Exclusive: Finland State Treasury’s Sammallahti: Open to GBP, SEK and NOK Issuance if Cost-Effective

27 November 2025

By Marta Vilar – MADRID (Econostream) – Finland would consider issuing bonds in GBP, SEK and NOK if doing so were seen as cost-effective, according to Anu Sammallahti, Director of Finance and Acting Head of Division at the State Treasury.

In an interview with Econostream on 24 November (transcript here), Sammallahti said the $1.5 billion issue completed a few weeks ago had been “a clear success,” noting that its pricing came tighter than comparable peer deals earlier in the year and drew a notably broad global investor base.

Sammallahti said Finland would look to bring another USD benchmark bond in 2026, although this would ultimately depend on market conditions, and she reiterated that USD maturities generally fall between three and ten years.

The timing of any such deal would also hinge on market windows and cost-effectiveness, she added.

Asked whether Finland might consider issuing in other foreign currencies beyond USD, Sammallahti said the Treasury remained open to the idea, but only if it were demonstrably cost-efficient.

“In addition to USD, we have previously issued bonds in GBP as well as in SEK and NOK, all under our EMTN program,” she said. “For any of these other currencies, there would need to be clear cost savings, specifically relative to our euro benchmark curve, before we consider issuing.”

She said that if Finland were to revisit other foreign-currency markets, GBP, SEK and NOK “would probably be the most likely” options.

Issuance plans for 2026 would mirror the structure of 2025, she said, adding that the overall program would remain roughly unchanged at €42 billion, with more than 50% funded through long-term issuance.

Finland would plan three benchmark euro syndications, supplemented by euro-bond auctions and, if conditions were favorable, another USD benchmark transaction.

On the maturities of the three planned euro syndications, Sammallahti said Finland issues a new 10-year line each year, which would be complemented this time by a longer-dated bond around 15–20 years and a mid-curve transaction in the 5–7-year sector.

“The timing [of these syndications] would follow our usual pattern,” she said. “We aim to carry out one euro syndicated transaction per quarter: one in Q1, one in Q2 and one in Q3.”

Asked whether one of the syndications could take place in January, as occurred last year, she replied: “Potentially yes, if market conditions allow – but certainly in Q1.”

Echoing her comments from last year’s interview, Sammallahti said Finland still saw no need to issue a green bond and did not expect this view to change.

The Treasury had not considered issuing a defense bond, she said, though she added, “never say never” and said they would continue monitoring market developments.