat to fair value. Around 70 investors participated in the transaction which is testament to the strong sponsorship that MuniFin enjoys in the USD market.” Massimo Antonelli, Managing Director, BMO Capital Markets

“Congratulations to the MuniFin team on an outstanding result. The issuer successfully navigated a busy primary USD SSA market as well as an adverse movement in swap spreads, whilst extending their USD Benchmark curve to a new December 2027 maturity. The quality and level of demand fully warranted a 2bps price tightening and is further testament to the high regard in which MuniFin is held.” – Jez Walsh, Head of Syndicate, Daiwa Capital Markets Europe

“It has been almost a year since Municipality Finance last issued a USD benchmark outing and they did not disappoint! The new Dec-2027 at more than 2.5x over subscribed, is a testament to the credits recognition, global appeal and haven status. With a granular orderbook and diversification across both geography and investor type, it reiterates the persistent investor work undergone by the whole Funding Team, in positioning Municipality Finance as top tier name. Congratulations!” – Mark Yeomans, Managing Director, Public Sector DCM, Nomura.

Further information

Joakim Holmström – Executive Vice President, Capital Markets and Sustainability 

+358 50 4443 638  

Antti Kontio – Head of Funding and Sustainability 

+358 50 3700 285 

Karoliina Kajova – Senior Manager, Funding 

+358 50 5767 707 

Lari Toppinen – Analyst, Funding 

+358 50 4079 300 

Aaro Koski – Analyst, Funding

+358 45 138 7465

FundingMuniFin

MuniFin returns to the Swiss bond market

Last week, MuniFin decided to return to the CHF market by issuing its first CHF bond since 2017. The latest tap was made in 2020. The new 5-year fixed-rate bond pays an annual coupon of 1.6250%.

”Congratulations to the MuniFin team on successfully launching their first new CHF line since 2017. Seizing the right window allowed MuniFin to take advantage of favorable market conditions to raise a new CHF 150 million 5y line at SARON MS-16bps, the tightest level achieved by a foreign issuers YTD in 5y”, said Lead Manager Salma Guerich, DCM SSA from BNP Paribas (Suisse).

MuniFin has a long history issuing in the Swiss market and now it was a good time for a comeback.

“Both pricing and investor demand lined up so that we were able to return to the market again after a pause. We are grateful for the trust our investors place in us”, says Senior Manager Karoliina Kajova from MuniFin’s Funding and Sustainability team.

The order book was made up of Swiss investors. The largest share (50%) went to banks, followed by Asset Managers (34%) and insurance and pension funds (15%). The rest (1%) went to central banks and other official institutions.

”The success of this transaction is a strong testimony to MuniFin’s diverse Swiss investor following which was also affirmed in the tap done in 2020”, Guerich continued.

With this transaction, MuniFin has completed over 60% of its long-term funding target for the year.

Transaction details

Issuer:Municipality Finance PLC (Kuntarahoitus Oyj) (BBG Ticker: KUNTA)
Issuer ratings: Aa1 (stable) / AA+ (stable) (M/S)
Issue size: CHF 150m
Life: 5yr
Trade date:17 May 2023
Payment date: 16 June.2023
Maturity date: 16 June2028
Coupon: 1.6250% Fixed, Annual, (30/360)
Spread / Yield: SARON MS-16bps / YTM 1.5575%
Issue price: 100.322 %
Documentation: Off the Issuer’s EUR 45bn EMTN Programme
Listing: SIX Swiss Exchange
ISIN: CH1244321779
Lead Manager: BNP Paribas (Suisse) SA

Further information 

Joakim Holmström – Executive Vice President, Capital Markets and Sustainability 

+358 50 4443 638  

Antti Kontio – Head of Funding and Sustainability 

+358 50 3700 285 

Karoliina Kajova – Senior Manager, Funding 

+358 50 5767 707 

Lari Toppinen – Analyst, Funding 

+358 50 4079 300 

Aaro Koski – Analyst, Funding

+358 45 138 7465

FundingMuniFin

MuniFin’s largest 7-year euro transaction to date attracted high-quality investors

The mandate for the EUR 1 billion transaction was announced on Tuesday 18 February and the books opened the following morning with initial price guidance at midswaps+5bps area. In just two hours, the orderbook stood at EUR 1.05 billion and price guidance remained unchanged.  

