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MuniFin leads the way by issuing the first Nordic SSA Social Bond

Last week MuniFin mandated BNP Paribas, Credit Agricole CIB, DZ Bank and SEB to organise investor calls for the upcoming inaugural Social Bond. After series of investor calls and positive feedback from investor community, MuniFin opened books for the inaugural Social bond on Thursday 3rd of September. The 15-year EUR 500 million social bond pays an annual coupon of 0.05% with a yield of 0.068%.

– The work the MuniFin team have done has built on their strong reputation in the ESG space and has been rewarded with a huge following from sustainable investors and excellent execution. This framework and transaction sets the benchmark for other Nordic institutions to follow, comments Robert Matthews from BNP Paribas.

More than 91% of the bond was distributed to European investors. Almost one third of the bond was allocated to Germany, Austria and Switzerland and nearly one fifth to Nordic coutries. Asset managers took the largest share by representing almost half of the investors, with significant demand from SRI investors.

– The terrific invest interest did not come as a surprise for us as we see more and more investors wanting to invest in projects that support sustainable development. In 2016, we were the first green bond issuer in Finland. After being an active green bond issuer for a few years, it was time to expand the sustainable product offering to our clients and introduce social bonds to our investors. Considering our customer base of municipal and social housing sectors, expanding the sustainable product offering was a natural step for us, says Esa Kallio, the President and CEO of MuniFin.

MuniFin is a wholly public sector owned company whose sole mandate is to secure financing to the Finnish municipalities and non-profit housing organisations. It has been an active green bond issuer for four years and it is now expanding the offering into social bonds.

MuniFin’s inaugural social bond is the first of its kind issued by an SSA (Sovereigns, Suprana-tionals, Agencies) issuer in the Nordic countries.

Making the impact visible

MuniFin’s Social Bonds Framework has been drafted in accordance with the ICMA Social Bond Principles and it has three main categories: social housing, welfare and education. The Second Opinion has been provided by ISS ESG, stating that the Framework significantly contributes to four of UN’s Sustainable Development Goals.

With its new social finance product launched in the spring 2020, MuniFin aims to encourage investments that have a notably strong impact and bring about wide-ranging social benefits.

With the introduction of the social finance product, MuniFin wishes to showcase projects that are in line with the company’s view of social finance. The first financed projects include schools, hospitals and healthcare centres, and housing for people with special needs.

– Although the finance we provide can be considered already quite social in nature, we wanted to find projects that ultimately benefit the vulnerable population and address some key social challenges such as social exclusion and inequality, but also further promote Finland’s welfare state and education system, which are among the best in the world, says Antti Kontio, the Head of Funding at MuniFin.

The social finance projects are approved by the Social Evaluation Team. The team consists of external and internal social impact experts.

Issuer:Municipality Finance Plc (MuniFin)
Rating:Aa1 / AA+ (Moody’s/S&P – both stable)
Issue size:EUR 500mn (no-grow)
Payment date:10th September 2020 (T+5)
Maturity date:10th September 2035
Coupon:0.05%
Re-offer price:99.731%
Re-offer yield:0.068%
Re-offer vs. mid swaps:+9bps
Re-offer vs. benchmark:DBR 0% 05/15/35 + 33.6bps
Lead managers:BNP Paribas / Credit Agricole CIB / DZ BANK / SEB

Further information:

Esa Kallio
President and CEO
Tel. +358 50 337 7953

Antti Kontio
Head of Funding
Tel. +358 50 3700 285

FundingMuniFinSocial bondSustainability

MuniFin’s half year results webcast on 14 August 2020

Municipality Finance Plc will publish its half year report for January–June 2020 on 14 August 2020. A webcast for investors and other stakeholders will be arranged in English on 14 August at 1:00 pm CET / 2:00 pm EET and broadcast live at munifin.videosync.fi/half-year-report-2020/register.

Presentations:

  • Esa Kallio, President and CEO
  • Timo Vesala, Chief Economist
  • Joakim Holmström, Head of Capital Markets

There will be an opportunity to ask questions via chat channel after the presentations.

You can register for the webcast in advance or just before the live broadcast time. Registration and viewing are accessible from the same link at munifin.videosync.fi/half-year-report-2020/register. A recording is available after the webcast at the same address.

