Poland
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Poland built a book of over €13bn, as investors continue to pile into CEE sovereign bonds -
A 25bp sell-off in US Treasuries did little to deter new CEEMEA issuers from preparing new bonds
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The deal from the largest Polish bank is expected to serve as a reference for its future senior non-preferred funding while also guiding other CEE bank issuers
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Investors have shown high demand this year for senior bank debt in Europe
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The furniture company responded to reverse interest by selling a 6.6% stake
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More debut issuers are expected in 2023, but the Ukraine war could deter buyers
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Yen an option as Poland looks to expand its international capital markets presence
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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
