MuniFin issues a record-breaking USD benchmark

The mandate for this USD 1 billion transaction was announced on Monday 25 August at 14:00 CET with IPTs of MS+4bps area. When the books opened the following morning MuniFin tightened the pricing by 1bp to MS+3bps area due to excess and high-quality demand of USD 2 billion. The orderbook quickly grew to a total of USD 3.4 billion and the benchmark was finally priced at MS+2bps, making it the largest and tightest USD transaction to date.

“We were able to react swiftly to the favorable market conditions, which was a key-factor in making this transaction a huge success”, says Antti Kontio, Head of Funding and Sustainability at MuniFin.

The transaction gathered over 80 investors of the highest quality with Central Banks and official institutions taking 32% and bank treasuries taking 55% of the final allocations. Geographically, European investors took the bulk with 53% allocations, supplemented by Americas (20%), Asia (16%), Nordics (10%) and Africa and Middle East (1%).

With this trade, MuniFin has raised 75 percent of the EUR 10-11 billion funding target for 2021.

Issuer:Municipality Finance Plc (“MuniFin”)
Ratings:Aa1 / AA+ (both Stable) by Moody’s / S&P
Format:RegS/144A
Coupon:% Fixed S/A, 30/360
Size:USD 1 billion
Pricing Date:25th August 2021
Payment Date:2nd September 2021 (T+5)
Maturity Date:2nd September 2026
Coupon:0.875%, semi-annual
Reoffer Spread:MS + 2 bps | CT5 + 11.31 bps
Joint BookrunnersCiti / J.P. Morgan / Nomura / RBC Capital Markets

Comments from the Bookrunners

“Congratulations to the MuniFin team on a very successful outcome for their second USD benchmark of the year. MuniFin’s decision to move quickly against a strong primary market backdrop was rewarded with the tightest spread versus mid-swaps and USTs that they have achieved for a 5-year benchmark, as well as the largest ever orderbook for a MuniFin USD benchmark. Citi was delighted to be involved in this record-breaking transaction.”

Ebba Wexler, Managing Director, SSA Debt Capital Markets, Citi

“Congratulations to MuniFin on an incredible post-summer return to the USD benchmark market. The issuer’s largest USD orderbook to date, record spreads both versus Mid-Swaps and Treasuries, as well as pricing with minimal new issue concession: All a reflection of MuniFin’s credit quality and high standing amongst global investors.”

Angelica-Maria Strolz, Executive Director, SSA Debt Capital Markets, J. P. Morgan

“An incredibly well-timed and successful transaction for MuniFin, taking advantage of the early post-summer window to secure their 2nd US$ benchmark of 2021 whilst simultaneously achieving historically tight spreads. Investors have been clearly anticipating supply and the rapid oversubscription of the book, with over 80 accounts participating, is a clear demonstration of the appeal of the MuniFin credit to the global investor community and a recognition of the MuniFin team’s strategic focus on investor engagement. It has been huge pleasure for Nomura to work with MuniFin on this trade.”

Mark Yeomans, Managing Director, SSA Debt Capital Markets, Nomura

“A fantastic transaction for MuniFin, reacting swiftly to the favourable market conditions to price their tightest ever 5-year USD benchmark. Attracting demand in excess of $3.4bn with pricing at minimal concessions to the issuer’s outstanding USD curve is a real testament to the tireless efforts of the MuniFin team in engaging with the global investor base. A really great outcome and RBC was delighted to have been involved.”

Andrea Jelic, Director at RBC Capital Markets

Further information

Antti Kontio, Head of Funding and Sustainability, MuniFin
Tel. +358 500 3700285

Joakim Holmström, Executive Vice President, Capital Markets and Sustainability, MuniFin
Tel. +358 50 4443 638

MuniFin published its half year report for 2021: loan growth normalised and Group results improved

The demand for financing in the municipal sector remained lower than expected due to surprisingly good economic development and the Government’s temporary COVID-19 recovery measures. Financing for non-profit housing production saw modest growth. Overall, the growth of MuniFin’s lending portfolio returned to normal levels from the spike in demand created last year by the COVID-19 pandemic. MuniFin’s new lending for the reporting period totalled EUR 1,601 million, while total long-term funding stood at EUR 28,582 million. The Group’s net operating profit amounted to EUR 127 million.