Finally, the orderbook was closed in excess of 1.8 billion. The new bond carries a coupon of 3.125%, and was priced at mid-swaps+5bps, equivalent to a spread of +71.8bps over the DBR 0% due 15th February 2030. 

“Due to the uncertain market situation lately, many SSA issuers have postponed their transactions resulting in busy primary markets. Despite the heavy supply, we were able to find a favourable window and were satisfied with the outcome. It was also nice to add a new liquid pricing point into our EUR curve”, says Antti Kontio, Head of Funding and Sustainability at MuniFin. 

The final orderbook was of very high quality as banks took the bulk (56%), followed by central banks and official institutions (36%,) Asset Managers (7%) and pension funds and insurers (1%). 

Geographically, the transaction attracted a diverse group of investors: Germany, Austria and Switzerland took the largest share (28%), followed by Asia (20%) and UK (19%), Benelux (12%), the Nordics (9%), France (7%) and the rest of the world (5%). 

With this transaction, MuniFin has completed nearly 60% of its long-term funding target for the year.

Read the press release:

Press releaseDownload

MuniFin’s Funding Team: Lari Toppinen, Karoliina Kajova, Aaro Koski and Antti Kontio. Photo: Liisa Valonen

Transaction details 

Issuer  Municipality Finance Plc (“MuniFin”) 
Issue Amount EUR 1 billion 
Issuer Rating Aa1 /AA+ (Moody’s / S&P) (all stable) 
Pricing Date 19 April 2023 
Settlement Date 26 April 2023 (T+5) 
Maturity Date 29 July 2030 
Re-offer Price /Yield 99.722% / 3.170% 
Annual Coupon 3.125% (short first coupon) 
Re-offer Spread Mid-swaps +5bps 
Spread vs Benchmark DBR 0% Due 15th February 2030 +71.8bps 
Listing Nasdaq Helsinki Stock Exchange (Regulated market) 
Documentation Issuer’s Debt Issuance Programme 
ISIN XS2615680399 
Joint Lead Managers Citi, Deutsche Bank, Goldman Sachs, JP Morgan 

Comments from Joint Lead Managers 

 “Many congratulations to the MuniFin team on such a successful outcome for their third euro transaction of their 2023 funding program. Despite a volatile rates backdrop, MuniFin were able to price their longest euro benchmark of the year on the back of an extremely high quality and oversubscribed order book. Citi is delighted to have been involved!” 

Ebba Wexler, Managing Director, Public Sector DCM, Citi 

 “Congratulations to the MuniFin team on their third EUR benchmark outing of 2023. The new EUR 1bn long 7-year benchmark garnered a quality orderbook amidst a busy primary market for SSA issuers. MuniFin’s agility in adapting to market windows once again enabled them to achieve attractive cost of funding for their activities which support the mission of building a better and more sustainable future for its clients. Deutsche Bank is pleased to have been involved in this transaction.” 

Katrin Wehle, Managing Director, Head of SSA DCM Origination, Deutsche Bank 

 “Many congratulations to the MuniFin team on successfully accessing the EUR market for the third time in a row this year. A strong return to the market following a period of broader volatility, capturing interest from a wide range of good quality investors while achieving the price and volume targets. The Goldman Sachs team was extremely delighted to be part of this transaction.” 

Edward Markham, Managing Director, Goldman Sachs 

” Congratulations to the MuniFin team on printing a solid €1bn transaction in 7-year part of the curve, being the first Nordic agency to access the tenor this year. The orderbook size of €1.8bn+ is a testament to investor confidence in MuniFin’s name, as it stands as the issuer’s largest EUR 7-year orderbook to date. We are delighted to be involved in this landmark transaction.”

Matthieu Batard, Head of SSA Syndicate, J.P. Morgan 

Further information  

Joakim Holmström – Executive Vice President, Capital Markets and Sustainability  

+358 50 4443 638   

Antti Kontio – Head of Funding and Sustainability  

+358 50 3700 285  

Karoliina Kajova – Senior Manager, Funding  

+358 50 5767 707  

Lari Toppinen – Analyst, Funding  

+358 50 4079 300  

Aaro Koski – Analyst, Funding 

+358 45 138 7465 

FundingMuniFin