Central and Eastern Europe (CEE)
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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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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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The lender has only printed AT1 in the dollar market during the last few years
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International issuers look to Swissies for diversification, even if costs are higher
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Spreads are back at pre-Iran war levels, but still offer a premium to western Europe
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Deal's concession came to just a few basis points
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The dollar market is offering cheaper funding at the shorter end
