The plan is to issue approximately 60% of the long-term funding through EUR and USD benchmarks and the rest through other public markets (e.g., GBP, NOK, AUD) and private placements. MuniFin will aim to focus slightly more on the other public markets in 2024. The maturity target for the year will be around 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 2023, MuniFin has issued approximately EUR 10 billion of new long-term funding and the program is nearly completed. This year MuniFin has issued five new EUR and USD benchmarks, together with several EUR taps on the existing lines. Three of the benchmarks were in EUR and two in USD.
MuniFin had a record year on the green side, as MuniFin issued a new long 5-year EUR 1 billion green bond, which was the largest EUR green bond of all time in the Nordic SSA market at the time in February. MuniFin also issued a USD 100 million 4-year social bond in private placement format in August.
In other public markets, the main currencies have been GBP and NOK, but MuniFin has also issued in CHF and NZD. MuniFin has been more active proportionally in EUR and USD benchmarks this year than last year.
The top four issuance currencies in 2023 are thus far EUR (51%), USD (28%), GBP (11%) and NOK (4%). These currencies account for over 94% of the new funding issued in 2023.
Further information
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