New Issue: Poland sells €1.5 billion notes due 2027, tap of 2 3/8% notes due 2036

By Christine Van Dusen

Atlanta, March 16 – Poland priced €1.5 billion in a two-tranche issue that included €1 billion of 1 3/8% notes due October 22, 2027 and a €500 million tap of the 2 3/8% notes due Jan. 18, 2036, a syndicate source said.

The 2027 notes priced at 99.068 to yield mid-swaps plus 60 basis points. The notes were talked in the 60 bps area.

The tap priced at 102.701 to yield mid-swaps plus 83 bps. The notes were talked at a spread of 90 bps to 95 bps. In April the sovereign priced €750 million of the notes at mid-swaps plus 125 basis points.

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

Issuer:	Poland
Amount:	€1.5 billion
Description:	Notes
Bookrunners:	Barclays, BNP Paribas, Commerzbank, ING, JPMorgan, PKO Bank Polski
Trade date:	March 16
Distribution:	Regulation S
2027 notes
Amount:	€1 billion
Maturity:	October 22, 2027
Coupon:	1 3/8%
Price:	99.068
Spread:	Mid-swaps plus 55 bps
Price talk:	Mid-swaps plus 60 bps area
2036 tap
Amount:	€500 million
Maturity:	Jan. 18, 2036
Coupon:	2 3/8%
Price:	102.701
Spread:	Mid-swaps plus 83 bps
Price talk:	Mid-swaps plus 90 bps to 95 bps

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