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10/25-year RFGBs

FINLAND AUCTION PREVIEW
  • Finland will come to the market today to sell up to E500mln of each of the 10-year and 25-year RFGBs.
  • On offer will be:
    • 0.125% Sep-31 RFGB. ISIN: FI4000507231
    • 1.375% Apr-47 RFGB. ISIN: FI4000242870
  • Auction history: The 0.125% Sep-31 RFGB was launched by syndication in May this year with E3bln sold (from bids of E13bln) and has since been re-opened twice by auction on 15 June and 10 October where E974mln and E941mln were issued respectively. The June auction resulted in a bid-to-cover of 1.77x at a yield of -0.015%, while the October auction was covered 1.49x at a yield of 0.070%.
  • The 1.375% Apr-47 RFGB was first issued in February 2017 as a 30-year bond and hasn't been sold this year. However, comparable auctions include the 2.625% Jul-42 RFGB auction on 21 September where E936mln was sold, with a bid-to-cover of 1.57x and a yield of 0.274%. Also, the 0.125% Apr-52 RFGB which was launched via syndication for E3bln on 2 February (with books of E19bln) and was reopened for E500mln on 16 March this year resulting in a bid-to-cover of 1.42x and a yield of 0.419%.
  • Timing: Results are due shortly after the auction closes at 1100GMT.
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