Funding and Green Projects Evaluation
47
Copyright MuniFin
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Appendix 16
EUR 500 million 10-year green bond
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MuniFin issued its third public green bond on 6 October 2020.
A record 55% allocation was sold to ESG focused investors, highest
allocation in MuniFin's green bonds.
The 10-year EUR 500 million benchmark offers a 0% coupon and a spread
of 30.7bps over the DBR 08/2030, equivalent to 2 bps over mid-swaps.
The mandate of a new 10y 500m green bond benchmark was announced
at 11.00am London time on Monday 5th of October.
The following morning books were officially opened at 8.00am London time
with spread guidance of mid-swaps +5bps which represented minimal new
issue concession of 1bp.
Momentum was strong from the outset and orders built rapidly. By 9.35am
London time demand was in excess of EUR 2.7bn and spread was revised
by 3bps to ms+2bps, representing a negative new issue concession of
2bps.
Insurance/Pension
funds
Banks
28 %
9%
Other
10 %
Americas
8%
Despite the negative new issue concession on offer, orders continued to
build with final books at 3.35bn.
France
9%
MuniFin
Green
bond
Central Banks
/ Official
Institutions
33 %
Asset Managers
30%
Germany/Austria/
Switzerland
32 %
MuniFin
62
• Green bond was jointly led by Danske Bank, NatWest Markets, Nomura
and Nordea.
• 106 investors participated in the transaction.
Southern
Europe
10 %
Benelux
10%
Nordics
21 %View entire presentation