Finnvera funds its activities primarily by issuing notes under the Euro Medium Term Note (EMTN) programme guaranteed by the State of Finland. The notes have the same credit rating as the State of Finland: Aa1 from Moody’s and AA+ from Standard & Poor’s.
During the period under review, Finnvera issued EUR, USD and SEK bonds amounting to approximately EUR 2 billion. In May 2017, Finnvera issued a EUR 750 million bond, due in 2032, which is Finnvera’s longest bond so far. In September 2017, Finnvera issued a USD 1 billion bond, due in 2020, which is Finnvera’s largest USD bond to date.
Finnvera uses the funds acquired for financing export credits and for SME financing. By means of currency and interest rate swaps, Finnvera converts the funds acquired into euros or US dollars, depending on the final use of the funds. In the next few years, Finnvera’s annual funding is estimated to amount to approximately EUR 2 billion. The amount of funding mainly depends on the demand for export credits and, as a result, it may deviate significantly from the estimate provided above.