MuniFin breaks records with ten‑times oversubscribed EUR benchmark and record‑tight spread
18 February 2026The year’s first benchmark was met with exceptional investor interest. The EUR 1 billion, 7-year bond was nearly ten times oversubscribed and was priced at a record-tight spread versus the Finnish sovereign.
Only a few days after the release of MuniFin’s Financial Statements Bulletin for 2025, MuniFin announced the mandate for the EUR 1 billion benchmark on Monday, 16 February. The books opened the following morning with price guidance at MS+25bps area.
MuniFin was able to find a favourable market window with no other SSA issuers active in the market. MuniFin’s long‑awaited return to the benchmark was met with strong investor interest from the outset, and the spread was soon updated 2 bps tighter from initial guidance. The second 2 bps update confirmed the final spread at MS+21bps. Books eventually closed in excess of EUR 9.5 billion (including EUR 300 million JLM) at 10:45 CET. The order book is the largest ever for MuniFin, as well as for any Nordic agency issuer.
“The combination of a record‑breaking order book and being able to price four basis points tighter than initial guidance with the tightest spread ever achieved versus the Finnish sovereign, is truly a remarkable achievement for us. We are grateful to all investors and dealer banks who participated in this landmark deal”, said Antti Kontio, Head of Funding and Sustainability at MuniFin.
“Big congratulations to the MuniFin team for a fantastic 7-year EUR benchmark! MuniFin timed its first EUR benchmark of the year, brilliantly resulting in a record order book exceeding EUR 9.5 billion in a relatively calm new issue window. The final pricing inside secondaries and at record-tight spread to government is a testament to MuniFin’s credit, funding strategy and investor work over the years. Nordea is privileged to have been involved in this record-breaking transaction”, said Marcus Viitamäki, Head of SSA DCM at Nordea, who acted as a joint lead manager on the transaction.
The transaction attracted a high-quality and geographically diversified investor base, with more than 150 investors participating.
With this transaction, MuniFin has now completed approximately 30–35% of its EUR 9–10 billion long-term funding target for the year..
Transaction details
Final terms, 17th February 2026
| Issuer | Municipality Finance Plc (“MuniFin”) |
| Issue rating | Aa1 / AA+ (Moody’s / S&P) (all stable) |
| Issue amount | EUR 1,000,000,000.00 |
| Pricing date | 17th February 2026 |
| Settlement date | 24th February 2026 |
| Maturity date | 14th June 2033 |
| Re-offer price / yield | 99.825% / 2.778% |
| Annual coupon | 2.750% |
| Re-offer spread | Mid-swaps +21bps |
| Spread vs benchmark | DBR 2.300% due 15 February 2033 +27.9bps |
| ISIN | XS3303588829 |
| Joint lead managers | J.P. Morgan SE, Natixis, Nordea Bank Abp, UBS Europe SE |
Comments from joint lead managers
“Congratulations to the MuniFin team on an outstanding start to the year, marked by a record-breaking benchmark transaction. Achieving the tightest spread vs Finland and the largest orderbook to date underscores MuniFin’s exceptional standing within the global investor community. J.P. Morgan is proud to have partnered on this landmark deal!”
Tina Nguyen, Executive Director, J.P. Morgan.
“The results of today’s transaction speak directly to the MuniFin Funding team which navigated a market window with significant investor depth to not only accomplish the largest orderbook ever for the issuer but also to re-price the EUR curve on the tightest levels ever vs the Sovereign. In an incredible start to the benchmark funding for the year, the strategy deployed highlights the flexibility of the team to ensure the outcome achieved both in timing and pricing. This was an exceptional deal to have been a part of, and we look forward to the future collaborations between our institutions.”
Thomas Leocadio, Co-Head Public Sector DCM, Natixis
“Big congratulations to the MuniFin team for a fantastic 7-year EUR benchmark! MuniFin timed its first EUR benchmark of the year brilliantly resulting in a record order book exceeding EUR 9.5bn in a relatively calm new issue window. The final pricing inside secondaries and at record tight spread to government is a testament to MuniFin’s credit, funding strategy and investor work over the years. Nordea is privileged to have been involved in this record breaking transaction.”
Marcus Viitamäki, Head of SSA DCM, Nordea
“Many congratulations to the MuniFin team on a remarkable transaction! Their first EUR benchmark of 2026 showcased robust investor demand, underscored by their largest ever orderbook.”
Raman Gangahar, Head of SSA Syndicate, UBS