On Tuesday, Finland's.......>

FINLAND AUCTION PREVIEW: On Tuesday, Finland's State Treasury re-opens E1.0bln

of RFGB 0.5% Sep-27. 

- BACKGROUND: This is the first re-opening of the Sep-27 since it E3bln was

launched at the end of August. It will be the final Finnish auction of the year.

- RV/HISTORY: The Finnish 10Y has cheapened up, particularly against the Dutch

and French curves. For example, the DSL 0.75% Jul-27 vs RFGB 0.5% Sep-27 spread

is at all-time highs of 5.4bp, not that many would do this trade given liquidity

levels. The security saw a yield of 0.56% when it was syndicated in August. That

syndication saw an impressive E10.7bln order book. The yield is currently

0.506%. The security has outperformed the swap curve recently and the 5-10Y

spread is on the steep side of the recent average, with the RFGB1.625% Sep-22 to

RFGB 0.5% Sep-27 spread at 78bp. 

- RESULTS: Auction results are due around 1105GMT.