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Commentary & Deal Flow

PRICED: Finnvera €1bn 5yr Sr Unsec; MS+8bp

IGC European Market: Deal Flow - SSA

Issuer

Term

Coupon

Maturity

Size

Ranking

Type

Price

Yield

Guidance

Spread

GDNC-PXD

Finnvera

5yr

3.625%

7-Oct-31

€1bn

Sr Unsec

Fixed

99.753

3.68%

MS+8a

MS+8

0


Reoffer: 5yr: MS+8bp / 99.753 / 3.68%
Benchmark: 5yr: OBL #194 2.9 10-Aug-31 @ 97.81 / B+30.2bp

Final Books: Final books in excess of €1.4bn excl. JLM
Launched: 5yr: €1bn @ MS+8bp - Books over €1bn (excl. JLM)
Guidance: 5yr: MS+8a


  • Issuer: Finnvera (FINNVE) (Finland's Export Credit and SME Financing Agency and guaranteed by the Republic of Finland)
  • Issuer rating: Aa1/AA (Stable/Stable - Moody's/Fitch)
  • Format: Reg S Bearer
  • Size: €1bn
  • Maturity: 7-Oct-31 (5Y)
  • Settlement: 7-Oct-26 (T+5)
  • Coupon: 3.625% Fixed, Ann, ACT/ACT ICMA
  • Reoffer: MS+8bp / 99.753% / 3.680%
  • Benchmark: +30.2bps vs OBL #194 (97.81 / 3.378%)
  • Governing Law: English
  • Listing: Nasdaq Helsinki
  • Denoms: €100k / €1k
  • ISIN: XS3528428009
  • Docs: Issuer's EMTN Programme
  • Target Market: Eligible counterparties and professional clients only (all distribution channels)
  • Leads: CACIB (DM/B&D) / DZ Bank / Nordea / TD Securities
  • Fees: A fee will be paid in connection to the transaction
  • Timing: TOE 13.09 LDN / 14.09 CET. FTT Immediately