Commentary & Deal Flow

Reoffer: 10yr: SARON MS+26 / 100 / 0.77%
Benchmark: 10yr: Govt +46.8bp

Launched: 10yr: CHF 120m @ SARON MS+26
Size Update: Min size CHF 115m
IPTs: 10yr: SARON MS+26a - Min size CHF 100m

• Issuer: Municipality Finance Plc (Ticker: KUNTA)
• Issuer Domicile: Finland
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes
• Ranking: Senior unsecured
• Issuer Rating: Aa1 (stable) by Moody’s / AA+ (negative) by S&P
• Instrument Rating (exp): Aa1 by Moody’s / AA+ by S&P
• Size: CHF 120m
• Settlement: 14-Jul-26
• Maturity Date: 14-Jul-36
• Coupon: 0.7700% p.a. (30/360, following unadj.)
• Reoffer Spread/Yield: SARON MS +26.0 / YTM 0.7700% / Govt +46.8
• Reoffer Price: 100.000%
• ISIN / Valor: CH1581452484 / 158 145 248
• Lead Manager: Deutsche Bank
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 1)
• Documentation: Off the Issuer’s €50bn EMTN Programme dated 07-May-26
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
• Governing Law: English law
• Covenants: PP, NP, XD
• Listing: SIX (on or about 10-Jul-26)
• Use of Proceeds: The proceeds of the issue of the Notes will be used by the Issuer in accordance with the Municipal Guarantee Board Act, as amended. In addition, an amount equal to the proceeds of the issue of the Notes will be used and earmarked in accordance with the Issuer's Green Bond Framework dated August 2025.
• Denominations: CHF 5,000 and multiples thereof
• Selling Restrictions: As described in detail in the Issuer’s Documentation. In particular, United States, US persons, UK, Japan, Hong Kong, France, Belgium, Singapore, Canada, Italy, in accordance with the Information Memorandum. RegS TEFRA D Rules apply, no communications with or into the US.
• Target Market: Target Market as defined by the manufacturer domiciled in the EEA: Eligible counterparties and professional clients (all channels for distribution), subject to applicable selling restrictions. Public Offering in Switzerland only.