Polkomtel batters banks with punchy pricing

Poland’s syndicated loan market is in danger of falling victim to a cut-throat culture of ever-tightening pricing, bankers told EuroWeek on Thursday. The dire warning came after BB+ rated telecoms firm Polkomtel stunned bankers by issuing a second request for proposals (RFP) asking for all-in pricing of below 300bp on part of its $1.75bn-equivalent refinancing facility, writes Michael Turner.

  • 28 Mar 2013

"Polkomtel’s pricing is extremely aggressive, it’s almost unacceptable, especially for a credit with a speculative rating," said a senior loans banker. "This will have consequences — if we accept this loan, then it’s going to set a dangerous precedent."

The ‘A’ tranche has a margin of 225bp and fees ...

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