MuniFin priced the first SSA 5-year EUR benchmark of 2019, and the first EUR deal from a Nordic issuer on 9 January 2019. This is also MuniFin’s second 5-year Euro benchmark to-date.
MuniFin announced the mandate for a new March 2024 EUR benchmark in the London afternoon on Tuesday 8th January. With constructive market backdrop into Wednesday 9th January books opened officially in the London morning with the price guidance of MS-5 area.
Positive response from the international investor community contributed to a steady order book growth from high quality accounts and with books approaching the EUR1bn mark at 11:00 UKT, the final spread was confirmed at MS-5 bps to offer market participants definition.
Interest continued to grow and books closed in excess of EUR 1.25bn. The deal was priced with a reoffer price of 99.653%, an annual yield of 0.193% and pays a coupon of 0.125% annually.
The high quality orderbook was comprised of Bank treasuries (37%), Central Banks and Official institutions (36%), Fund managers (20%) as well as Corporates (7%). The majority of orders came from the EMEA region (79%) followed by good participation out of the Nordic region (18%) and the US (3%).
– A strong result for MuniFin, combining attractive pricing with high quality oversubscribed orderbook. MuniFin showed true leadership in deciding to be the first Nordic SSA to come to the EUR market so early in the year despite the volatile market opening and crowded market space. A true testament to MuniFin’s credit story and track record, says Kamal Grossard-Amin, Managing Director, Head of SSA DCM at Nordea, who acted as a joint lead manager in the transaction.
|Issue Size:||EUR 1 billion|
|Payment Date:||16 January 2019|
|Maturity Date:||7 March 2024|
|Coupon:||0.125% Fixed coupon|
|Re-offer vs Mid Swaps:||-5 bps|
|Lead Managers:||Citibank, Deutsche Bank, JP Morgan, Nordea|
Antti Kontio, Head of Funding
+358 50 3700 285