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Finland Q4 funding plans

EUROZONE ISSUANCE
  • No syndications scheduled.
  • One or two bond tap auctions: 18 October and 15 November. E1.0-1.5bln target amount for each.
  • Two bill auctions due for now: 11 October and 8 November for E1-2bln each.
  • If there is high takeup of the guarantee scheme for the energy sector bill issuance could increase substantially.
  • The following is from the Treasury release:
  • "The government’s latest supplementary budget for 2022 (dated 5 September) includes a EUR 10 billion loan and guarantee scheme for the energy sector. This lending facility is a precautionary measure by which the government prepares for granting loans."
  • "The government’s net borrowing in 2022 could be as high as EUR 18.9 bn, but will depend on the actual take-up of loans under the facility. Due to harsh terms for the loans and alternative funding opportunities available, the use of the lending facility remains a last-resort option. The State Treasury foresees any funding need for the lending facility to be covered by short-term borrowing, i.e. bills issuance given the pre-payment options included in the facility."

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