By Laura Contemori – ROME (Econostream) – The State Treasury of the Republic of Finland on Wednesday raised $1.5 billion through a new 10-year U.S. dollar-denominated benchmark bond due June 3, 2036.

The transaction drew an order book of $3.8 billion from 60 investors. The bond was priced with a re-offer yield of 4.559%, equivalent to 48bp over the USD SOFR mid-swap rate and 9.2bp above the U.S. Treasury due May 15, 2036.

The issue carries a 4.5% coupon and was priced at 99.530 with settlement scheduled for June 3, 2026.

Banks and bank treasuries accounted for 46% of allocations. The UK took 42% of the deal, Italy, Spain and Portugal 22%, and Germany, Austria and Switzerland 12%. Investors from the Americas accounted for 10%, Asian investors 6%, and others 8%.

"The USD-denominated bond complements the state’s euro-denominated borrowing. By issuing in USD, the Republic of Finland aims for investor diversification while targeting funding levels that are competitive relative to the euro market,” the Finnish Treasury said.

“The new dollar bond was priced a few basis points inside Finland’s euro‑denominated funding levels,” it added.

The deal was led by Danske Bank, Goldman Sachs Bank Europe SE, Nomura and Société Générale.