By Rebecca Melvin
New York, Sept. 21 – PKO Bank Hipoteczny SA, a subsidiary of Poland’s PKO Bank Polski, priced €500 million ¾% seven-year notes at 99.906 to yield 0.764%, or mid-swaps plus 28 basis points, on Thursday, a market source said.
The Regulation S covered bonds (expected rating: Aa3) are backed by Polish zloty-denominated residential mortgage loans.
HSBC, PKO Bank Polski, Landesbank Baden Wuerttemberg and UBS Investment Bank acted as joint lead bookrunners, and DekaBank and Erste Group were co-leads.
The notes will be listed on the Luxembourg and Warsaw stock exchanges.
The issuer is a Warsaw-based lender.
| Issuer: | PKO Bank Hipoteczny SA
|
| Guarantor: | PKO Bank Polski
|
| Issue: | Covered Bonds
|
| Amount: | €500 million
|
| Maturity: | Aug. 27, 2024
|
| Joint lead bookrunners: | HSBC, PKO Bank Polski, Landesbank Baden Wuerttemberg and UBS Investment Bank
|
| Co-leads: | DekaBank and Erste Group
|
| Coupon: | ¾%
|
| Price: | 99.906
|
| Yield: | 0.764%
|
| Spread: | Mid-swaps plus 28 bps
|
| Trade date: | Sept. 21
|
| Settlement date: | Sept. 27
|
| Expected rating: | Moody's: Aa3
|
| Distribution: | Regulation S
|
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