By Marisa Wong and Cristal Cody
Los Angeles, Nov. 9 – The Republic of Poland (A2/A-/A), represented by its Minister of Finance, priced $3 billion of bonds in two tranches on Tuesday, according to market sources.
Poland priced $1.5 billion of 5½% bonds due Nov. 16, 2027 at 99.487 to yield 5.619%, or with a spread of 130 basis points to Treasuries. Initial price talk was in the Treasuries plus 155 bps area.
The second tranche was $1.5 billion of 5¾% bonds due Nov. 16, 2032 at 98.953 to yield 5.89%, with a spread of 175 bps to Treasuries. Initial price talk was in the Treasuries plus 200 bps area.
During pricing, the spreads were shaping up to be Treasuries plus 130 bps on the five-year bonds and Treasuries plus 175 bps on the 10-year bonds, as previously reported.
The bonds will be callable at par three months before their respective maturity dates.
BNP Paribas, Deutsche Bank AG, Goldman Sachs Bank Europe SE, Santander Investment Securities Inc. and Societe Generale are the joint bookrunners.
Proceeds will be used for budget borrowing requirements or for general financing purposes.
| Issuer: | Republic of Poland
|
| Amount: | $3 billion
|
| Description: | Bonds
|
| Bookrunners: | BNP Paribas, Deutsche Bank AG, Goldman Sachs Bank Europe SE, Santander Investment Securities Inc. and Societe Generale
|
| Fiscal agent: | Citibank, NA, London Branch
|
| Counsel to issuer: | In-house counsel and White & Case LLP
|
| Counsel to underwriters: | Linklaters LLP
|
| Call option: | At par three months before maturity
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 16
|
|
|
| Five-year tranche
|
| Amount: | $1.5 billion
|
| Maturity: | Nov. 16, 2027
|
| Coupon: | 5½%
|
| Price: | 99.487
|
| Yield: | 5.619%
|
| Spread: | Treasuries plus 130 bps
|
| Initial price talk: | Treasuries plus 155 bps area
|
| Cusip: | 857524AD4
|
|
|
| 10-year tranche
|
| Amount: | $1.5 billion
|
| Maturity: | Nov. 16, 2032
|
| Coupon: | 5¾%
|
| Price: | 98.953
|
| Yield: | 5.89%
|
| Spread: | Treasuries plus 175 bps
|
| Initial price talk: | Treasuries plus 200 bps area
|
| Cusip: | 857524AE2
|
|
|
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