Further information:

Soili Helminen, Manager, Communications & CSR, MuniFin
tel. + 358 400 204 853

EconomyFundingMuniFin

MuniFin returned to the USD market with a new successful 3-year benchmark

MuniFin took advantage of the favourable market condition to announce the mandate of their first USD benchmark transaction of 2020. This 3-year benchmark follows MuniFin’s successful EUR transactions in January and April. Following the volatile spring, MuniFin was able to deftly identify an open issuance window and gather an impressive order book of the highest quality.

The transaction was announced to the market at 13 pm London time on Monday 22nd June 2020, with investors invited to reflect Indications of Interest (IOIs) for a USD benchmark transaction. Initial Price Thoughts – IPTs – of MS+19bps area were released in tandem, representing a marginal new issue concession to fair value.

The investor response throughout the European afternoon and overnight US sessions was strong, with IOIs exceeding USD 2.1bn by the London open on Tuesday 23rd June. Due to the quality of the order book, price guidance was revised by 2bp to MS+17bps area. Momentum continued throughout the London morning reaching USD 2.8bn (Excluding Join Lead Manager interest). At this stage, the decision was taken to tighten and set the spread at MS+16bps in order to provide clarity to investors.

Given the USD1bn capped deal size and in order to limit further order book growth, it was decided that books would go subject just twenty minutes later at 9.30am London time.

The bond priced with a final spread to the 3yr US Treasury of 21.1 bps which represents for a 3y USD benchmark the tightest MS spread for an Agency issuer in 2020. Despite this, the demand from the Official Institution and Central Bank community was significant at 68%. In terms of geographical distribution, the bond was evenly distributed across EMEA, Americas and Asian-based investors alike.

MuniFin has funding requirement of EUR 9.5bn for 2020 and after this transaction MuniFin has completed EUR 6.4bn of the funding for the year.

Comments from the bookrunners

“MuniFin showed skill this week by feeling the excellent market conditions and accelerating a project that would perhaps otherwise have been scheduled for next month. The timing of the announcement yesterday proved on point thus attracting the biggest ever USD IOI book for MuniFin and a very successful transaction overall which confirms MuniFin’s high reactionary stature among its peers.”
Jonas Ulrich, Director, SSA DCM, Deutsche Bank

“A fantastic outcome for MuniFin, taking advantage of favourable conditions to price the tightest 3-year USD benchmark versus MS from a European agency since the pandemic outbreak. The high quality of orders that reached one of the issuer’s record book sizes is proof of MuniFin’s strong recognition with global investors.”
Angelica-Maria Strolz, Executive Director, SSA DCM, J.P. Morgan

“A fantastic transaction by MuniFin for their first USD benchmark of 2020. Attracting demand in excess of $2.8bn whilst also pricing through their outstanding USD curve is a clear testament to the unique qualities of their credit, along with the strong following that MuniFin enjoys across the global investor base. Congratulations to the whole team!”
Stuart McGregor, Managing Director, SSA Syndicate, RBCCM

“We applaud MuniFin on a truly excellent return to the USD market, in what was a flawlessly executed and well timed transaction. By taking advantage of a clear issuance window, MuniFin ensured full investor focus on their transaction and it paid off; with an order book dominated by high quality Central Banks and Bank Treasuries.”
Laura Quinn, Head of Origination, TD Securities

Issuer Municipality Finance Plc (“MuniFin”)
Rating Aa1/AA+ (all stable)
Issue size USD 1.0 billion
Settlement date 1 July 2020 (T+6)
Maturity date 1 September 2023
Coupon 0.375% payable semi-annually
Re-offer price 99.855%
Re-offer yield 0.421%
Re-offer vs benchmark T 0.25% June/23 + 21.1bps
Re-offer vs mid-swaps +16bps
Lead managers Deutsche Bank, J.P. Morgan, RBC Capital Markets and TD Securities
Co-lead managers HSBC, MUFG Securities EMEA, Mizuho Securities, SMBC Nikko

Further information:

Antti Kontio
Head of Funding, MuniFin
Tel. +358 50 3700 285  

FundingMuniFin

MuniFin returned to New Zealand’s Kauri market

On June 12th, 2020 MuniFin issued a new 3-year NZD 150 million public Kauri transaction in New Zealand. Previous public transaction in New Zealand was issued in 2013, which matured in May 2020. Prior to launching the transaction MuniFin organised an investor call targeted for domestic investors and based on the positive feedback, MuniFin decided to move forward and launch a public transaction.

