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MuniFin successfully issued a new 3-year USD benchmark

Decorative picture featuring a detail of the US one dollar bill.

MuniFin took advantage of the strong market backdrop followed by last week’s strong US nonfarm payrolls.

The transaction was priced at mid-swaps + 7 basis points and spread versus the 3-year US Treasury was 30.05 basis points. The price guidance was tightened by two basis points from initial price thoughts to pricing from mid-swaps +9 to mid-swaps +7 due to strong investor demand. The final orderbook stood in excess of USD 1.85bn, which is considerable for a USD 1 billion no-grow transaction. The maturity date of the transaction is September 18th, 2020. The transaction pays a semi-annual coupon of 1.875 percent and has an issue price of 99.992 percent.

The benchmark attracted strong interest from investors. The largest take up was from central banks and official institutions with 55 percent. Banks were also a significant investor group with 31 percent. Asset managers bought 14 percent of the transaction. Europe and the Middle East represented 44 percent of the book and 42 percent was sold to Asian investors. Americas participated with 14 percent.

More information:

Esa Kallio, Deputy to the CEO, Head of Capital Markets, tel: +358 9 6803 6231

Joakim Holmström, Head of Funding, tel: +358 9 6803 5674