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 auctions are arranged electronically via the Bloomberg Auction System. The State Treasury announces the results of the auction about 2-3 minutes after the close of the bidding period. The government uses an uniform price auction procedure. All accepted bids are awarded at the lowest accepted price.
Details of the next auction:
The next auction will take place on 16 March 2021. Estimated auction amount is EUR 1 billion. Full auction details will be published a few days before the auction date.
Republic of Finland Primary Dealer Group
Bloomberg Auction System (BAS)
The State Treasury will send an announcement to each dealer a few days 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).
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.
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.
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.
There is no non-competitive allotment to be allocated later.