Interest towards MuniFin’s sustainable finance products continued to grow. At the end of June, MuniFin’s green finance totalled EUR 2,120 million and social finance totalled EUR 833 million. Green finance is granted to investments that generate clear and measurable environmental benefits, while social finance is granted to investments that promote equality and communality. In total, MuniFin’s sustainable finance grew by 24.3% compared to the turn of the year.

“Our customers have been very receptive to the social finance product we introduced to the market last year. Municipalities play a key role in the achievement of climate goals, and they have indeed done innovative work to reduce emissions”, notes Esa Kallio, CEO at MuniFin.

The Finnish Parliament passed the health and social services reform bill this June. In the near future, the reform is not expected to have a major impact on MuniFin’s operations or financial outlook, but Finnish municipalities will be affected by the reform in many ways. Their need for investments is nevertheless expected to remain approximately at the current level, and many structural issues yet remain to be solved.

“Ageing population and migration to growth centres are causing financial difficulties for many municipalities. As new municipal councils begin their term in August, council members are faced with the responsible task of finding new forms of intermunicipal collaboration to tackle challenges caused by these structural problems, while also working to build a more ecologically and socially sustainable municipality”, Kallio points out.

Wood or concrete? TVT compares the environmental effects of construction materials

Two identical-looking buildings are rising in Arola, Turku. This time, however, looks are deceiving: one building is made of wood and the other of concrete. They are built in a project comparing the environmental effects of construction materials. The project is managed by TVT Asunnot, a housing provider owned by the City of Turku. 

“The city aims to be carbon neutral by 2029, and this is one of our ways to contribute towards that goal. As a company with social relevance, we have an opportunity to experiment”, says Johannes Malmi, development director at TVT. 

Using wood for construction is nothing new, but this is the first wooden apartment building built by TVT.  

Johannes Malmi, development director at TVT, is happy the project is advancing according to the plans.

“We have nearly 500 apartments in old wooden buildings, built in urban areas in the early 1900s. Wood is a very common construction material, but other materials have been more popular in large buildings in recent decades”, notes Teppo Forss, CEO at TVT. 

The project to construct the seemingly identical but internally different buildings was initiated three years ago. The work has progressed according to schedule, and residents should be able to move in at the end of this year. The traditional celebration marking the completion of the roof was held this May, although only in a small way due to the still ongoing coronavirus pandemic.  

At the moment, the wooden construction has progressed slightly further than the concrete one, and the construction sites look different because the wood frame is built under a weather cover to protect it from rain.  

“If you hear music blasting from under the cover system, that’s just the builders in their natural habitat”, Malmi chuckles, also noting that the wooden construction is looking very nice and convincing so far. 

The finished buildings will not only look very similar, but they will also have almost identical floor plans. The wooden building uses cross-laminated timber, and only a very keen eye can see that it has slightly larger outer dimensions for technical reasons. The design and type of structure of the buildings, however, is entirely different, resulting in different acoustics and fire safety solutions, for example. 

“We left some wooden parts visible as a visual element, especially in the walls that have windows. We would have liked to leave even more, but couldn’t because of fire safety reasons. We also used some concrete as a visual element in the concrete building”, Forss explains. 

Learning from other projects 

The two buildings are monitored in many ways. Their construction waste is known by the kilogram, their carbon footprint and handprint are calculated carefully, and their energy use is measured and compared. Resident surveys will be conducted frequently, for example to find out how residents experience the sounds and acoustics in the buildings. Malmi is also looking forward to finding out if one of the buildings will prove more popular in residential applications. 

Proven materials and construction practices that have been tried and tested are used in the project, says Teppo Forss, CEO at TVT.

According to Malmi, neither of the two different construction materials required any significant compromises, but the wooden building was somewhat more expensive to construct. 

“Unlike in concrete construction, ready-made packages are not available for large timber construction, so orders have to be customised individually. Volumes are also smaller and suppliers don’t have as much competition as there perhaps ought to be. This makes wooden construction more costly”, Malmi summarises.  

Before initiating the project, TVT studied a similar project by A-Kruunu, including their environmental calculations.

“We had access to this information from an excellent Finnish example that we could make use of. We developed our carbon footprint calculations and added resident satisfaction as a measured goal based on A-Kruunu’s project”, Forss reports.  

Forss and Malmi agree that the project was a learning experience that will likely yield rewards long after the construction phase. They are eager to share their experiences and have received inquiries also from outside Finland.  

