PZU pushes pricing but still offers pick-up

By Steven Gilmore
26 Jun 2014

Polish insurer Powszechny Zaklad Ubezpieczen (PZU) became the third Polish issuer to make a euro debut this month, pricing a five year note with an aggressive spread that reflected the issuer’s credit quality, rarity and pick-up relative to its western competitors.

“It’s very aggressive but I like it,” said a banker away from the deal of PZU’s double-digit starting point.

Leads Bank of America Merrill Lynch, Citi, Deutsche Bank, Goldman Sachs and UBS set initial price thoughts on the five year benchmark bond at 95bp over mid-swaps area.

“In ...

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