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Finland's State Treasury....>

FINLAND AUCTION PREVIEW: Finland's State Treasury re-opens its 5-year benchmark
0% Apr 2022 RFGB Tuesday for E1bln size. 
- BACKGROUND: Finland has completed E11.8bln of its E16.5bln programme. PSPP
buying runs below the Finnish capital key meaning that the programme would be a
willing buyer in the secondary market of this issue. Finnish government finances
are improving solidly. 
- RV: Finnish paper trades with as cheaper swap spread in the 5Y than Belgian,
Austrian and is very close to the French curve. However, it is more expensive
than all these countries in maturities at 10Y and above. So the 5Y area of
Finland looks quite cheap. Moreover, this cheapening only began to show up
around one month ago. Not that its relevant today but the cover at the prior
auction in April was 1.53x when the yield was -0.17%. Today's yield is -0.234%
- RESULTS: Auction results are due around 1005GMT/1105BST.

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