PGE on track for debut despite downgrade

By Steven Gilmore
29 May 2014

Moody’s cut Poland’s PGE Group by one notch on Monday, the same day the issuer started investor meetings ahead of its first ever euro bond deal. However, the borrower remains investment grade despite the downgrade, which together with the lack of issuance from CEE corporates is whetting appetites for the issuer’s entry into the international bond market, said debt bankers on the deal.

The downgrade took the leads by surprise, but it had no impact on investors’ appraisal of the company or the borrower's plans for an inaugural deal next week, said syndicate officials involved in the transaction. 

Bookrunners BNP Paribas, Citi, ING and Société Générale took the issuer to meet German ...

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