By Reshmi Basu
New York, Jan. 11 - The Republic of Poland priced an upsized €3 billion of notes due 2020 (A2/BBB+/BBB+) at 99.375 for a spread of mid-swaps plus 27 basis points, according to a market source.
The issuance, increased from €1.5 billion, priced at the tight end of revised price guidance of mid-swaps plus 27 to 28 basis points. Initial guidance was set at mid-swaps plus 26 to 29 basis points.
The proceeds will be used to help retire €12.3 billion of Paris Club debt.
BNP Paribas, Citigroup Global Markets and Dresdner Kleinwort Wasserstein ran the issue.
| Issuer: | Republic of Poland
|
| Amount: | €3 billion
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| Maturity: | April 15, 2020
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| Coupon: | 4.20%
|
| Issue price: | 99.375
|
| Yield: | 4.26%
|
| Spread: | Mid-swaps plus 27 basis points
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| Pricing date: | Jan. 11
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| Settlement date: | Jan. 18
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| Bookrunners: | BNP Paribas, Citigroup Global Markets, Dresdner Kleinwort Wasserstein
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
| Revised price guidance: | Mid-swaps plus 27 to 28 basis points
|
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