Patient approach rewards Poland with euros

11 Jun 2012

Poland pounced on a brief bond market rally on Monday after more than two months of market watching to print its lowest coupon on a 10 year euro bond since 2006. After the market reacted positively — if only for a short time — to news of Spain’s bank bail-out, the CEE sovereign stole in to attract an impressive amount of orders for a tightly priced benchmark.

The lead managers announced the deal just before 10am BST on Monday with guidance at mid-swaps plus 210bp area. This was tightened to 200bp area by noon, implying a pricing range of 195bp-205bp, with books announced to be closing shortly to prevent order inflation.

At that time demand had ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial