Commentary & Deal Flow

Size set at: 5yr: €1bn

Rev Guidance: 5yr: MS+9a - Books above €4.8bn (incl. €250m JLM)

Guidance: 5yr: MS+11a

• Issuer: Municipality Finance PLC
• Issuer LEI: 529900HEKOENJHPNN480
• Issuer Ratings: Aa1/AA+ (Moody's - stable / S&P - neg. outlook)
• Format: Senior, Unsecured, Reg S, Registered
• Size: €1bn
• Ranking: Senior Unsecured
• ISIN: XS3500110997
• Bookrunners: Danske Bank, DZ Bank, J.P. Morgan, SEB
• Coupon: Annual, Act/Act ICMA, long first coupon on 14-Sep-27
• Maturity Date: 14-Sep-31
• Denominations: €100,000 × €1,000
• Documentation: Issuer's Debt Issuance Programme
• Listing: Nasdaq Helsinki Stock Exchange (Regulated market)
• Settlement: Euroclear/Clearstream
• Governing Law: English
• Target Market: The manufacturer target market (MIFID II / UK MiFIR product governance) as assessed by the lead managers is eligible counterparties and professionals (all distribution channels)
• Schedule: Books open, today's business
• Settle: 10-Sep-26 (T+5)
• UoP: 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.
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Advertisement: The MTN Programme Offering Circular is available at:https://www.kuntarahoitus.fi/wp-content/uploads/2026/05/EUR-50b-MTN-Programme-Offering-Circular-2026.pdf