“Better homes, one building at a time” 

So far, TVT’s experience in constructing a wooden apartment building has been a positive one, and worth considering in the future, too. 

“Unfortunately, urban planning prohibits wooden apartment buildings in many areas in Turku. Even this project required changes to town plans. It seems that urban planning follows changes in regulation very slowly and does not encourage experimenting”, Malmi comments. 

Forss emphasises that non-profit companies must build long-lasting homes that are safe and healthy to live in. He has a neutral approach towards the construction materials: “It is important for us to use proven materials and construction practices that have been tried and tested. Experiments must therefore be kept limited in number, but when the construction volume is large and there is a high level of know-how involved, the experiments tend to be successful.” 

This experiment in wooden construction is one of TVT’s steps towards carbon neutrality, and the company also watches the development of the concrete industry closely. TVT implements numerous sustainability measures throughout the building’s entire lifecycle, from land acquisition and construction to habitation and renovation. Residents are encouraged to take climate action through waste, heat and water consumption practices. 

In addition to environmental measures, affordability is another major point of consideration. Many rental apartments have recently been built in Turku and many more are planned, but housing is nevertheless becoming more and more expensive, which is a worrying trend. 

“Every sector of the city should give thought to how we could make housing more affordable. The process from town plans to finished apartments is a long one, and costs can be affected throughout the entire process. It is our own city that we’re building, and we should remember that”, Malmi states. 

“It is important for us to make apartments that the residents can afford and enjoy. In the best case, we can do so while also developing methods that have wider social benefits. We are building better homes, one building at a time”, Forss concludes. 

Carbon footprint 

Carbon footprint refers to carbon dioxide emissions caused by human activity. In most cases, it is reported in carbon dioxide equivalent (CO2e), which also accounts for other significant greenhouse gases, most importantly methane (CH4) and nitrous oxide (N2O). 

Carbon hand print

Carbon handprint describes the climate benefits of a product, process or service. Anyone can create a carbon handprint – a state, a company, an association or an individual. For example, when a company generates a carbon handprint for its customer, the customer can reduce their own carbon footprint. 

In addition to developing their own operations, companies can improve their carbon handprint by actively introducing to the market new innovations, products, solutions or services that generate positive environmental impacts during their use. Many solutions of circular economy produce their customers a carbon handprint when compared to a similar, more conventional solution. The carbon handprint highlights the positive future effects on emissions, whereas the carbon footprint focuses on the negative effects on emissions. 

Written by Hannele Borra
Photos by TVT Asunnot

MuniFin issued inaugural SOFR-linked note

“During the last year we have been building our operational capabilities for both SOFR- and SONIA-linked funding products. Now when we are operationally ready, it was very nice to get this trade done and enter into a completely new market. We see that these new risk-free rates will be the new market standard in the future and they will be in an important role in our funding strategy”, says Joakim Holmström, EVP Capital Markets and Sustainability at MuniFin.

Further information

Joakim Holmström
Executive Vice President, Capital Markets, MuniFin
Tel. +358 50 4443 638

MuniFin raises its GDP forecast as rising courage to invest brightens the outlook after a difficult first quarter

In the first quarter of the year, government restrictions and fear of the COVID-19 spreading suppressed private consumption. Foreign trade also took an ugly turn, with exports falling by roughly five per cent in the first quarter.

“The drop is nothing to worry about, because the decline is explained by the atypical comparison period in late 2020, when maritime transport drove exports up. The underlying trend in exports is one of growth, and exports will be one of the drivers of growth this year”, estimates MuniFin’s Chief Economist Timo Vesala.

As investment courage brightens the outlook, MuniFin increases its GDP forecast

Investments took an upward turn in early 2021. Companies are more confident about the future, reviving their production capacity to respond to the recovering demand.

Thanks to the revived courage to invest and the coronavirus vaccinations proceeding faster than expected, MuniFin is increasing its forecast of this year’s GDP growth from 2.3% to 2.7%. Next year’s growth prospects remain unchanged: in 2022, MuniFin expects Finland’s GDP to grow by 3.0%.

“It looks like economic growth accelerated soon after the lockdown period in early spring. Thanks to a boost in private consumption, mid-year is looking to become stronger than we previously expected”, shares Vesala.

