Finnvera’s deal achieved scores of 8.55 on average across the five deal categories available for voting. Its highest marks were in the quality of the investor distribution category.
Citi, Goldman Sachs, HSBC and TD Securities priced Finnvera’s $1bn June 2023 at mid-swaps plus 15bp on June 20, after investors placed $1.5bn of orders. They had begun the pricing process with initial price thoughts of mid-swaps plus 17bp area, then tightened to offer guidance of mid-swaps plus 16bp area.
“It was a brave move to reopen five years,” said a banker away from the deal at the time of pricing. “It’s not the most liquid name and it’s not an easy maturity. Nevertheless, it got a sizeable book at pretty much flat to the curve.”
The last five year dollar print from a public sector issuer based in Europe was a $1.5bn deal from Oesterreichische Kontrollbank in early March.
