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Finland 20-year preview

EGB SYNDICATION
  • Finland will come to the market this morning to launch its new long 20-year RFGB maturing 15 April 2043.
  • The transaction will have a size of E3bln WNG (as is convention for Finnish syndications over the past few years).
  • Finland is expected to hold two further syndications this year with both 5-year and 10-year RFGBs expected to be launched. (In 2021 5/10/30-year issues were launched).
  • The last 20-year RFGB to be launched was the 0.25% Sep-40 FRGB which saw a E3bln syndication on 10 June 2020 attract a record book size for a Finnish syndication of E31bln.
  • RV: Looking at the spread to Bunds (of the 2.625% Jul-42 RFGB vs the 3.25% Jul-42 Bund), we have traded in a 35-43bp range since early November. In 2022, we have moved from around 35bp to a 40.2bp spread at writing.
  • Timing: We tend to get IPT details just after 8:00GMT / 9:00 CET with the spread set between 10:52-11:40 GMT based on the 2021 syndications. Pricing of the 2021 transactions was between 14:20-14:58 GMT.
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