Chicago, Feb. 7 – The Republic of Poland (A2/A-/A-), represented by its Minister of Finance, priced a €3.75 billion offering of notes in two parts on Tuesday, according to a source.
A tranche of €2.25 billion of 10-year notes priced with a 3 7/8% coupon at 99.431 to yield 3.945%, or at mid-swaps plus 105 basis points.
The longer tranche with a 20-year tenor priced as €1.25 billion of 4¼% bonds at 99.708 to yield 4.272%. The spread came at 155 bps over mid-swaps.
Proceeds will be used for state budget borrowing requirements.
Commerzbank, Deutsche Bank, ING and Societe Generale are the joint lead managers for the Regulation S offering.
| Issuer: | Republic of Poland
|
| Amount: | €3.75 billion
|
| Issue: | Notes
|
| Bookrunners: | Commerzbank, Deutsche Bank, ING and Societe Generale
|
| Trade date: | Feb. 7
|
| Settlement date: | Feb. 14
|
| Distribution: | Regulation S
|
|
|
| 10-year notes
|
| Amount: | €2.25 billion
|
| Maturity: | Feb. 14, 2033
|
| Coupon: | 3 7/8%
|
| Price: | 99.431
|
| Yield: | 3.945%
|
| Spread: | Mid-swaps plus 105 bps
|
| Price talk: | Mid-swaps plus 140 bps area
|
| ISIN: | XS2586944659
|
|
|
| 20-year notes
|
| Amount: | €1.25 billion
|
| Maturity: | Feb. 14, 2043
|
| Coupon: | 4¼%
|
| Price: | 99.708
|
| Yield: | 4.272%
|
| Spread: | Mid-swaps plus 155 bps
|
| Price talk: | Mid-swaps plus 185 bps area
|
| ISIN: | XS2586944147
|
|
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