HELSINKI - Finnish state-owned financing company Finnvera Oyj has updated its Euro Medium Term Note (EMTN) program, increasing its ceiling from €15 billion to €17 billion, and has been accepted as an issuer on Nasdaq Helsinki. This development, effective as of December 20, 2024, aligns with the State of Finland's confirmation on December 19, 2024, to extend its guarantee for the debt program to the new limit.
The EMTN program, which has the explicit backing of the Finnish government, enables Finnvera to issue bonds with a rating equivalent to the State of Finland's long-term debt, currently rated at Moody’s Aa1 and Fitch AA+. As of the end of September 2024, Finnvera reported approximately €12 billion in outstanding bonds.
Funds raised through this program are earmarked for financing export credits, which are critical in providing competitive financing options for clients of Finnish export companies. Offering buyer financing for foreign purchasers is often essential for completing export transactions. Therefore, this funding mechanism is a vital tool for enhancing the impact of Finnvera's financing operations and facilitating deals for Finnish exporters.
The listing of new bonds issued under the EMTN program on Nasdaq Helsinki is a strategic move for Finnvera, as stated by Jarno Kosonen, Finnvera’s Funding Manager. He emphasized the significance of Nasdaq Helsinki as a listing venue for bonds, given the presence of other Finnish issuers in the international capital market who are also listed there.
Finnvera plays a significant role in supporting the start-up, growth, and internationalization of Finnish enterprises. It also provides export guarantees to mitigate risks. As the official Export Credit Agency (ECA) of Finland, Finnvera shares financing risks with other providers, thereby bolstering the operational capacity and competitiveness of Finnish businesses.
This announcement is based on a press release statement from Finnvera Oyj.
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