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MuniFin returned to the Sterling market with its first GBP deal of the year

MuniFin’s GBP 250 million issue on February 29 was well received in the market, with particularly strong participation from central banks and official institutions. With this transaction, MuniFin has now printed one third of its EUR 9–10 billion funding programme for the year 2024.

Distribution of the transaction was once again broad both in terms of investor types and geographics, which is testament to MuniFin’s strong position in the global investor community. 

Central banks and official institutions were the largest investor component, taking 59% of the final book. The participation was also strong from banks and bank treasuries (39%), with fund managers, pension funds and insurance accounts representing 2%. In terms of geography, the transaction was broadly diversified across UK (41%), Asia (34%) and EMEA ex. UK (25%) investors.

“This was our first GBP line of the year, and it was great to extend our GBP issuance curve today. We are grateful for the investor following we have in the Sterling market and it has been a pleasure to be able to be on the screens again”, says Senior Manager Karoliina Kajova from MuniFin’s funding and sustainability team.

Press release from bookrunners

Issuer:Municipality Finance Plc (“Munifin”)
Ratings:Aa1 / AA+ (both Stable) by Moody’s / S&P
Format:Senior, Unsecured, Reg S, Registered
Coupon:4.375% Fixed, Annual, ACT/ACT ICMA, short first
Size:GBP250 million
Pricing Date:29th February 2024
Payment Date:7th March 2024 (T+5)
Maturity Date:2nd October 2028
Reoffer Spread:SONIA MS + 30 bps | UKT Oct-28 + 29.6bps
Joint Bookrunners:J.P. Morgan, RBC Capital Markets, TD Securities

Comments from bookrunners

“Congratulations to the MuniFin team for a strong return to the GBP market, taking advantage of a clear issuance window to extend their GBP curve with a new benchmark. The strong support from a diverse group of investors and the competitive price point is a testament to MuniFin’s standing in the international market. We’re delighted to be involved!”
Tina Nguyen, Vice President, SSA DCM, J.P. Morgan

Congratulations to the MuniFin team on the new GBP Oct-28 Benchmark. Taking advantage of a clear issuance window, MuniFin were able to extend their GBP Benchmark curve and maintain their regular presence in the Sterling SSA market. RBC were delighted to be a part of the transaction.”
James Taunton, Director, SSA DCM, RBC Capital Markets

We are delighted to be involved in MuniFin’s successful return to the Sterling market with their first GBP Benchmark of the year. This syndication is a clear demonstration of their global support from a diversified investor base. Congratulations to the MuniFin team on an excellent trade.
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