Poland
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Allegro, the Polish e-commerce company, launched its long-awaited Warsaw IPO on Monday. The transaction could be one of the largest of the year, according to sources close to the deal. -
The Republic of Poland, the first European country to issue a Panda bond in August 2016, has finished the documentation process for its second onshore renminbi offering, GlobalCapital China understands.
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Domestic lenders across central and eastern Europe, often government owned, have stepped up during the coronavirus pandemic to provide substantially more funding than ever before. But international bankers still see plenty of syndicated lending opportunities in the region.
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Polish oil refiner and petrol retailer PKN Orlen has raised a revolving credit facility. The Polish corporate is in the process of acquiring two fellow Polish energy corporates, as bankers predicted an uptick in M&A activity.
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Investors are growing increasingly excited about the IPO of Allegro, the Polish e-commerce platform, and the sources working on the deal are hoping to use this momentum to launch the deal early in the autumn.
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Europe’s equity capital markets bankers are preparing for a busy autumn of IPOs and have been meeting with investors to secure early support for these deals. Bankers are hoping the new deals retain some of the features of successful listings in the first half of the year.
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Poland has become the first CEEMEA country outside the eurozone to sell a bond with a negative yield since the onset of the coronavirus pandemic.
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Ukraine was set to issue a highly anticipated bond on Wednesday, having started pricing with what some experts called "impressive" initial price thoughts. The deal follows one from Poland, which secured three year money at a negative yield in euros on Tuesday.
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Assicurazioni Generali and Uniqa Insurance are each looking at selling tier two capital from their green bond frameworks, using a quieter period in the new issue markets to explore more complicated and multi-faceted transactions.
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The Republic of Poland on Tuesday launched a three year euro bond, while Ukraine mandated banks for a 12 year dollar benchmark. Though bankers say the window is finally open for emerging market corporate issuance, there remains robust appetite for govvie debt.
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The coming months are crucial in determining how ambitious the European Union will be in decarbonising its economy to fight climate change over the next decade.