”We were positively surprised with investor demand”, says Antti Kontio, Head of Funding at MuniFin. ”The order book grew to NZD 270 million so we could have printed a larger trade but unfortunately due to our good liquidity situation we could do only NZD 150 million. We will, however, be open for taps on that line in the future. Kauri market acts as an excellent diversification tool for MuniFin in terms of currency and investor base”, Kontio says.

The new 150 million NZD Kauri is repo eligible in the Reserve Bank of New Zealand and pays an semi-annual coupon of 0.625% and was priced 46 basis points over mid-swaps and 39 basis points over the New Zealand Government bond. Bank of New Zealand (BNZ) acted as a sole lead manager.

“With seven years since the last issue, NZ investors very much appreciated the call with the MuniFin team, and were straight away interested in a transaction following it. There was a very good uptake of the transaction by real money investors, demonstrating the confidence they have in the credit”, said Mike Faville, who is leading the Capital Markets function at BNZ.

Bank of New Zealand has been running a programme to plant 100 Kauri trees for each Kauri bond issue we lead, and there are now over 10,000 trees already planted. “We really look forward to planting another 100 trees in honour of MuniFin for this transaction, to join the 100 from the last deal”, Mike Faville concludes.

Further information:

Antti Kontio
Head of Funding, MuniFin
tel. +358 50 3700285

Mike Faville
Head of Capital Markets, Bank of New Zealand
tel. +64 9 375 1391

FundingMuniFin

MuniFin’s first social finance projects have been selected: they include housing for special groups, a wellbeing centre and a comprehensive school

Social finance is available to MuniFin’s customers, i.e. the local government organisations and operators within non-profit housing production. The projects to be financed must belong to one of the eligible project categories within MuniFin’s framework of social finance: housing, wellbeing or education. Another requirement is that the projects promote equality, a sense of community, wellbeing or the vitality of the municipalities or areas.

– MuniFin’s customers are responsible for a significant portion of the investments made in building the Finnish society and its infrastructure. We need to examine the need for investments, as well as the benefits and economic effects of investments broadly and in the long term, not only from the point of view of their economic, but also social and environmental impacts, says MuniFin’s Head of Customer Finance Aku Dunderfelt.

– Social investments have a much more extensive impact than most people realise. A library or public swimming pool, for example, influence people’s overall wellbeing and the community in multiple ways, Dunderfelt explains.

The first social financing projects were approved at the end of May. The projects are assessed and approved by a three-member evaluation team that comprises Jouni Parkkonen, Executive Directorof Association for Advocating Affordable Rental Housing – KOVA, researcher of municipalities Jenni Airaksinen from Tampere University and Financial Specialist in charge of social funding, Päivi Petäjäniemi, from MuniFin.

– The first approved projects for social finance are excellent examples of the spectrum of investments with a strong impact. Well-designed schools and student housing, for example, can have a wide-ranging impact on children and young people’s sense of security and community. Good design increases wellbeing but also prevents social exclusion, Päivi Petäjäniemi says.

Approved social finance projects

  • Foundation for Student Housing in the Helsinki Region (Hoas), several buildings
    Investing in the long life cycle of buildings constitutes sustainable urban construction that takes environmental impacts into account. Communal, high-quality housing for students plays an important role in supporting young people at a significant turning point in their lives and helps to create the preconditions for building an active, healthy everyday life and for preventing social exclusion.
  • Karstula comprehensive school, Karstula
    Well-functioning, healthy and safe facilities for early childhood education and teaching are a foundation for the well-being of children, teenagers and teaching staff alike. Solutions that support safety and a sense of community can have a significant effect on children and teenagers’ self-esteem and later life. Using the school as a venue for village events will bring vitality to the village andstrengthen community spirit and add to the municipality’s attractiveness.
  • Housing by Setlementtiasunnot, Jousenpuistonkatu, Espoo
    Setlementtiasunnot is a producer of housing whose housing concept is truly praiseworthy, as it diversifies the concept of ‘normal’, integrates members of special groups into the rest of society and supports the strengthening of all the residents’ sense of community.
    Communal housing solutions allow special groups to become involved with the wider community, which reduces loneliness, increases participation, prevents social exclusion and decreases the need for institutional housing and care. Some of the residents of these buildings are immigrants, and the project may profoundly promote their integration.
  • Sodankylä municipality, Sopukka Wellbeing Centre
    The evaluation team found the justification for the project very well founded. The circumstances in Northern Finland are exceptional due to the long distances, and regional challenges are considerable. Sopukka Wellbeing Centre’s operating model will boost the use of expert resources, make the healthcare supply chain more effective, considerably improve the safety of the region’s inhabitants and increase the region’s attractiveness. 
  • Turku Student Village Foundation, Tyyssija student housing, Turku
    Tyyssija is an ambitious sustainable development project that will impact the environment and community spirit in a versatile way. Communal, high-quality housing for students plays an important role in supporting young people at a significant turning point in their lives and helps to create the preconditions for building an active, healthy everyday life and for preventing social exclusion.
  • Versonsilmu Oy, Versokoti housing complex
    Safe and well-functioning housing solutions improve disabled children and teenagers’ access to education. Living close to the necessary services will increase their self-reliance and help them be more active, which in turn will considerably improve their mental and physical wellbeing. It will also make it easier for them to integrate with the rest of society, which will have long-term effects on the residents’ adult life.

