Poland
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The European Investment Bank has announced its intentions to build a benchmark curve in Polish zloty, selling the first public trade in the currency from an SSA issuer. -
Republic of Poland laid its euro ghosts to rest on Wednesday with a $750m tap of its January 2036 bonds on what bankers called the best day for emerging market bonds so far this year.
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Poland this week tackled head on the ghosts of bonds past and has reopened the ill-fated 2036 euro note it printed in January.
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Poland has returned to the dollar market after its ratings downgrade and, in printing with the lowest new issue premium for a dollar CEEMEA sovereign bond this year, has knocked out any lingering concerns about appetite for its debt.
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Poland has released price guidance for its first international dollar bond since its tumultuous January euro print.
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The only spot of new bond activity in the CEEMEA market so far in this week was Poland’s first dollar deal of the year, but there was plenty of loans market activity in the region to keep bankers occupied.
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Poland is considering a Panda bond issue, and is hoping to meet investors in China in the second quarter of this year for the deal, according to a source in Poland’s Ministry of Finance.
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TriOptima the over-the-counter post-trade service provider, has torn up more than $750tr in notional principal outstanding contracts since it launched its compression service for OTC derivatives in 2003, the firm said on Monday.
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Bodgan Klimaszewski is no longer deputy director of the public debt department. Instead, Robert Zima has been promoted into the job.
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Bahrain joined Poland this week in the dubious honour of being downgraded by Standard & Poor’s after the pricing of a new bond but before settlement.
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Emerging market bankers are saying that greater scrutiny may now need to be paid to the ratings calendar when printing bonds after Standard & Poor’s downgrade of Poland on Friday prompted one of the worst sell-offs of an EM new issue in recent memory.
