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Finland 2023 funding plan

EUROZONE ISSUANCE

Finland published its 2023 funding plan on 22 December.

  • E8.360bln net borrowing requirement, E36.397bln gross borrowing requirement.
  • E10bln RFGBs to be raised via syndication (up from E9bln in 2022), around E6.0bln RFGBs via auction, around E1.5bln EMTN, around E18.4bln to be raised via RFTBs (from investor presentation chart).
  • Three new issues via syndication are expected in 2023: a new 10-year benchmark, a new 5-year benchmark and a longer maturity bond where the "exact maturity will be subject to market conditions while aiming at a balanced bond curve with liquid 15- 20 and 30-year maturity lines."
  • One syndication is due in Q1-23 (MNI expects late January / early February) along with RFGB auctions of E1.0-1.5bln each on 17 January and 21 March.
  • There are monthly RFTB auctions scheduled for Q1-23 of E1-2bln each.

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