Auctions

• Treasury bill auctions

  The auction calendar for euro-denominated Treasury bills will be published on a quarterly basis. There will be four quarterly auctions during 2019.

  Details of the next auction:
  The next auction will take place on 22 November 2019.

  * subject to the liquidity position and refinancing needs of the central government
  Maturity	Settlement date	ISIN code	Estimated amount*
  12 February 2020	22 November 2019	FI4000390794	EUR 1000 million
  12 May 2020	22 November 2019	FI4000400213	EUR 500 million

  General details:

  Eligible bidders 
  Republic of Finland Treasury Bill Programme Dealer Group

  Auction platform
  Bloomberg Auction System (BAS)

  Auction announcement
  The State Treasury will send a reminder to each dealer one week prior to the auction date via the Bloomberg Message System. The invitation will be sent on the morning of the auction date via the Bloomberg Auction System.

  Time of the auction
  12:30-13:00  Helsinki time (10:30-11:00 a.m. London time).

  Results
  The auction results will be published a few minutes after the cut-off time of the bidding process on the Treasury Finland website. The programme dealers who have submitted bids will be notified of the results by a message sent via the Bloomberg Auction System.

  Minimum denomination
  EUR 1 000 and multiples of EUR 1 000

  Settlement
  T+2

  Auction algorithm
  The Treasury bills are sold in a uniform price auction, in which the State Treasury determines the cut-off  rate. All bids submitted at rates lower than the cut-off rate are allocated in full.

  Market conventions
  The amount to be paid is the discounted value of the accepted bids calculated on an ACTUAL/360 basis.

  Submission of the bids
  The bids should be entered in basis points with three decimals, with ticks of 0.5 basis points. The minimum bid amount is EUR 10 million, and the bid amount increment is EUR 1 million. The maximum bid amount per dealer is 20% per line.

  Non-competitive share
  There is no non-competitive share to be allocated later.

• Serial bond auctions

  The State Treasury issues additional tranches of existing government bonds in auctions. Only the primary dealer banks have the right to take part in the auctions. The State Treasury can also use the auction dates for conducting other business besides bond issues, for example buy-backs.

  The State Treasury does not publish a calendar of auctions. Information on upcoming bond auctions is announced approximately one week before the auction date.

  The auctions are arranged electronically via the Bloomberg Auction System. The State Treasury announces the results of the auction about 5-10 minutes after the close of the bidding period. The government uses the Dutch uniform price auction procedure. All accepted bids are reduced to the lowest accepted bid price.

  Details of the next auction:
  To be announced.

  General details:

  Eligible bidders 
  Republic of Finland Primary Dealer Group

  Auction platform
  Bloomberg Auction System (BAS)

  Auction announcement
  The State Treasury will send an announcement to each dealer one week prior to the auction date via the Bloomberg Message System. The invitation will be sent on the morning of the auction date via the Bloomberg Auction System.

  Time of the auction
  12:30 pm – 13:00 pm Helsinki time (10:30 am -11:00 am London time).

  Results
  The auction results will be published a few minutes after the cut-off time of the bidding process on the Treasury Finland website. The programme dealers who have submitted bids will be notified of the results by a message sent via the Bloomberg Auction System.

  Settlement
  T+2

  Auction algorithm
  Serial bonds are issued in a uniform price auction, in which the State Treasury determines the cut-off price. All bids submitted at rates higher than the cut-off rate are allocated in full.

  Settlement amount
  The settlement amount is calculated by multiplying the nominal amount by the accepted cut-off price and adding accrued interest on an ACTUAL/365 basis.

  Submission of the bids
  The bids should be entered with three decimals with 0.5 price ticks. The minimum bid amount is EUR 10 million, and the bid amount increment is EUR 1 million.

  Non-competitive allotment

  There is no non-competitive allotment to be allocated later.