Poland

Zdzisław Sokal is the President of the Bank Guarantee Fund (BGF) and an adviser to the President of the Republic of Poland. He also serves as a member of the Polish Financial Supervision Authority. In this interview with GlobalCapital, he discusses the role of the BGF and the challenges facing the Polish banking sector today.

Having worked for a number of local and international companies in the financial services sector since 2004, Piotr Nowak was appointed undersecretary of state in Poland’s Ministry of Finance in December 2015. In this interview with GlobalCapital’s Phil Moore, he outlines his thoughts on Poland’s funding strategy and the outlook for the economy.

PKO Bank Hipoteczny has mandated leads to go on a roadshow with the first euro benchmark covered bond from Poland.

The Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg has approved the covered bond prospectus of PKO Bank Hipoteczny and the issuer has mandated leads for a roadshow.

Rating: BBB/BBB

Semperit, a rubber and plastic goods manufacturer, has come to the Schuldschein market with a uniquely diverse deal; as an Austrian firm issuing to a largely German market, in Polish and US currencies.

mBank priced a new four year euro denominated bond through its existing curve on Wednesday as investors shrugged off concerns over Polish bank risk.

Poland’s mBank saw strong demand for a new euro-denominated four year senior unsecured benchmark after initial price thoughts were released early Wednesday.

Russian issuers dominated the first half of the week in emerging market bonds but the attention is now on Polish financial mBank which has braved coming on the same day as the US Federal Reserve announces its interest rate decision.

Poland’s mBank will hit the road next week for its first euro senior deal since November 2014. The bank did plan a roadshow for a euro bond in 2015 but decided not to go ahead with the meetings as the issuer did not like the levels available, according to an EM banker.

Poland became the first European country to issue a Panda bond on Thursday, printing a landmark Rmb3bn ($451m) deal. The depreciating renminbi was not enough to put off foreign investors, while the yield pick-up over other sovereign bonds helped ensure a strong order book. Addison Gong reports.

The Republic of Poland will open books on Thursday on the first Panda bond from a CEEMEA issuer and is looking to print with a 3% handle, according to a banker at one of its leads.