Finland
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◆ Bookrunners keen to test boundaries with pricing ◆ Strong order book attracts high proportion of real money investors ◆ Trade tightened by 6bp -
◆ Reoffer spread breaks below 100bp over mid-swaps ◆ Some new issue premium despite tight spread ◆Possible greenium
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◆ Combined demand peaks at more than €5.1bn ◆ Yield curve drives investors towards seven year ◆ No premium needed to hit size targets
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Sovereign prices flat to euro curve and 'well in line' with peers despite being less frequent in the currency
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◆ Sovereign's second dollar bond since 2020 ◆ Deal attracts 'really high quality demand' ◆ Pricing in line, if not better than, euros
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Upcoming rates decisions in four major economies create a fleeting issuance window
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◆ Book one of the issuer’s largest ◆ ‘A good trade’ at 19bp over swaps ◆ Tight spread to Finnish govvies
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◆ SBEB and Nordea both print tight senior bullets ◆ Both deals oversubscribed ◆ 'Pre-volatility market is back'
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◆ Deal attracts granular book for a Pfandbrief ◆ Premium paid but outcome still 'fair' ◆ Elsewhere, Finnish sub-benchmark deal proves popular
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◆ Finnish DMO's Sammallahti on 'sweet spot' tenor ◆ Close to fair value ◆ Asset managers willing to buy shorter
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◆ 'Humongous' compression at the long end attractive ◆ Small premium paid on tighter headline level ◆ Tasty pick up still offered over KfW
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Deal is a mix of green private placements, term loans and revolving credit facilities
