Castres & Snellman advised Municipality Finance in the issue and listing of a EUR 350 million Additional Tier 1 (AT1) instrument as to Finnish law. Municipality Finance is globally the first SSA issuer of a publicly listed AT1 instrument. In Finland the AT1 transaction itself is first of its kind. The AT1 instrument was listed on the Irish Stock Exchange in Dublin. The instrument is perpetual, and Municipality Finance has the first option to call the securities in 6.5 years after the issue date, in 2022. The coupon rate is 4.5 per cent.

Our team of advisers was headed by partner Janne Lauha and included partner Sari Laaksonen and counsel Mikko Heinonen as well as associates Erno Kaskinen, Jenni Parviainen and Hannu Huotilainen.