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MuniFin’s funding forecast for 2023: EUR 8–9 billion

MuniFin will continue to focus on issuing strategic benchmarks in EUR and USD. The plan is to issue approximately 2/3 of the long-term funding through EUR and USD strategic benchmarks and the rest 1/3 through tactical bonds, which include other public markets (e.g., GBP, NOK, AUD) and private placements. Maturity target for the year will be slightly shorter compared to previous years, between 4–5 years.

MuniFin also aims to continue its commitment to issue green and social bonds next year. Sizes will depend on the underlying asset development of the customer financing portfolio.

In 2022, MuniFin has issued EUR 8.8 billion of new long-term funding and the program is nearly completed. This year MuniFin has issued three new benchmark transactions in EUR and USD, together with several EUR taps on the existing lines. Two of the strategic benchmarks were in EUR and one in USD. A new 7-year EUR 500 million green bond was issued in May 2022. In tactical funding, main currencies have been GBP and NOK. Allocation to tactical funding has been higher than planned this year and can be explained by market volatility in strategic markets combined with attractive opportunities in other markets.

The top 4 issuance currencies in 2022 are thus far EUR (39%), GBP (19%), USD (19%) and NOK (17%). These currencies account for 94% of the new funding issued in 2022.

Further information

Antti Kontio

Head of Funding and Sustainability, MuniFin

Tel. +358 500 3700285