Poland
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Investors in CEE corporate debt find Orlen a 'preferred asset' -
PKO is the fourth Polish bank to debut in the tier two market in the last year
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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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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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New issue premium was zero, agreed those on and off the deal
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Concession was higher than trades from earlier in the year
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Sovereign's trade will form a yardstick for concessions investment grade CEEMEA borrowers may need to offer
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◆ Czech bank tightened by 4bp through execution ◆ Order book grew steadily to close at €1.25bn ◆ Banker said execution 'in line with expectations'
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No public, benchmark size bonds have been issued since the conflict started
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Deal could include $950m of bonds