Forerunner of responsible financing in Finland

MuniFin was the first Finnish credit institution to offer green finance back in 2016. It was also the first financial institution to provide social finance in the Nordic countries.

Responsible investment opportunities are more and more in demand in international capital markets. Resources for social finance are acquired through bonds earmarked for social projects, which are the focus of great investor demand. In 2016, MuniFin was the first Finnish green bond issuer. It is also at the front line of European financial institutions to issue social bonds.

Further information:

Päivi Petäjäniemi
Financial Specialist, Social Finance Specialist, MuniFin
Tel. +358 40 761 7665

Soili Helminen
Manager, Communications and Corporate Social Responsibility, MuniFin
Tel. +358 400 204 853

About MuniFin social bonds

FundingMuniFinSocial bondSustainability

MuniFin updates long-term funding forecast for 2020

Covid-19 pandemic will impact the borrowing needs of Finnish municipalities and social housing sector. MuniFin has strengthened its position as a market leader in its own customer sectors and estimates that its market share will continue to grow in the current challenging market environment caused by the pandemic.

Based on the new forecast, MuniFin has made small changes into the execution plan. Funding for the rest of the year will be carried out mainly as originally planned: through public benchmark markets and other tactical funding markets. As of April 17, 2020 MuniFin has issued approximately EUR 5.0 billion of new funding, which corresponds to 53% of full-year target.

More information:

Antti Kontio
Head of Funding
+358 50 3700 285

FundingMuniFin

MuniFin returned to the benchmark market with an outstanding 5-year EUR benchmark amid the COVID-19 pandemic

The mandate for the new 5-year benchmark was announced on Tuesday 14 April. Books were opened on Wednesday 15 April at 10:30am Helsinki time at mid swaps +20 area. Demand for the new benchmark grew to EUR 2 billion when the books had been open for an hour. The price guidance on the deal was thus revised to mid swaps +18 area. The final spread was set after books had been open for ~1.5h at mid swaps +16 area, when books had reached EUR 2.8 billion. The final order book was over EUR 3.6 billion when books closed.

The orderbook was of very high quality. 46% of the allocations went to Central Banks & Official Institutions, 45% to Banks, 7% to Asset Managers and 2% to Insurance/Pension Funds. In terms of geography, 76% of the investors were from Europe (excl. Nordics), 19% from the Nordics, 4% from Americas and 1% came from Asia.

The benchmark was priced at mid swaps +16 area and pays an annual coupon of 0%. The spread over the OBL 0% due April 2025 was 56.4 bps.

– It was an excellent achievement to issue such a successful benchmark under the current market backdrop. It was also exceptional that a benchmark was executed while working from home both at the issuer’s as well as the joint lead managers’ end. This demonstrates that MuniFin is able to ensure its basic duty of securing the financing of its customers under all market conditions, says Joakim Holmström, Executive Vice President, Head of Capital Markets at MuniFin.

– An impressive outcome for MuniFin’s second Euro benchmark of 2020. In a very challenging market, the transaction captured the attention of a broad range of investors resulting in a heavily oversubscribed issue highlighting the MuniFin’s well established investor base.  Citi was pleased to have been part of this success, says Philip Brown, Head of Public Sector DCM at Citi, who acted as a joint lead manager in the deal.