Lack of skilled labour may put the brakes on growth

Finland’s labour market has recovered from the pandemic better than expected: unemployment reached its peak last autumn, and employment has recovered rather briskly ever since, apart from a brief hiatus in the winter. MuniFin’s estimate of this year’s average unemployment rate stands at 7.6%. The figure is expected to come down to 7.1% in 2022.

“The job market has clearly had better pull than we previously expected. People are even more active in the job market than they were before the pandemic”, notes Vesala.

A new economic boom is only starting, but the lack of skilled labour already threatens to limit growth. According to Vesala, skills shortage has furtively become one of the toughest structural problems Finland’s economy has to face.

“There is no quick fix to strengthening the skills base. Solving the labour market mismatch requires long-term investments in education and research. The intention behind raising the compulsory school age is well-meant, but in making the reform, we must ensure that municipalities and the new health and social services counties will have enough means to tackle social exclusion among the young.”

Asynchronous revival of supply and demand accelerates inflation temporarily

The asynchronous revival of supply and demand as well as the recovery of energy and raw material prices cause inflation rates to increase. In recent months, Finland’s inflation has risen above the euro area average, which may undermine competitiveness in the long term. In its economic forecast, MuniFin raised its estimate of this year’s inflation to 1.9%. MuniFin’s inflation estimate for 2022 remains at 1.7%.

Although the rise in inflation is expected to be temporary, the trends are hard to predict.

“Mass psychology and the expectations of different parties play a part in this. It is also not clear how effectively inflation could be slowed down if prices continue to rise and inflation expectations strengthen too much”, Vesala muses.

If the EU recovery policy proves successful, the ECB may be able to start normalising interest rates. According to Vesala’s estimate, the ECB might first start raising interests in 2023.

The health and social services reform may affect the investment capacity of growth municipalities in unexpected ways

After the Constitutional Law Committee’s recent statement, the health and social services reform seems more likely to happen than ever before. The proposed reform’s immediate effects on municipal economy will be small, but the effects may cumulate in the long term.

“Having cost pressures transferred from municipalities to the new health and social services counties and the central government will benefit all municipalities, but the effect will be particularly significant in areas with net emigration, where health and social services form a very large part of net costs”, says Esa Kallio, President and CEO at MuniFin.

The proposed reform will have very different effects on the financing structure of municipalities’ operational economy depending on the region. Municipalities with a strong tax base will lose some of their tax revenue but receive income transfers from the state instead. In these municipalities, the growth prospects and the predictability of the income side  will decrease, possibly causing unexpected effects on the investment capacity of growing municipalities.

“The health and social services reform will eliminate proportionately more running operational costs than investment needs. Municipalities will have less control over maintaining a sufficient annual contribution margin in order to fund necessary investments. As the share of municipal tax revenue decreases, the investment capacity of the financially strongest municipalities may in fact be impaired in the long term”, Kallio points out.


Additional information

Timo Vesala, Chief Economist, MuniFin
Tel. +358 50 5320 702

Esa Kallio, President and CEO, MuniFin
Tel. +358 50 3377 953

Green growth forum 14-15 September 2021: True impacts of sustainable investing

Green Growth Forum aims to investigate the true impacts of sustainable investing. The conference brings together top investors, researchers, and peers in sustainable finance to introduce emerging sustainable trends and finance practices.

Speakers include Philipp Hildebrand, Vice Chairman of BlackRock, MEP Sirpa Pietikäinen and Tuomas Välimäki, Member of the Board of the Bank of Finland. The conference is chaired by Erkki Liikanen, Chair of Trustees of IFRS Foundation.

Antti Kontio, Head of Funding and Sustainability will be MuniFin’s speaker at the event.

Green Growth Forum

When: 14-15 September 2021

Where: Online event (free of charge)

More information and registration: greengrowthforum.fi

The Conference will provide answers to the questions such as:

  • What are the main principles of sustainable investing, and what it’s role in advancing global sustainability?
  • How do nature and biodiversity work with financing?
  • How to fight climate change, and are emission restrictions and carbon taxes the key components? What do different financial instruments accomplish over time?
  • What is the EU taxonomy for sustainable activities?
  • Are there ways to standardize and make sustainable investing and financing comparable?

New heart of Valkeala

Kouvolan kaupungin suunnittelupäällikkö Risto Mikkola kuvattuna vaaleaa taustaa vasten.
According to Risto Mikkola, quality and environmentally friendly solutions were emphasised in the tendering phase.

