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- Finland has announced a mandate for a new 30-year RFGB maturing 15 April 2052. The transaction is to take place in the "near future", we expect this tomorrow.
- This will be Finland's first syndication of 2021. It launched three new RFGBs via syndication in 2020 as well as a USD-denominated EMTN.
- The size of the transaction has been set as E3bln WNG, in line with all three EUR-denominated syndications last year.
- Book sizes for the transactions in 2020 were E21bln for the 15-year 0.125% Apr-36 in February, E31bln for the 20-year 0.25% Sep-40 in June and E27bln for the 10-year 0% Sep-30 in August.
- We expect the book size to be in excess of E20bln again for the upcoming transaction.
- Timing: The last syndication in August saw the following schedule:
- Spread set: 10:50UK
- Books closed: 11:10UK
- Deal priced: 15:01UK
- FTT: 15:15UK