Primary Dealer in Finland, Calyon was named lead manager and bookrunner of a EUR 4 bn, 4.25% bond issue launched by the Republic of Finland and maturing in 2012. This is the first and only syndicated Finnish bond issue in euros in 2007. The Finnish State Treasury managed to attract a healthy demand, with 83 good quality investors participating in the deal. The book was diversified across Europe, attracted investors from Asia and North America and the issue was oversubscribed despite difficult pricing conditions.