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Finland Q2 funding plan

EUROZONE ISSUANCE
  • Finland has released its Quarterly Review including its Q2 funding plan.
  • It has announced that it intends to launch its second RFGB of the year. The Treasury notes that this "may have a 10-year maturity" but that "if market conditions were to prove favorable for a longer maturity, e.g. 15 years, that could be considered."
  • In addition, Finland will look to hold three RFGB auctions in the quarter (16 April, 21 May and 11 June), all for E1.0-1.5bln. (This is in addition to the two ORI operations that had already been announced on 4 April and 30 May).
  • Altogether the Treasury notes that this will see 70% of the annual long-term funding by the end of Q2.
  • In addition it will hold three RFTB auctions (9 April, 14 May, 4 June) for E1-2bln each.
  • Recall that Finland's net borrowing requirement has evolved from the E12.88bln initial requirement to E11.441bln in the Budget (19 December) and then to E12.933bln in the first supplementary budget (21 March). The benchmark bond issuance target is E21.0bln plus an additional E1.5bln from EMTN/other and a further E20.685bln from RFTBs.
  • The next quarterly review will be published on 28 June 2024.
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