Investors shun MuniFin callables in favour of liquid benchmarks

Finland and euros fotolia 230 x 150
By Frank Jackman
29 Oct 2019

Finnish agency Municipality Finance has faced a decline in callable MTN issuance this year as investors shun the format and move “more and more towards benchmarks with greater liquidity”, according to funding manager Martin Svedholm.

MuniFin’s issuance of callable notes is down from €329m year to date in 2017 and €209m year to date in 2018 to €186m so far this year — its lowest volume for the format since 2012, according to Dealogic.

Svedholm attributes the decline to the illiquidity of the format. ...

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