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Pricing of EUR bonds

Pricing of EUR bonds

Pricing of EUR bonds

The Ministry of Finance priced on January 8th a 10-year EUR denominated benchmark bond with a maturity on January 15th 2024. The nominal amount of the issue is EUR 2 bn with orderbook total size of EUR 4.1 bn. The high demand allowed to reach yields 3.032 per cent., which is the lowest in terms of 10-year EUR bonds.
The bonds were priced 87 basis points over mid-swap rate when annual coupon has been set at 3.000 per cent.

The bonds were placed mainly among European investors: Germany/Austria (25%), United Kingdom (18%), Scandinavia (10%), Poland (9%), France (7%) Benelux (7%), Italy (4%), Switzerland (3%) and other European countries (5%). The share of Asian and Middle East investors amounted 9% and 2% respectively.

In terms of investor type, asset managers accounts dominated the orderbook - 36 percent. Followed by banks with 25 percent, pension funds and insurance companies with 24 percent, with a visible share of central banks and sovereign wealth funds for 14 percent.

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

The lead managers on the transaction are BNP Paribas, Citigroup, Société Générale and UniCredit Bank.

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