Poland
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Yen an option as Poland looks to expand its international capital markets presence -
CEE country could be the first of many to turn back to dollars
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BGK had been unable to tighten pricing back on May new issue
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Other CEE issuers will take note but not read much into the outcome of BGK's deal
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Investors see little reason to play in primary
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BGK continues CEE issuance but only investment grade names have tested the water in the past week
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BGK may have to offer higher new issue premium than Polish sovereign
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The first CEE sovereign bonds in the primary market for more than a month showed how high new issue premiums need to be to lure investors
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Spreads on Polish sovereign bonds have held up as well as for some eurozone issuers
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Investors not ready to return to CEE, but long-term potential is promising
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Bankers see CEE new issues being put on hold
