MuniFin forecasts to issue EUR 7.1 billion in 2019

In 2019 MuniFin forecasts to issue approximately EUR 7.1 billion of long-term funding. This amount is based on the redemption profile of existing funding, forecast net growth in customer finance as well as the overall liquidity purposes of the company.

Focus on both EUR and USD benchmark markets will continue. The funding plan has been divided into two categories: strategic and tactical. The plan is to issue roughly 2/3 of the funding through strategic trades and the rest 1/3 through structured retail notes and private placements. This is also in line with 2018 allocation. 

MuniFin is also planning to issue a new benchmark sized Green bond, most probably in EUR or USD. Timing for this transaction will depend on the underlying asset portfolio but the aim is to issue in H1.

2018 has been successful in terms of new funding: EUR 7.2 billion has been issued year-to-date and the full-year estimate is EUR 7.5 billion. Out of this almost 70% has been issued in strategic public markets. MuniFin has issued two USD fixed rate benchmarks (3 and 5y), one USD FRN and one EUR benchmark in 15y. In addition, existing EUR benchmarks have been tapped few times in 2018. 

Top 5 currencies in 2018 have been USD (43%), EUR (25%), JPY (19%), GBP (8%) and NOK (3%).