Eurobond priced

Eurobond priced

Eurobond priced

The Ministry of Finance priced on October 7th a 6-year EUR denominated benchmark bond with a maturity on October 14th, 2021. The nominal amount of the issue is EUR 1.75bn. The orderbook reached EUR 2.5bn with orders from 184 accounts.

The bond was priced at the level of 45 basis points over mid-swap rate. 0.94% of yield is historically the lowest among all Polish bonds issued on EUR market. Annual coupon has been set at 0.875%

The structure of buyers is well diversified in terms of both, geography and investor type.

The bonds were placed mainly among European investors: Poland 21%, Germany 19%, Benelux 12%, UK 10%, Italy 7%, Austria 6%, Switzerland 6%, Nordics 4%. The share of investors from Middle East amounted to 6%.

In terms of investor type, banks dominated the orderbook - 38%, followed by asset managers with - 35%, central banks and public institutions – 20% and insurance companies - 7%. Nominal value of bonds allocated to central banks and public institutions was at the record high level among all Polish bonds issued on foreign markets.

The issue was executed under Republic of Poland's Euro Medium Term Note (EMTN) Programme.

The lead managers on the transaction are Banco Santander, Barclays, Societe Generale and UniCredit.

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