By Rebecca Melvin
New York, March 15 – PKO Bank Hipoteczny SA, a subsidiary of Poland’s PKO Bank Polski, priced €500 million of ¾% notes (expected rating: Aa3) due Jan. 24, 2024 on Thursday at 99.892 to yield 0.769%, or mid-swaps plus 23 basis points, according to a syndicate source.
Pricing of the Regulation S covered bonds came tight compare to guidance for yield spread of mid-swaps plus 26 bps.
BNP Paribas, HSBC, PKO Bank Polski and Landesbank Baden Wuerttemberg were the joint bookrunners for the deal, with Helaba and Raiffeisen Bank International AG acting as co-leads.
The bonds, which are backed by Polish zloty-denominated residential mortgage loans, 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: | Global Covered Bonds
|
| Amount: | €500 million
|
| Maturity: | Jan. 24, 2024
|
| Joint lead bookrunners: | BNP Paribas, HSBC, PKO Bank Polski, Landesbank Baden Wuerttemberg
|
| Co-lead managers: | Helaba and Raiffeisen Bank International AG
|
| Coupon: | ¾%
|
| Price: | 99.892
|
| Yield: | 0.769%
|
| Spread: | Mid-swaps plus 23 bps
|
| Trade date: | March 15
|
| Settlement date: | March 22
|
| Expected rating: | Moody's: Aa3
|
| Distribution: | Regulation S
|
| Price talk: | Guidance of mid-swaps plus 26 bps
|
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