Poland

Republic of Poland’s €1.75bn dual tranche market reopener underperformed on the break on Tuesday. Bankers away from the mandate said the deal was too tight with the leads wrong footed by illiquid secondary levels, but the Poland ministry of finance called the note a success.

Republic of Poland offered a healthy concession in the early pricing stages as it ventured into the markets with the first bond from CEEMEA in 2016 on Monday.

Polska Grupa Energetyczna, the Polish state-owned power company, has signed Z2bn (€467m) of loans with the European Investment Bank, following a Z5.5bn(€1.3bn) syndicated loan.

Polish insurer Powszechny Zakład Ubezpieczeń (PZU) priced a tap of its euro 2019s on Tuesday following investor calls the day before. The strategy puzzled rival bankers, but was staunchly defended by the leads.

Polish insurer Powszechny Zakład Ubezpieczeń (PZU) has picked banks for a tap of a 2019 euro transaction.

Republic of Poland

The Republic of Poland printed an impressive €1.75bn six year bond on Wednesday with a skinny new issue premium, adding to the pile of successful CEEMEA bonds printed this week.

Poland has released price guidance for a six year euro benchmark at a level which bankers away from the deal said offers a reasonable new issue premium.

An evolution is happening in emerging market issuers’ use of yen funding. For many years, many of them have only been able to issue Samurai bonds by using JBIC’s GATE (Guarantee and Acquisition toward Tokyo market Enhancement) programme, but steadily more of them are stepping up to standalone issuance. At the same time, benchmark borrowers are bringing along less established issuers from the same countries in their wake

Polish banks showed their deep pockets by signing a record Z12.5bn (€3bn) loan for television company Cyfrowy Polsat this week. But banks could face a tax which might reduce their capital by a third.

Cyfrowy Polsat, the Polish television company, has signed a loan for Z12.5bn ($3.3bn) with 20 banks, which it claims is the largest ever corporate loan facility in zlotys.

Polish state owned power company Polska Grupa Energetyczna (PGE) has picked banks for a benchmark euro transaction.