Commentary & Deal Flow

Guidance: 10yr: SARON MS+21/23bp

• Issuer: The Republic of Finland (Ticker: FINL)
• Issuer Domicile: Finland
• Domestic / Foreign: Foreign
• Format: Public Fixed-Rate Notes
• Ranking: Senior unsecured
• Issuer Rating: Moody's: Aa1 (stable), S&P: AA+ (negative), Fitch: AA (stable)
• Instrument Rating (exp): S&P: AA+
• Issue Size: Min. CHF 100mm
• Coupon: 1.100% p.a. (indicative) (30/360, following unadj.)
• Maturity: 10 years (28-Oct-26 to 28-Oct-36)
• Spread/Yield: SARON MS +21.0 / 23.0 // YTM 1.100% / 1.120% // Govt + 47.5 / 49.5
• Lead Manager(s): Deutsche Bank
• SNB Repo-eligibility: At the discretion of the SNB, expected yes (HQLA Level 1)
• Documentation: Under The Republic of Finland’s Euro 20,000,000,000 Euro Medium Term Note Programme dated 20-Nov-23, as supplemented
• FinSA Prospectus: Delayed prospectus approval in accordance with Article 51(2) FinSA
• Governing Law: English law
• Covenants: PP
• SIX Listing: 26-Oct-26
• Denomination: CHF 5,000 and multiples thereof
• Selling Restrictions: In accordance with selling restrictions of the issuer’s EMTN Programme (in particular, USA and US persons, United Kingdom and Japan).
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all channels for distribution), subject to applicable selling restrictions. Public Offering in Switzerland only.
• Timing: Today's business, books can close at short notice