State Treasury Finland starts Optional Reverse Inquiry (ORI) auctions on 9 March

State Treasury Finland will start auctioning RFGB’s in Optional Reverse Inquiry (ORI) auctions. The purpose of these auctions is to support market liquidity, particularly in off-the-run bonds.

RFGB Optional Reverse Inquiry (ORI) facility is an auction organised at the State Treasury Finland’s discretion upon demand of one or more primary dealers to issue specific RFGB’s for a limited amount.

In an ORI auction, the number of lines is limited to two and the total amount to be issued to EUR 400 million. The ORI auctions will be conducted in the Bloomberg Auction System (BAS). Auction format is multi-price, i.e. successful bids are allocated at the prices submitted.

State Treasury Finland has published six indicative ORI auction dates for 2023. These can be found in Auction calendar.

The first RFGB ORI auction is to take place on March 9th. In general, ORI auctions take place every second month either on the 2nd or 4th Thursday.

Further information: Deputy Director Anu Sammallahti, tel. +358 295 50 2575, firstname.lastname(at)

, Updated 7.3.2023 at 17:16