Finland opens market ahead of September rush

摘要

The republic offinland breezed through a wide-open primary market window last week, pricing a €4bn September 2020 benchmark after attracting about €8.8bn of orders. The Triple A rated sovereign priced the transaction at 13bp through mid-swaps, which was flat to its secondary curve. "A combination of a lack of supply and an incredibly supportive market backdrop allowed Finland to price on top of its secondary curve," said a syndicate banker. "Investors are aware that the supply environment for the remainder of the year is going to be challenging, which explains the success of this issue."