REFILE FROM AUG 14. In Finland,...>

EUROZONE ISSUANCE: REFILE FROM AUG 14. In Finland, there is a E6bln Finnish

government bond redemption on 15 September. Many are expecting that Finland will

use the occasion to tap the market. 

- Having launched a new 30Y in February but not having tapped a 10-Year this

year, it is likely that Finland will issue a new 10-Year to replace the rather

old 0.5% Apr-26. Indeed, in the recently released quarterly review it was

written "A second new euro benchmark bond for the year is foreseen to be issued

in the third quarter. The maturity is likely to be 10 years and the timing will

be subject to market conditions." So, there are few doubts. Typically, Finland

sells E3-4bln via an initial syndication. 

- Finland's 2017 long term funding target is E16-17bln and MNI calculates that

it has sold 7.6bln nominal or E7.7bln in cash terms. As such, it would not be a

surprise if the Finns looked for a new 10-Year closer to E4bln. 

- Finland is also looking to do a USD-denominated bmk-sized issue under its EMTN

programme once a year, which also has yet to be done.