MuniFin will continue to focus on issuing strategic benchmark bonds, which at MuniFin means EUR and USD denominated benchmarks. The plan is to issue approximately 2/3 of the funding through these EUR and USD strategic benchmark bonds and the rest 1/3 through tactical bonds, which at MuniFin equals other public markets (e.g. GBP, NOK, AUD), private placements and structured retail bonds in Japan. MuniFin plans to issue a public SOFR line in 2022, subject to market conditions.
MuniFin also aims to continue its commitment to issue in green and social bonds like in past years. We forecast to issue one green and one social bond in 2022. The sizes of the green and social bond issues will depend on the underlying asset development of the customer financing portfolio.
In 2021, MuniFin has thus far issued EUR 9.4 billion of new long-term funding. Approximately 50% was issued in strategic benchmark bond format in EUR and USD. This included two new 7- and 10-year EUR benchmarks and two new long 5-year USD benchmarks. MuniFin also tapped its EUR social bond maturing in 2035 by 500 million and issued a new green bond in GBP, MuniFin’s first green bond in the Sterling market.
The top 5 issuance currencies in 2021 are thus far EUR (37%), USD (26%), GBP (15%), JPY (14%) and NOK (5%). These currencies account for 97% of the new funding issued in 2021.
Head of Funding and Sustainability, MuniFin
Tel. +358 500 3700285