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Finland 10-year syndication preview

EGB SYNDICATION
  • Finland will come to the market in the "near future" to launch its new 10-year Sep-31 RFGB. The transaction size has been set at E3bln will not grow and we expect the transaction to take place today.
  • This will be the second Finnish syndication of 2021 following the E3bln 30-year 0.125% Apr-52 RFGB that was launched in February. That transaction attracted E19bln of bids.
  • Last year's 10-year syndication was held in August and saw bids of E27bln with a transaction size of E3bln.
  • Ahead of today, Finland had completed E6bln of issuance in 2021, so when today's transaction is included, Finland will have completed over 50% of its E17bln target of benchmark bond issuance for 2021.
  • With prevailing yields now above zero, we think there is a good chance today's 10-year RFGB has a coupon set at 0.125% rather than 0%.
  • Timing: The February syndication saw the IPT just before 8:30, an update around 9:50 with final terms set around 11:40 before being priced just before 15:00 (all times UK).
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