After a congested macro calendar with 13 central bank decisions, MuniFin took advantage of a stable market backdrop to issue their second new Sterling benchmark of the year. The GBP 250 million benchmark is due on 2 January 2026.
The transaction was announced at 9:11 am London time, and it was met with high quality orders from real money and central bank investors. Within two hours, the final spread was set in line with guidance. The transaction pays an annual coupon of 5.000% and a spread of +71bps over the UKT 30 January 2026.
“We are delighted to revisit the Sterling market with another GBP 250 million benchmark. The timing, once again, worked to our advantage, and the team managed to seize a clear issuance window. Our commitment to the Sterling SSA market remains strong, and we are ever grateful for the support from our investors”, says Aaro Koski, Funding Analyst at MuniFin.
“Congratulations to the MuniFin team on their second syndicated Sterling outing this year! Issuing a January-2026 bridges the gap between 2025 and 2027 on MuniFin’ s benchmark curve, and further reinforces MuniFin’s commitment to the Sterling SSA market with GBP 500mn issued so far this year in public transactions. Citi was delighted to have been involved”, says Ebba Wexler, Managing Director, Public Sector DCM at Citi.
Citi acted as the lead manager on the transaction, along with Deutsche Bank and NatWest.
38 percent of the orderbook was allocated to central banks and other official institutions, 32 percent to bank treasuries, 21 percent to Asset Managers and 9 percent to other investors. Around two thirds of the new issue was allocated to investors from the UK with most of the remainder going to investors in the Asia Pacific region and the Middle East.
Read the press release:
Transaction details
| Issue Amount | GBP 250 million |
| Issuer Rating | Aa1 /AA+ (Moody’s / S&P) (all stable) |
| Pricing Date | 27 September 2023 |
| Settlement Date | 4 October 2023 (T+5) |
| Maturity Date | 2 January 2026 |
| Re-offer price/Yield | 99.793% / 5.047% |
| Annual Coupon | 5.000% (Short first coupon) |
| Re-offer Spread | UKT 30 January 2026 + 71bps |
| Listing | Nasdaq Helsinki Stock Exchange (Regulated market) |
| Documentation | MuniFin’s EMTN Programme |
| ISIN | XS2699038993 |
| Joint Lead Managers | Citi, Deutsche Bank, NatWest |
Comments from the lead managers
“Congratulations to the MuniFin team on their second Sterling benchmark of the year. The MuniFin team took advantage of a clear issuance window following the Bank of England meeting to price a new short 3yr line at attractive costs. High quality orders from real money and central bank investors are testament to MuniFin’s strong credit fundamentals. Deutsche Bank is delighted to have been involved in this transaction.”
Katrin Wehle, Head of SSA DCM Origination, Deutsche Bank
“With this transaction, MuniFin were successfully able to capitalize on investor demand against a backdrop of peak rates. Accomplishing this whilst pricing through peer comparables is testament to the funding team’s ability to react quickly to conducive market conditions and we are delighted to have been involved at NatWest.”
Karen Manku, Director, FBG DCM, NatWest Markets
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