CEE Bonds
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PKO is the fourth Polish bank to debut in the tier two market in the last year -
Books were nearly four times the deal size, a record €1bn
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Poland's development bank has been trading tighter to the sovereign than usual of late
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The lender only put one investment bank on the mandate, a rarity in Turkey
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Investors are getting about 45bp-65bp for an extra year of tenor
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Polish bank beat a peer's recent price by 1bp
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Leads also looking to Armenia for a pricing comparable
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Kazakh issuers have been busy in international bond markets this year
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The lender has only printed AT1 in the dollar market during the last few years
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There is an aggressive hunt for yield by issuance-starved investors in the Gulf
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Spreads are back at pre-Iran war levels, but still offer a premium to western Europe
