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10/30-year RFGB benchmarks

FINLAND AUCTION PREVIEW

Finland will come to the market today to sell E500mln of each of the 10/30-year RFGB benchmark bonds.

  • 0% Sep-30 RFGB: The 10-year benchmark was launched in August via syndication for E3bln with books of E27bln. It has been reopened twice, in November when E0.95bln was sold with a bid-to-cover of 1.53x and in January when E1.00bln was sold with a bid-to-cover of 1.40x. This could potentially be the last auction of the 0% Sep-30 RFGB before a new 10-year benchmark is launched via syndication. With the smaller auction size today, we expect a higher bid-to-cover than in recent auctions.
  • 0.125% Apr-52 RFGB: The new 30-year benchmark was launched via syndication last month. E3bln was sold with books of E19bln. This is the first conventional auction of a 30-year benchmark since 2019, with sales with then taking place via either syndication or private placement. We expect to see healthy demand at today's auction, however.
  • Timing: Results will be available shortly after the auction closes at 12:00GMT.
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