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Precious Metals Nearing Support

EUROZONE ISSUANCE
  • 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
MNI London Bureau | +44 203-865-3820 | tim.davis@marketnews.com