By Mary-Katherine Stinson
Lexington, Ky., Sept. 2 – Poland’s Bank Gospodarstwa Krajowego priced €600 million of 4% senior notes due Sept. 8, 2027 (//A-), according to a notice and a market source.
The notes priced at 99.751 for a yield of 4.056%, or 180 bps to mid-swaps.
Initial price talk was in the 190 bps area over mid-swaps.
The notes are guaranteed by the State Treasury of the Republic of Poland.
BNP Paribas, Citi, Commerzbank, J.P. Morgan and Santander are bookrunners with Santander handling billing and delivery.
Final book size was over €1 billion.
The notes will be listed on the Luxembourg Stock Exchange.
Proceeds will be used for the national road fund.
The lender is based in Warsaw.
| Issuer: | Bank Gospodarstwa Krajowego
|
| Guarantor: | Poland
|
| Amount: | €600 million
|
| Issue: | Senior notes
|
| Maturity: | Sept. 8, 2027
|
| Bookrunners: | BNP Paribas, Citi, Commerzbank, J.P. Morgan and Santander (billing and delivery)
|
| Coupon: | 4%
|
| Price: | 99.751
|
| Yield: | 4.056%
|
| Spread: | Bunds plus 274.7 bps, or mid-swaps plus 180 bps
|
| Trade date: | Sept. 1
|
| Settlement date: | Sept. 8
|
| Ratings: | Fitch: A-
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 190 bps area
|
| ISIN: | XS2530208490
|
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