Chicago, March 11 – The Republic of Poland, represented by its minister of finance, priced $8 billion of notes on Monday in a triple-tranche deal, according to an FWP filed with the Securities and Exchange Commission.
The deal included $1.5 billion of five-year notes with a 4 5/8% coupon. The tranche priced with a 99.243 discount to yield 4.797%, or at Treasuries plus 70 basis points.
The middle tranche priced as $3 billion of long 10-year notes with a 5 1/8% coupon. Pricing at 99.703, the yield was 5.162%. The spread priced as 105 bps to the benchmark Treasury.
The deal also included a $3.5 billion 30-year note. The coupon is 5½%, discounted to 98.841 to yield 5.58%. The spread was 130 bps over Treasuries.
The notes will be redeemable at par plus interest at the sovereign’s option beginning one month, three months and six months prior to maturity, respectively.
Citigroup Global Markets Inc., Deutsche Bank AG, J.P. Morgan SE and Santander US Capital Markets LLC were the joint lead managers.
Proceeds will be used for Poland’s state budget borrowing requirements or for general financing purposes.
Application has been made to list and trade the notes on the regulated market of the Luxembourg Stock Exchange only.
| Issuer: | Poland
|
| Amount: | $8 billion
|
| Issue: | Notes
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank AG, J.P. Morgan SE and Santander US Capital Markets LLC
|
| Trustee: | Citibank, NA, London Branch as fiscal agent
|
| Counsel to issuer: | White & Case
|
| Counsel to underwriters: | Latham & Watkins LLP and Rymarz, Zdort, Maruta, Wachta, Gasinski, Her i Wspolnicy spk
|
| Trade date: | March 11
|
| Settlement date: | March 18
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | March 18, 2029
|
| Coupon: | 4 5/8%
|
| Price: | 99.243
|
| Yield: | 4.797%
|
| Spread: | Treasuries plus 70 bps
|
| Call features: | One-month par call
|
| Cusip: | 731011AX0
|
|
|
| 10-year notes
|
| Amount: | $3 billion
|
| Maturity: | Sept. 18, 2034
|
| Coupon: | 5 1/8%
|
| Price: | 99.703
|
| Yield: | 5.162%
|
| Spread: | Treasuries plus 105 bps
|
| Call features: | Three-month par call
|
| Cusip: | 731011AY8
|
|
|
| 30-year notes
|
| Amount: | $3.5 billion
|
| Maturity: | March 18, 2054
|
| Coupon: | 5½%
|
| Price: | 98.841
|
| Yield: | 5.58%
|
| Spread: | Treasuries plus 130 bps
|
| Call features: | Six-month par call
|
| Cusip: | 731011AZ5
|
|
|
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