Demand for the Republic of Finland’s latest bond was high on Wednesday as it printed through the ECB deposit rate to sell “the most expensive syndication of all time”, according to a banker on the deal. The five year note came 29.9bp richer than Austria’s previous record holding deal, another five year note sold in June.
Finland sold €3bn of 0% September 2024 bonds with its second syndication of the year on Wednesday. The bond was priced at 103.775, giving it a yield to maturity of minus 0.734%.
The sovereign follows Austria in pricing a euro syndicated bond below the ECB deposit rate of