Issue Size:       EUR 1 billion
Settlement Date: 22 April 2020
Maturity Date:  22 April 2025
Coupon:   0% Fixed coupon
Re-offer Price:  100.476%
Re-offer Yield:  -0.095%
Re-offer vs Mid Swaps: +16 bps
Lead Managers:    Barclays / Citi / Morgan Stanley / Nordea
MuniFin-Press-release-_5Y-EUR-BenchmarkDownload

Further information:

Joakim Holmström, Executive Vice President, Capital Markets, MuniFin, tel. +358 9 6803 5674
Antti Kontio, Head of Funding, MuniFin, tel. +358 9 6803 5634

FundingMuniFin

Nordic issuers release 2020 update to their green bonds impact reporting guide

The Position Paper on Green Bonds Impact Reporting, originally launched in October 2017 by a group of ten Nordic public sector issuers, has been published in an updated version. The new version replaces the January 2019 version.  

– We find great value in working together. Advancing impact reporting practices remains a priority for all of us, says Björn Bergstrand, Head of Sustainability at Sweden’s Kommuninvest and coordinator of the Nordic cooperation.

With the EU Sustainable Finance Action Plan and the EU Green Bond Standard (EU GBS) soon to become a reality, the Nordic issuers are anticipating even stronger interest for a harmonised approach to green bonds impact reporting going forward. The group aims to contribute to the development of a methodology in this field.

– While the EU GBS and the Taxonomy are not yet in full force, certain recommendations have been added to accommodate the suggested requirements, says Björn Bergstrand.

This includes recommendations on providing both allocation and impact reporting, to distinguish between financing and refinancing, and to report a breakdown of projects by the nature of what is being financed. In addition, the Position Paper’s existing mapping to the SDGs has been expanded to incorporate also the EU Environmental Objectives. 

The updated recommendations will see the Nordic issuers report less CO2 impact, in relative terms, from many of their financed green investments. This is because the baseline emission factor for electricity has been revised downwards, from 380 g CO2e/kWh to 315 g CO2e/kWh, to echo updated grid factors from the International Energy Agency (IEA) and the International Financial Institutions (IFIs), including the European Investment Bank (EIB) and the Nordic Investment Bank (NIB).

Torunn Brånå, Head of Green Finance at Norway’s Kommunalbanken and chairperson of the cooperation’s technical/environmental working group, says the emission factor for electricity is a key assumption when calculating the environmental impact of the projects financed.

– Deciding on a joint approach for estimating the impact of electricity used, reduced or produced has been one of the important tasks of this group. Now, for the first time, the emission factor has been updated to reflect mainly a more ambitious expected decarbonisation of the European energy grids.

Torunn Brånå says revising the grid factor to result in less reported CO2 impact is good news.

– This means the development of our energy systems are going in the right direction. The revision will lower the positive impact of energy efficiency projects and renewable energy production, whilst reducing the negative impact of an increased use of electricity, be it for electrical bus fleets or the operation of a project.

Although developed with the primary aim of assisting Nordic public sector borrowers in reporting the environmental impact from their investments, signatories also hope that the Position Paper will prove useful for issuers from the private sector, issuers from other countries as well as for the investor community.

– Resolving climate issues is at the heart of government agendas and policy papers all over the world, with various actors increasingly being expected to demonstrate their impact and climate actions. The financial industry has a key role in the transition, not least in providing robust and credible transparency to stakeholders, says Eeva Toivonen, ESG Analyst at MuniFin and the Finnish spokesperson for the Nordic cooperation.

The Position Paper has been developed by a group comprising public sector green bond issuers from the four Nordic countries Denmark, Finland, Norway and Sweden. They include the local government funding agencies Kommunalbanken (Norway), Kommuninvest (Sweden) and MuniFin (Finland); the Swedish Export Credit Corporation (SEK); and seven Swedish municipal or regional issuers including City of Gothenburg, the municipalities of Lund, Norrköping, Västerås and Örebro, Region Skåne and Region Stockholm.

The issuers’ work is supported by SEB and Crédit Agricole CIB, with input from CICERO Shades of Green, the Nordic Investment Bank, as well as several investors.

About the Nordic Position Paper on Green Bonds Impact Reporting

The Nordic Position Paper proposes an outline for reporting environmental benefits of green bond investments. It also provides guidance on general matters such as to distinguish between reduced and avoided emissions, as well as to report impact in relation to disbursed green bond allocations.

Moreover, the Paper provides suggestions for metrics and indicators relevant to eight different project categories. The effort builds upon reporting approaches suggested by the Green Bond Principles and multilateral development banks, as outlined in the GBP Handbook – Harmonized Framework for Impact Reporting.

