Commentary & Deal Flow

Final book above €11.25bn (incl. €700m JLM interest). Peak book in excess of €12.25bn.

Launched: 7yr: €4bn @ MS+15bp - Books in excess of €12.25bn (incl 700m JLM interest)
Spread set at: 7yr: MS+15bp - Books in excess of €11.25bn (incl 700m JLM interest)
Guidance: 7yr: MS+17a

• Issuer: Republic of Finland
• Ticker: RFGB Govt
• Rating: Aa1 stable / AA+ negative / AA stable (Moody's/S&P/Fitch)
• Status: Senior unsecured, 0% RW, HQLA 1
• Format: Reg S (Cat. 1), 144A eligible
• Size: €4bn
• Coupon: Fixed, Act/Act (ICMA), Short first coupon
• Settlement: 26-Aug-26 (T+5)
• Maturity: 15-Apr-33
• Reference Gilt: DBR 2.3% 15-Feb-33 (DE000BU2Z007) / HR 104%
• Hedge Deadline: 13:10 LDN / 14:10 CET
• Denoms: €1,000 + €1,000
• Docs/List/Law: EMTN / Helsinki / Finnish
• Fees: Joint Bookrunners will be paid a fee in connection to the transaction
• ISIN: FI4000609516
• Bookrunners: BNP Paribas / BofA Securities / Danske Bank / Deutsche Bank / J.P. Morgan (DM/B&D)
• Timing: Today's business
• Target Market: The target market for the Bonds is eligible counterparties, professionals and retail (all channels for distribution), each as defined in MiFID II/UK MiFIR