Finland on Wednesday........>

FINLAND AUCTION PREVIEW: Finland on Wednesday reopens 0.50% Sep-29 RFGB for up

to E1bln.

- BACKGROUND: The Sep-29 RFGB launched via syndication in February. This will be

the first tap of the issue.

- RV/HISTORY: Finnish yields have been in freefall since Q4 2018, accelerating

in the past month amid waning risk appetite. With a drop of just over 50bps

since the start of 2019, the Sep-29 RFGB barely carries a positive yield, at

0.024% as of the afternoon of June 4. The yield last dipped negative in Sep

2016. From a spread perspective, 10-Yr RFGBs have widened by just over 1bps vs

equivalent Bunds since the start of May, but have been steady between 21-26bps

for most of 2019. Additionally, it trades 28.0bps inside equivalent EUR swaps,

which is in line with the trailing six-month average (28.3bps).

- TIMING: Results are due shortly after the auction closes at 1100BST.