’s second USD benchmark of the year attracted high-quality investors
Summary
The successful 3-year transaction attracted a geographically diverse group of high-quality investors.Seizing the opportunity presented by favourable market conditions, MuniFin promptly announced its second USD benchmark of the year with initial price thoughts at SOFR MS+40bps area. The books opened on Thursday morning with high demand, allowing MuniFin to tighten the spread by 2bps, fixing the trade at SOFR MS+38bps.Ultimately, the orderbooks were closed at an impressive USD 3.3 billion, leading MuniFin to set the final size at USD 1.25 billion. The orderbook included 85 high-quality investor accounts, with significant participation from central banks and other official institutions (40.3%) and asset managers (15.3%).With this transaction, MuniFin has completed EUR 9.5 billion of its 9-10 billion long-term funding target for the year.Huge congratulations to the MuniFin team for strategically taking this weeks window despite the volatile backdrop. This was apt to end the benchmark funding on a high note and were delighted to be involved!Congratulations to the entire MuniFin team on a seamlessly executed new 3yr USD transaction. MuniFin were nimble in their approach to securing an efficient funding window this week which paid off with an incredible USD 3.3bn final orderbook from a wide variety of global USD investors.Paul Eustace, Managing Director, Global Co-Head of SSA and Head of Europe and Asia Syndicate, TD Securities