Chicago, Jan. 4 The Republic of Poland (A2/A-/A-), represented by its minister of finance, priced 3.75 billion of notes over two series on Thursday, according to a market source.
The first 2.5 billion 10-year tranche priced with a 3 5/8% coupon at 99.251 to yield 3.716%, or at mid-swaps plus 115 basis points.
The half-sized 1.25 billion tranche with a 20-year tenor priced with a 4 1/8% coupon at 99.331 to yield 4.175%, or at mid-swaps plus 160 bps.
Allocations were in line with the final sizes of the order books: 6.2 billion for the 10-year note and 3.4 billion for the 20-year note.
Commerzbank is responsible for billing and delivery. BNP Paribas, Citigroup and ING were also joint bookrunners.
Proceeds will be used to finance the republics state budget borrowing requirements.
| Issuer: | Poland
|
| Amount: | 3.75 billion
|
| Issue: | Notes
|
| Bookrunners: | Commerzbank (billing and delivery), BNP Paribas, Citigroup and ING
|
| Trade date: | Jan. 4
|
| Settlement date: | Jan. 11
|
| Distribution: | Regulation S
|
|
|
| 10-year notes
|
| Amount: | 2.5 billion
|
| Maturity: | Jan. 11, 2034
|
| Coupon: | 3 5/8%
|
| Price: | 99.251
|
| Yield: | 3.716%
|
| Spread: | Mid-swaps plus 115 bps, of Bunds plus 158.1 bps
|
| ISIN: | XS2746102479
|
|
|
| 20-year notes
|
| Amount: | 1.25 billion
|
| Maturity: | Jan. 11, 2044
|
| Coupon: | 4 1/8%
|
| Price: | 99.331
|
| Yield: | 4.175%
|
| Spread: | Mid-swaps plus 160 bps, or Bunds plus 178.1 bps
|
| ISIN: | XS2746103014
|
|
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