Commentary & Deal Flow

Reoffer: 10yr: MS+32bp / 99.909 / 3.362%
Benchmark: 10yr: DBR 2.9 15-Feb-36 @ 99.29 / B+37.9 / HR 103%

Tranche 1 (10yr Sr Unsec): 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 stable / AA+ stable / AA stable (Moody's/S&P/Fitch)
• Status: Senior unsecured, 0% RW, HQLA 1
• Format: Reg S (Cat. 1), 144A eligible.
• Size: €4bn
• Coupon: 3.350%, Fixed, ACT/ACT(ICMA), short first coupon to 15-Sep-26
• Settlement: 16-Apr-26 (T+5)
• Maturity: 15-Sep-36
• Reoffer: 99.909% / 3.362% / MS+32bp
• Benchmark: DBR 2.9 15-Feb-36 (99.29) + 37.9 / HR 103%
• Denominations: €1k+1k
• 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: Priced. TOE: 14:14 CET. FTT Immediately.
• Target Market: Manufacturer target markets is eligible counterparties, professionals and retail (all channels for distribution), each as defined in MiFID II/UK MiFIR.