Eurobond priced

The Ministry of Finance priced a 6-year Euro denominated benchmark bond for a nominal amount of EUR 1 bn. The orderbook reached EUR 1.9 bn. The bond maturing on 15 January 2019 yields 1.705 per cent., which is 65 basis points over mid-swap rate. The annual coupon has been set at 1.625 per cent. The achieved yield is the lowest in the history of the Polish eurobonds.

The bonds were placed mainly among European investors from: Germany and Austria (26%), Poland (17%), Nordics (9%), United Kingdom (8%), Switzerland (7%) and France (5%). Investors from Asia and Middle East made up a significant share in the allocation (19%).   

Central banks took a bulk of the issue - 26% and made up the largest share in the institutional structure in the history of the foreign issuances. There were also a large share of non-financial sector investors - asset managers followed with 31% while   pension funds and insurance companies participated for 18%. The share of banks in the institutional distribution made up 19%.

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

The lead managers on the transaction are BNP Paribas, Deutsche Bank, HSBC and UniCredit Bank.