The Paper is used as the reference framework for emerging impact reporting platforms such as the Green Assets Wallet and the Nasdaq Sustainable Bond Network Platform. It is also referenced in the proposal for an EU Green Bonds Standard, published by the EU Commission’s Technical Expert Group on Sustainable Finance.

The Paper is available for download from the signatories’ web pages such as munifin.fi, kbn.com, kommuninvest.se and also from the ICMA Resource Centre for Green, Social and Sustainability Bonds, icmagroup.org.

Contact information

MuniFin
Eeva Toivonen, ESG Analyst, +358 504 643 073, email: eeva.toivonen@munifin.fi

Secretariat for the Position Paper and main contact for questions & comments
Kommuninvest
Björn Bergstrand, Head of Sustainability, +46 708 86 94 76, e-mail: bjorn.bergstrand@kommuninvest.se

Chairperson of the Nordic issuers technical/environmental working group
Kommunalbanken
Torunn Brånå, Head of Green Finance, +47 911 58 528, e-mail: tob@kbn.com


Position Paper on Green Bonds Impact Reporting Download

FundingGreen bondMuniFinSustainability

MuniFin publishes the first Nordic SSA social bonds framework and launches a new social finance product

With this launch, MuniFin continues to be the forerunner in offering sustainable finance products in Finland and in the Nordics.

MuniFin’s Social Bonds Framework is aligned with the Social Bond Principles published by ICMA and ISS ESG has provided a second opinion of the framework.

Social finance project selection is based on MuniFin’s Social Bonds Framework and final approval is made by the Social Evaluation Team. The team consists of two independent experts and one MuniFin representative.

Financing Finland’s welfare state

MuniFin is the largest provider of financing to municipalities and the social housing sector in Finland. Municipalities play a key role in maintaining Finland’s welfare state, as they are responsible for the majority of service production, including education and healthcare. Social housing organisations on the other hand ensure that affordable housing is available. They also aim to tackle social issues like homelessness and social exclusion.

The eligible project categories that have been selected for MuniFin’s Social Bonds Framework are in the core of MuniFin’s customer finance business. Eligible project categories under the Use of Proceeds include housing, welfare and education.

The projects have to meet additional criteria in order to be eligible for the Social Finance product. In the selection process, special emphasis is placed on targeting the most vulnerable parts of the population and areas where investments by the municipalities will likely have the greatest impact on the area’s vitality.

Social financing funded by social bonds

MuniFin plans to issue an inaugural benchmark sized Social Bond in the second half of 2020 and intends to make it an integral part of the annual funding program going forward. MuniFin’s themed bond issuances, consisting of green and social bonds, will account for roughly 10–15% of new funding annually.

– Corporate responsibility is in the very DNA of MuniFin. We strive to be in the forefront in the responsibility of our products and services, processes and operations. It seemed only natural to take this new step in broadening our sustainable product offering, says Joakim Holmström, the Head of Capital Markets at MuniFin.

MuniFin was the first credit institution in Finland to launch green finance for environmental investments in 2016. In the same year, the agency also issued Finland’s inaugural green bond.

Read more about MuniFin Social Bonds:

Information on social bonds, MuniFin Social Bonds Framework and a ISS ESG’s second party opinion on the framework are available at our Social Bonds site >

Further information:

Joakim Holmström, Head of Capital Markets
tel. +358 50 444 3638

Soili Helminen, Manager, Communications and CSR
tel. +358 400 204 853

FundingMuniFinSocial bondSustainability

MuniFin’s inaugural results webcast on 14 February 2020

Municipality Finance Plc will publish the financial statements for year 2019 on 13 February 2020. A webcast for investors and other stakeholders will be arranged in English on 14 February at 1:00 pm (EET) and broadcast live at munifin.videosync.fi/financial-statements-2019. A video recording will be available after the webcast on this webpage.

Presentations:

• Esa Kallio, President and CEO
• Timo Vesala, Chief Economist
• Joakim Holmström, Head of Capital Markets

There will be an opportunity to ask questions via chat channel after the presentations.

A recording of the webcast is available at munifin.videosync.fi/financial-statements-2019.

Further information:

Soili Helminen, Manager, Communications & CSR, MuniFin
tel. + 358 400 204 853

Edited on 17 February 2020: Added a mention about the opportunity to watch a recording of the webcast.

FundingMuniFin