MuniFin’s record-breaking USD 1 billion benchmark eight times oversubscribed
28 May 2026MuniFin’s first USD benchmark of the year was met with overwhelming investor demand. The USD 1 billion, 5-year bond broke two records: the largest USD orderbook for MuniFin, at USD 8 billion, and the tightest treasury spread achieved by any Nordic agency.
On Monday, 18 May, MuniFin announced a USD 1 billion, 5-year benchmark with Initial Price Thoughts at the SOFR MS +38 bps area. With indications of investor interest exceeding USD 4 billion, MuniFin was able to tighten the spread by 2 bps at book opening.
Despite the ambitious pricing, investor interest remained strong and the orderbook continued to grow rapidly, allowing MuniFin to tighten the spread for a second time by a further 2 bps. This resulted in a new Nordic agency record: the tightest spread to US Treasuries for a 5-year benchmark.
The books finally closed on Tuesday 19th at USD 8 billion, marking another significant milestone in MuniFin’s history: the largest-ever orderbook for a USD-denominated issuance. The final price was set at SOFR MS +34 bps, with a coupon of 4.25%. Final allocations were led by central banks and official institutions, which accounted for 60% of the transaction.
Commenting on the transaction, Lari Toppinen, Manager in MuniFin’s funding team, said:
“Achieving this strong outcome in a volatile environment with tight US Treasury spreads and strong competing supply underlines the continued trust investors place in us and their sustained demand. The transaction demonstrates the effectiveness of our funding strategy and our consistent presence in the USD market. We sincerely appreciate the support from our investors and joint lead managers in completing this stellar transaction.”
Antonio Gomez‑Chaparro, Vice President, Syndicate / DCM SSA, BNP Paribas, which acted as a joint lead manager on the transaction, said:
“Congratulations to the MuniFin funding team on yet another record achievement. MuniFin has positioned itself as a leading issuer that investors actively seek out, as evidenced by the strong, high‑quality demand from the outset and an orderbook that was eight times oversubscribed, resulting in a 4-bps tightening from IPTs. Despite the prevailing geopolitical challenges, the market demonstrated a robust backdrop for SSA issuance, allowing MuniFin to capitalise on the momentum and successfully navigate a very busy primary window.”
With this transaction, MuniFin has now completed approximately 55–60% of its EUR 9–10 billion long-term funding target for the year.
Transaction details
Final Terms, 19th May 2026
| Issuer | Municipality Finance Plc (“MuniFin”) |
| Issue rating | Aa1 / AA+ (Moody’s -stable/S&P – negative) |
| Issue amount | USD 1,000,000,000.00 |
| Pricing date | 19th May 2026 |
| Settlement date | 27th May 2026 (T+5) |
| Maturity date | 27th May 2031 |
| Re-offer price / yield | 99.533% / 4.355% |
| Coupon | 4.250% (paid semi-annual) |
| Re-offer spread | SOFR Mid-swaps+34bps |
| Spread vs benchmark | UST 3.875% due April 2031 +8.08bps |
| Reg ISIN / Common Code | XS3388204458 / US62630CEM91 |
| 144a ISIN / CUSIP / Common Code | US62630CEM91 / 62630CEM9 / 338820127 |
| Joint lead managers | BMO Capital Markets, BNP Paribas, Deutsche Bank, TD Securities |
Comments from joint lead managers
“Huge congratulations to the MuniFin team for an exceptional first USD fix rate benchmark issuance of 2026. The successful launch of the new USD 1 billion 5-year benchmark not only marks an important extension of your outstanding USD benchmark curve but also demonstrates the remarkable global demand and confidence in MuniFin. It is a pleasure to witness the continued growth and recognition of MuniFin’s name among international investors – especially in challenging and headline-driven markets and times. Deutsche Bank is honoured to have been involved in this transaction.”
Jenny Lale Petersen, Director, SSA DCM Origination, Deutsche Bank
“A fantastic result for MuniFin today. Delivering an exceptionally strong transaction to the USD SSA market amidst ongoing global turbulence highlights the depth and loyalty of MuniFin’s investor base. A sound decision to enter the market has been rewarded with an excellent outcome. Congratulations to all involved.”
Paul Eustace, Managing Director, Global Head of SSAs and Head of EAP Syndicate, TD Securities
“Congratulations to the MuniFin team on an exceptional return to the USD dollar market. Today’s outstanding transaction featured the largest order book ever recorded for a new MuniFin USD benchmark alongside the narrowest spread to Treasuries for a 5yr benchmark in the borrower’s history, reflecting the issuer’s strong relationship with its global investor base. BMO is proud to have been involved with this record-breaking transaction.”
Massimo Antonelli, Head of International SSA, BMO Capital Markets