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Commentary & Deal Flow

by Chris Reich

May 19, 2026 9:04 AM ET

PRICED: Municipality Finance US$1bn 5yr Sr Unsec; SOFR MS+34bp

IGC European Market: Deal Flow - SSAIGC US Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Municipality Finance	5yr	4.25%	27-May-31	US$1bn	Sr Unsec	Fixed	99.533	4.355%	SOFR MS+36a	SOFR MS+34	-2

Reoffer: 5yr: SOFR MS+34bp / 99.533 / 4.355%
Benchmark: 5yr: T 3⅞ 30-Apr-31 @ 98-07+ / B+8.08bp / HR 102%

Final Books: In excess of US$8.0bn (incl. US$250m JLM)
Launched: 5yr: US$1bn @ SOFR MS+34bp - Books in excess of US$6.4bn (incl. US$250m JLM)
Guidance: 5yr: SOFR MS+36a - IOIs in excess of US$4.0bn (incl. US$250m JLM)

Issuer: Municipality Finance Plc (MuniFin)
Ticker: KUNTA
Issue Ratings: Aa1/AA+ (Moody's/S&P - Stable/Neg)
Format: Reg S/144A, Registered Form
Size: US$1bn
Coupon: 4.25%, Fixed, Semi-annual 30/360
Maturity: 27-May-31
Settlement: 27-May-26 (T+5)
Spread: SOFR MS S/A 30/360 + 34bp
Reoffer: 99.533% / 4.355% S/A
Benchmark: +8.08bp vs T 3⅞ 30-Apr-31 @ 98-07+, HR 102%
Denominations: US$200k+1k
Listing: Nasdaq Helsinki Stock Exchange (Regulated market)
Docs: Issuer's Programme for the Issuance of Debt Instruments
Governing Law: English Law
ISINs:
- Reg S: XS3388204458
- 144A: US62630CEM91
Bookrunners: BMO/BNP/DB (B&D, DM)/TD
Target Market: The manufacturer target market (UK MiFIR/MIFID II product governance) as assessed by the lead managers is eligible counterparties and professional investors (all distribution channels)
Timing: Priced. ToE 13.44 UKT