Poland guides new euro notes due 2027, tap of 2 3/8% notes due 2036

By Christine Van Dusen

Atlanta, March 16 – Poland set initial talk for a two-tranche issue of euro-denominated notes, which will include €1 billion bonds due October 2027 and a tap of the sovereign’s 2 3/8% notes due Jan. 18, 2036, a market source said.

The 2027 notes were talked in the mid-swaps plus 60 basis points area.

The tap was talked at mid-swaps plus 90 bps to 95 bps.

In April 2016, Poland priced €750 million of the bonds at mid-swaps plus 125 basis points.

Barclays, BNP Paribas, Commerzbank, ING, JPMorgan and PKO Bank Polski are the bookrunners for the Regulation S deal.

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