“Eagerly anticipated”, sums up Risto Mikkola, planning manager at the City of Kouvola, describing the new community centre in the urban area of Valkeala, whose construction is set to begin in late summer. The comment is apt, considering that the project began in 2017, but had to be put on hold due to a school network reform in 2018.

The restructuring of the school network cut the number of schools in the area from 34 to 20. The old village schools are making room for new multi-purpose buildings that will also host day-care services, youth services, hobby clubs and local associations. The Valkeala community centre will be the first of these modern buildings.

“The building will rise on the main street, at the site of Valkeala’s old town hall. The community centre will become Valkeala’s new heart in many ways”, Mikkola predicts.

After the school network reform was settled, the work on the community centre has progressed on time – although without any visible construction, the design phase may have appeared slow to the local residents.

“Lots of work has been done, but so far there are no physical results to show for it. Now that we are about to enter the construction phase, the project will start feeling more tangible for the residents, too”, says Hellevi Kunnas, director of finance at the City of Kouvola.

In this project, the contractor is YIT Group. The contracts will be signed on 4 June, and the groundwork is set to begin late this summer.

High praise from the Green Evaluation Team

The Valkeala community centre is funded with MuniFin’s green finance, and the project scored the highest ever points from the MuniFin Green Evaluation Team in the suistainable buildings category. Risto Mikkola confirms that there were no special tricks involved: the high score was the result of determined and systematic work.

“In the tendering phase, we emphasised quality and environmentally friendly solutions, which worked out well. We’re very happy and also a little surprised to have scored this well”, Mikkola notes happily.

MuniFin’s Green Evaluation Team praised the community centre project for its material choices, energy efficiency, renewable energy sources, high utilisation rate of services, and the exemplary treatment of stormwater. The building will mainly use district heating, which is produced locally in Kouvola with exceptionally low emissions.

Green values played an important role not just in the building’s environmental impact, but also in its design. In the tendering process, the city set clear criteria for the role nature should play at the community centre. For example, all plans included the possibility of backyard farming.

“Children should have a chance to dig their hands in the dirt, if only for health reasons. This has been one of our goals right from the start”, Mikkola emphasises.

Breathing new life into the old population centre

Kouvolan kaupungin talousjohtaja Hellevi Kunnas kuvattuna vaaleaa taustaa vasten.
The community centre is by far the largest project the City of Kouvola has funded with lease financing, says Hellevi Kunnas.

The Valkeala community centre is by far the largest project the City of Kouvola has funded with lease financing and the first so called lifecycle project. The city has traditionally used its own funding and maintenance, but now wanted to try something new.

“We wanted to explore new alternatives because there are so many options available today. We have built some day‑care centres with lease financing before, and now we’ll get to test the lifecycle model in practice. It’s important not to get stuck doing things the same way”, explains Kunnas, the City of Kouvola director of finance.

Experience was also sought from outside the city, for example from the Heinsuo school in Hollola, where the lifecycle model has already proved successful. Another reference project is the Mansikkala school in Imatra, which is currently under construction. The purpose of visiting these schools with teachers was not only to learn about the lifecycle model, but also to hear opinions on what a modern learning environment should look like. After all, multi-purpose facilities are not without their challenges.

“When the curriculum was reformed in 2016, it swinged rather heavily in the direction of an open model. Soon after, it became clear that there cannot be too many groups working in the same space without the groups disturbing each other. Now we have taken a step back and combined the more separate and more open approaches”, Mikkola says.

The city and the service providers are currently drawing the big design lines for the community centre together with the teachers. Mikkola praises the lifecycle partner YIT for their model of participatory design.

“In May, before the summer holidays, we will make the major decisions that affect the building’s shape and yard functions. In the autumn, we will continue with details like the shelves and cabinets. YIT has provided a really good framework for this process.”

A small section of the old high school will be demolished in the summer to make room for the new 10,000-square-metre multi-purpose building. Excavation and piling work will begin towards the end of the summer, and foundations will be cast in the autumn.

The Valkeala community centre will kick off a series of large school projects in Kouvola. The next multi-purpose buildings are planned in Inkeroinen, with renovations planned for Kuusankoski and the Kouvola city centre as well. For local people, the school projects instil confidence in the vitality of their home region.

“Residents have had serious concerns about the future of this area. The community centre is an indication that we will continue to invest in Valkeala. The old town is gaining new vitality”, Kunnas summarises.

