Two years ago Finland was languishing as a euro sovereign borrower, with no real international profile and excessive reliance on domestic debt. Its bonds were illiquid and traded at wide spreads to the eurozone core. With a series of well-marketed deals, though, it has steadily tightened spreads until it now trades at or even through Germany, while building up an enthusiastic following among investors worldwide.
Says one senior banker in debt capital markets: “Finland only has one or two bullets a year to shoot, so each issue has to be a success.
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