CEE pipeline builds as PKN advertises tight yields on offer

By Steven Gilmore
26 Jun 2014

Oil and petrol company PKN Orlen made a €500m debut in the euro market this week, and took €2.5bn in orders for its five year note on Monday despite an aggressive spread, said bankers on the deal. The success of CEE debutants like PKN has prompted a hefty pipeline of other inaugural corporate issuers.

"It was an unequivocal success," said Nick Darrant, head of CEEMEA syndicate at BNP Paribas​. "We had 230-odd investors in a very high-quality order book and an aggressive price."

Leads BNP Paribas, HSBC, Santander and UniCredit priced the seven year bond at 160bp over mid-swaps. They set initial pricing ...

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