HELSINKI – Finnish state-owned finance company Finvira Oyj has updated its Euro Medium Term Note (EMTN) programme, increasing its ceiling from €15 billion to €17 billion, and accepting it as an issuer on the Nasdaq Helsinki exchange. This development, effective from December 20, 2024, is consistent with Finland’s confirmation on December 19, 2024, of extending its guarantee for the debt program to the new limit.
The European Medium Term Eurobond programme, which has explicit support from the Finnish Government, enables Finnvera to issue bonds with a rating equivalent to Finland's long-term state debt, which is currently rated at Aa1 and Fitch AA+. As of the end of September 2024, Finnvera reported approximately €12 billion of bonds outstanding.
The funds raised through this program are allocated to finance export credits, which are crucial in providing competitive financing options to customers of Finnish export companies. Providing buyer financing to foreign buyers is often necessary to complete export transactions. Therefore, this financing mechanism is a vital tool to enhance the impact of Finnvera's financing operations and facilitate deals for Finnish exporters.
Listing the new bonds issued under the EMTN program on Nasdaq Helsinki is a strategic move for Finnvera, says Jarno Kosonen, Finance Director at Finnvera. He stressed the importance of Nasdaq Helsinki as a place to list bonds, given the presence of other Finnish issuers on the international capital market who are also listed there.
Finnvera plays an important role in supporting the start-up, growth and internationalization of Finnish companies. It also provides export guarantees to mitigate risks. As the official export credit agency (ECA) of Finland, Finnvera shares financing risks with other service providers, thus enhancing the operational capacity and competitiveness of Finnish companies.
This announcement is based on a press release issued by Finnvera Oyj.
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