ECB purchases to set the tone for Finnish bonds

Finnish bonds saw modest underperformance following the message from Moody's, ECB's purchases convince that will set the course for markets in the coming months, especially in July and August, when trading volumes in general will be rather low.

Events surrounding Greece certainly have the potential to cause more volatility in the near term, but looking beyond such volatility Finnish bonds offer good value. 

The parameters of the ECB's purchases should support Finnish bonds especially vs Dutch bonds, and best value is found in the 10-year part of the Finnish curve, where Finnish bonds are offering some yield pick-up over the Dutch curve.