Triple-A Finland sells itself on credentials rather than yield
The mood toward peripheral sovereigns may have improved recently but the results of the Republic of Finland’s new July 2028 government bond launched on Tuesday proved that investors are more than happy to sacrifice yield to buy a top quality credit.
Finland paid a coupon of 2.75% for its 16.5 year issue, compared with, for example, the Kingdom of Belgium, which priced at 10 year in January at 197bp over swaps with a coupon of 4.25%.
Finland is one of the few Eurozone sovereigns still rated triple-A by all three
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