Commentary & Deal Flow

Final Books in excess of €12.9bn (incl. €1.6bn JLM). Peak book > €13.1bn

Launched: 10yr: €4bn @ MS+32bp - Orderbook closed in excess of €12.8bn (incl. €1.6bn JLM)
Spread set at: 10yr: MS+32bp - Books > €13.1bn (incl. €1.6bn JLM)
Guidance: 10yr: MS+34a

• Issuer: Republic of Finland
• Ticker: RFGB
• Rating: Aa1/AA+/AA (Moody's/S&P/Fitch)
• Status: Senior unsecured, 0% RW, HQLA 1
• Format: 144A/Reg S
• Size: €4bn
• Coupon: TBD, Fixed, ACT/ACT(ICMA), short first coupon to 15-Sep-26
• Settlement: 16-Apr-26 (T+5)
• Maturity: 15-Sep-36
• Benchmark: DBR 2.9 15-Feb-36 / HR 103%
• Hedge Deadline: 14.00 CET / 13.00 UKT
• Denoms: €1,000 + €1,000
• Docs/List/Law: Standalone Documentation / Helsinki / Finnish
• Fees: Joint Bookrunners will be paid a fee in connection to the transaction
• ISIN: FI4000602891
• Bookrunners: BofA, Citi (B&D/DM), CACIB, HSBC, Nordea
• Timing: Books open, today's business
• Target Market: Manufacturer target markets is eligible counterparties, professionals and retail (all channels for distribution), each as defined in MiFID II/UK MiFIR.