TPSA puts Poland back on map with $1bn debut bond
THE NERVOUS tone in the emerging market debt sector yesterday (Thursday) failed to dent investors' enthusiasm for the $1bn offering by Polish telecom group Telekomunikacja Polska Spolka Akcyna (TPSA) -- the largest corporate issue from central and eastern Europe. Market participants greeted the jumbo transaction as proof that investors no longer regard issuers from central Europe -- and from Poland in particular -- as tainted by association with the economic meltdown in Russia over the summer.
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