MuniFin’s record-breaking bond awarded Top Deal by CMD Portal

MuniFin’s latest benchmark issuance received Top Deal recognition from CMD Portal, a collaborative bond and money market network.

On Tuesday, 17 February, MuniFin issued its first benchmark of the year. The EUR 1 billion, 7-year transaction, was met with overwhelming investor interest, with the final orderbook nearly ten times oversubscribed. The bond priced at a record-tight spread versus the Finnish sovereign, marking the strongest execution in MuniFin’s history.

The outstanding result was recognised by CMD Portal, which awarded the transaction its Top Deal accolade on the platform that connects more than 50,000 active money‑market professionals worldwide.

In its award rationale, CMD Portal highlighted both the pricing achievement and the strength of investor demand:

“By pricing at the tightest spread ever achieved versus the sovereign curve, MuniFin has effectively re-defined its secondary curve benchmarks. The deal’s momentum was undeniable, with the final orderbook peaking at over EUR 9.5bn — an oversubscription of nearly 10x — representing the largest ever book in the issuer’s history and allowing pricing to tighten by 4bps from initial guidance.”

CMD Portal further noted that:

“the transaction sets a formidable precedent for the SSA sector in 2026, proving that top-tier non-sovereign credits can achieve pricing levels that challenge traditional sovereign-agency spreads.”

“We really appreciate the recognition. While the execution sits with the funding team, results like this are only possible thanks to strong collaboration across MuniFin, as well as the continued trust of our investors and the support of our dealer banks. It’s great to see the collective effort recognised as a Top Deal,” said Antti Kontio, Head of Funding and Sustainability at MuniFin.

Throughout the year CMD Portal looks for exceptional deals and awards them with Top Deal recognition. TopDeals are those that stand out by either widening or deepening the market.