Valtion Asuntorahasto, otherwise known as the Housing Fund of Finland, recently returned to a relatively quiet European market with the fifth and biggest-yet deal from its Fennica vehicle. The EURO800 million ($680.2 million) transaction is backed by a portfolio of loans for borrowers to construct accommodation for families that qualify for social housing.

Credit Suisse First Boston and BNP Paribas arranged the deal, and also acted as joint lead managers with Leonia Corporate Bank. ING Barings and Okobank were brought in as co-managers. The Finnish treasury will service the loans.

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