Finland's State Treasury....>

FINLAND AUCTION PREVIEW: Finland's State Treasury will tap the market for

E1.0bln on Wednesday. On offer are the 0.50% Apr-26 RFGB and the 1.375% Apr-2047

RFGB.

- BACKGROUND: The 1.375% Apr-2047 RFGB is the 30-year benchmark, which was last

tapped in November 2018 with E0.5bln allotted at an average yield of 1.28% and

bid-to-cover ratio of 1.17x. The 0.50% Apr-26 RFGB is the 8-year benchmark and

was last reopened in 2016.

- RV/HISTORY: The long-end of the Finish sovereign curve has outperformed since

the beginning of the year with the 2s10s spread narrowing to 70.5bp from a high

of 99.7bp in January. The 0.50% Apr-26 RFGB trades at a yield of -0.050% down

from a YTD high of 0.147% in February and 28.4bp inside the comparable EUR swap.

The 1.375% Apr-2047 RFGB trades at a yield of 0.900% up from a recent low of

0.828% on March 27 and 19.7bp inside the comparable EUR swap.

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