Citi helps MuniFin raise RON 104mm in the first digitally completed European public-sector bond offering using the Origin platform
London, 17 November 2021
Municipality Finance Plc (“MuniFin”) successfully issued a RON 104mm bond, the first digitally issued European SSA medium term note with Citi acting as underwriter to the issue.
Origin’s Documentation product was used to automatically draft and negotiate all key pre- and post-transaction documents including the initial Bond and Swap Termsheets, the Final Terms (with the relevant local currency provision), Dealer Confirmation Letter and Payment Instructions prefilled with Standard Settlement Instructions.
Both Citi and MuniFin digitally signed the documentation using Origin’s integration with DocuSign.
Using Origin’s automated documentation workflow platform substantially reduces the time and effort required by the transaction parties involved in syndicated and non-syndicated issuance of debt instruments.
Fields from the termsheet automatically feed through to the post-trade documentation, reducing the risk of human error stemming from manual processes. Multiple individuals from the transaction parties can comment, review and approve the documentation on a centralised platform and can now compare prior versions with our blacklining functionality.
Miia Palviainen, Manager, Funding and Sustainability at MuniFin, said: “Our pilot transaction went even smoother than expected. Our intention was to try out the new platform and see how it could improve our internal processes that are quite labour intensive. The platform itself is well designed and intuitive to use. Next, we will explore the API integration and remain optimistic about using the platform in future trades as well.”
Amaury Gossé, Global Head of MTNs at Citi, said: “We are glad to be a part of MuniFin’s pilot digitisation project on Origin. We now see an uptick in the number of clients who actively look to bring efficiency and cost-saving benefits to their funding operations through technology. At Citi, we strive to provide our clients with the best possible experience in every interaction we have with them, and we believe technology will play an increasingly important role in how we conduct our business”
Raja Palaniappan, CEO at Origin, said: “This transaction marks the 23rd major deal on the Origin Documentation platform this year, and it’s fantastic to see the continued growth and usage of the tool across the market. With each deal we iterate and improve the tool, and it’s great to see those enhancements compound to create the great user experience we have today.”
About Origin
Headquartered in London, Origin is a leading player in the digitisation of debt capital markets, helping dealers and issuers streamline the issuance process from start to finish. Founded in 2015, Origin launched its first product in 2017, and is now used by 20 dealers and 95 issuers across 60 cities worldwide.
For more information, visit https://originmarkets.com
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
About MuniFin
MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions: the company’s balance sheet totals EUR 44 billion. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland. MuniFin’s financing is offered exclusively to Finnish municipalities, their majority-owned companies, joint municipal authorities, and non-profit housing organisations.
For more information, visit: https://www.munifin.fi/
For more information, please contact:
MuniFin
Miia Palviainen
Phone: +358 50 598 0829
Miia.Palviainen@munifin.fi
Citi
Rekha Jogia-Soni
Phone: +44 20 7500 2843
rekha.jogiasoni@citi.com
Origin
Katie Orr
Phone: +44 020 8050 9928
katie.orr@boldspace.com
