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 second re-opening of the Sep-27 since it was launched

at the end of August and then tapped on the third week of November, and ring

total outstanding amount to E4.0bln.

- RV/HISTORY: The performance of the Finnish 10Y is a little mixed, particularly

against the Dutch and French curves. For example, the DSL 0.75% Jul-27 vs RFGB

0.5% Sep-27 spread has tightened 1.5bps since hitting yearly high of 8.5bp a

couple of weeks ago, while it now trades flat vs the FRTR 2.75% Oct-27 little

changed during the same time. The security saw a yield of 0.46% when it was

tapped back in November and is currently seen at 0.711%. The security has

underperformed 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

77bp. 

- RESULTS: Auction results are due around 1005GMT.