Finland
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◆ Third dollar deal in three years from the Nordic sovereign ◆ 'Ten year is the new five year' in dollars ◆ Recent World Bank bond a key comparable for pricing -
◆ Five year dollars 'road well travelled' ◆ Fair value estimated ◆ Pricing 'straightforward' given plenty of comps
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◆ Minimal premium paid ◆ Size at top of range ◆ Issuer seizes upon stability
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Busy Thursday ahead as five euro and dollar benchmarks set to price after a slow March
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◆ Deal gets broad interest despite sub-benchmark size ◆ Finnish bank prints amid high volatility and constrained issuance timing ◆ First euro FIG capital deal in a month
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Recent Italy syndication prompts talk of change in how sovereigns manage syndicates
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◆ Finnish bank tightened by 7bp through execution ◆ Banker said FRV not easy to calculate ◆ Second banker cited recent strong Nordic covereds
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Sovereign keeps to tenor rotation and 15 year proves 'a good fit' in current market
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◆ Sovereign refreshes 15 year curve ◆ Biggest book ever for this tenor ◆ 'Very tight' premium paid, curve stability observed
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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
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◆ 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
