The Republic of Finland raised EUR 4 billion with a new benchmark bond maturing on 15 September 2036. The bond attracted an order book in excess of EUR 12 billion from 110 investors.
The bond was priced at 32 bps over mid-swaps and 37.9 bps over the DBR 2.9% February 2036.
Geographically, the largest share of the bond (36%) was placed with investors in the Benelux countries and France. Asia & the Middle East received 20% of the allocation, while Nordic accounts took 15%. By investor type, banks and bank treasury desks accounted for the largest share (40%), followed by central banks and other official institutions (37%).
This allocation profile is typical for a 10‑year Finnish government benchmark.
“Despite the economic uncertainty stemming from global geopolitical developments, our traditional investor base showed strong support for this transaction,” says Director of Finance Anu Sammallahti.
The conflict in Iran has dominated market sentiment in recent weeks. Even so, the issuance benefited from the relative stability of Finnish government bond spreads versus peers.
“Although there are no clear signs that longer‑term uncertainty is easing, market tone this week appeared constructive,” Sammallahti notes.
The issue was lead-managed by BofA Securities, Citi, Crédit Agricole CIB, HSBC and Nordea. The other primary dealers were also included in the syndicate group.
Details:
Issue amount: EUR 4 billion
Pricing date: 9 April 2026
Payment date: 16 April 2026
Maturity: 15 September 2036
Coupon: 3.350%
Price: 99.909
Yield: 3.362%
ISIN Code: FI4000602891
Further information: Director of Finance Anu Sammallahti, tel. +358 295 50 2575, firstname.lastname(at)statetreasury.fi