Finnvera issued a USD 1 billion bond

Finnvera issued a USD 1 billion bond on 22 May 2025. The long 5-year transaction maturing in August 2030 was Finnvera’s first benchmark bond issue this year and first USD benchmark since 2023. 

The high-quality final orderbook stood in excess of USD 2.35 billion, supported by over 50 investors. Main buyers were from the central bank community which took 61 % of final allocations. This was followed by banks and bank treasuries 31% and asset managers 8%. Geographically, more than half of the investors came from Europe followed by Asia Pacific and Americas.

“We are satisfied with the successful outcome and return to the busy SSA USD market. The demand, especially from the high-quality accounts was strong. It is good to see that investors have strong confidence in Finnvera's creditworthiness and the Finnish government's guarantee even in a crowded market with competing supply in the same narrow window of opportunity. Thanks to active investor relations work, we achieved a good result – for which we would like to thank all our investors and banks", says Finnvera's Funding Manager Jarno Kosonen.

Joint lead managers were Barclays, Daiwa Capital Markets, Goldman Sachs Bank Europe SE, and HSBC.

The bond was issued under Finnvera’s EMTN (Euro Medium Term Note) programme. Bonds issued under the EUR 17 billion programme are guaranteed by the Republic of Finland and their rating corresponds to the rating assigned to the Republic of Finland for its long-term liabilities. The rating given by Moody’s to Finnvera’s programme is Aa1 and that given by Fitch is AA+.

Since the beginning of 2022, short-term funding has taken place under the EUR 3 billion ECP debt security programme which is also guaranteed by the Republic of Finland. 

Finnvera uses the acquired funds for financing export credits. The goal of the funding is making competitive financing available for the customers of Finnish export companies. The arrangement of buyer financing for foreign buyers is often a prerequisite for closing an export deal. Consequently, funding increases the impact of Finnvera’s financing operations and makes transactions possible for Finnish export companies.

Further information:

Jarno Kosonen, Funding Manager, Finnvera plc, tel. +358 50 386 1754