The Republic of Finland issued a new USD-denominated bond due 3 June 2036. The final issue size was USD 1.5 billion. The bond attracted an order book of USD 3.8 billion from 60 investors.
The bond’s re-offer yield is 4.559%, which is 48 basis points above the mid-swap interest rate (USD SOFR) and 9.2 basis points over UST due 15 May 2036.
The largest share of the new bond, 46%, was allocated to banks and bank treasuries. By region, demand was split between UK (42%) and the rest of Europe (42%), Americas (10%) and Asian investors (6%).
“Demand from bank treasuries has increased in our euro‑denominated transactions, and we saw the same trend in this dollar issuance. The higher‑than‑usual participation from European investors reflects the strong interest from this segment,” says Anu Sammallahti, Head of Debt Management.
The USD-denominated bond complements the state’s euro-denominated borrowing. By issuing in USD, the Republic of Finland aims for investor diversification while targeting funding levels that are competitive relative to the euro market.
The new dollar bond was priced a few basis points inside Finland’s euro‑denominated funding levels.
“Today’s transaction provided us arbitrage funding in benchmark size, which is really positive given the current global environment and the relatively long maturity”, Sammallahti says.
The issue was lead-managed by Danske Bank, Goldman Sachs Bank Europe SE, Nomura and Société Générale.
Details:
Issue amount: USD 1.5 billion
Pricing date: 27 May 2026
Settlement date: 3 June 2026
Coupon: 4.500%
Maturity: 3 June 2036
Price: 99.530
Yield: 4.559%
ISIN: XS3396019336 / US317873BK23
Further information: Director of Finance Anu Sammallahti, tel. +358 295 50 2575, firstname.lastname(at)statetreasury.fi.