By William Gullotti
Buffalo, N.Y., Nov. 22 – The Republic of Poland (A2/A-/A-), represented by its Minister of Finance, priced a €1.25 billion benchmark offering of fixed-rate notes due Nov. 29, 2030 on Wednesday, according to information provided by a market source.
The Regulation S notes are issued under the republic’s euro medium-term note program.
The notes priced with a 3 5/8% coupon at 99.418 to yield 3.721%, or a spread of 70 basis points over SOFR mid-swaps.
The spread came in tight to guidance in the SOFR mid-swaps plus 75 bps area, which was revised from initial talk in the mid-swaps plus 90 bps area.
Final books closed in excess of €4 billion, up from the combined €3.25 billion mentioned when initial price talk was revised.
BNP Paribas, Deutsche Bank, Santander and Societe Generale are the joint bookrunners for the offering, with Santander handling billing and delivery.
Proceeds will be used to finance the republic’s state budget borrowing requirements.
Settlement is expected on Nov. 29, and the notes will be listed on the regulated market of the Luxembourg Stock Exchange.
| Issuer: | Republic of Poland
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| Amount: | €1.25 billion
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| Issue: | Notes
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| Maturity: | Nov. 29, 2030
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| Bookrunners: | BNP Paribas, Deutsche Bank, Santander and Societe Generale
|
| Coupon: | 3 5/8%
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| Price: | 99.418
|
| Yield: | 3.721%
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| Spread: | SOFR mid-swaps plus 70 bps, or Treasuries plus 120.1 bps
|
| Pricing date: | Nov. 22
|
| Settlement date: | Nov. 29
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| Distribution: | Regulation S
|
| Listing: | Luxembourg stock exchange
|
| Price guidance: | SOFR mid-swaps plus 75 bps area, revised from initial talk in the mid-swaps plus 90 bps area
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