Written by Roope Huotari

Picture by YIT Oyj & Linja Arkkitehdit Oy

Photos by interviewees

Updated investor presentation available

The updated presentation includes information on the following topics:

  • MuniFin and the set up of the Finnish public sector
  • The Finnish economy and economic outlook
  • Funding operations
  • Sustainable bonds: Green and social bonds


We have also added information on MuniFin’s conservative risk management and more details on the public sector set-up in Finland.

The presentation is available here.

Take a look at our investor relations page here, where our investor presentation can also be found.

Kalle Kinnunen appointed MuniFin’s first Sustainability Manager

In his new role, Kinnunen is in charge of establishing MuniFin’s ESG strategy and roadmap, creating best practices and integrating sustainability in all MuniFin operations.

“My job is to respond both internally and externally to the expectations of our customers, investors, supervisory authorities and other stakeholders and to react to new opportunities in the fast-changing field of sustainability”, says Kalle Kinnunen.

“Responsibility and sustainable development are top themes at the moment, and we’ll also continue to solidify their position as the bedrock of our strategy. Both the markets and regulation are undergoing massive changes, so we must put even more effort into staying up to speed. Because we aim to call ourselves pioneers also in the future, we have recently hired our new Sustainability Manager and established a new virtual sustainability team”, says Joakim Holmström, head of capital markets and sustainability at MuniFin.

Thanks to his participation in various development projects, Kinnunen is already familiar with MuniFin.

“Through our previous projects, Kalle has gained a solid overall view of our operations. His strong background in sustainability and development work will help him succeed in this new role, which cuts through our entire organisation”, Holmström notes.

Motivated by meaningful work and the chance to make an impact

The new Sustainability Manager is motivated by meaningful work.

“Climate change is one of the greatest challenges that the humankind must tackle. The financial sector and the municipal sector play a significant role in building a better future. My role at MuniFin offers me a chance to make as big a positive impact as possible”, explains Kinnunen.

Sustainability is already an integral part of MuniFin’s organisation and operations, and Kinnunen speaks highly of the company’s sustainable finance products.

“We already have great finance products and we are internationally recognised as a pioneer in issuing green and social bonds. As we speak, our customers across Finland are making socially and environmentally sustainable investments, which are partly enabled by our finance. But the field of sustainability is evolving at a dizzying speed, and it is my job to make sure that we not only keep up with the pace, but preferably lead the way”, Kinnunen says.

Kinnunen finds his new employer fascinating: in terms of personnel numbers, it is relatively small and agile, but in terms of balance sheet, MuniFin is the third largest credit institution in Finland, and one with great social significance.

“The influence I can exercise within the organisation is real, and my work involves collaboration at all levels of the organisation. I my opinion, establishing a Sustainability Manager role speaks volumes of MuniFin’s genuine ambitions in sustainable development.

The sporty Sustainability Manager recovers from work by exercising.

“In my free time, I like to challenge myself by practicing endurance sports: running, cycling and swimming”, says Kinnunen.

Kalle Kinnunen

  • Sustainability Manager since 6 April 2021
  • Motivated by meaningful work
  • Graduated as M.Sc. in Economics and Business Administration from the Lappeenranta University of Technology in 2015 and he is also a CFA charterholder
  • Lives in Vantaa
  • Hobbies include running, cycling and swimming

Photo by Aya Brace

Written by Jenni Heikkilä

Green finance for green pioneers

Since 2016, MuniFin has offered green finance to selected projects that promote the transition to low-carbon and climate resilient growth. Green projects are financed at a discount based on their estimated environmental benefits. Today, MuniFin’s green finance covers over 200 projects across Finland – from the capital of Helsinki to Inari in Northern Lapland.

Green projects range from sustainable buildings to sustainable public transportation, from waste to environmental management. They are selected using MuniFin’s Green Bonds Framework.

On the video, Saara Vauramo, programme director for the Lahti European Green Capital 2021 initiative, Teija Ojankoski, CEO of VAV Group, Janne Salonen, finance manager at the city of Tampere and Timo Kenakkala, mayor of Hämeenlinna, describe green projects and the ambitious climate work of cities and municipalities across Finland.

Watch the video!

Read more about MuniFin’s Green bonds

Download MuniFin’s Sustainable Bonds Impact Report (link, opens to a new window)