Poland

A double-digit spread over mid-swaps is still possible in covered bonds from Poland, Slovakia and Dutch conditional pass-though deals, suggesting scope for performance is strongest in these markets, said bankers on Wednesday.

Deutsche Pfandbriefbank could take advantage of a quiet backdrop in the euro FIG market to launch the first deal from its green bond framework.

Huuuge, the Polish social and mobile gambling company, revealed on Monday that it is seeking to list on the Warsaw stock exchange. The deal will be the latest in a long line of digitally focused companies to announce IPO plans.

After a record breaking year for sovereign bond issuance in central and eastern Europe, 2021 could be a different story, thanks to the European Union's vast economic support packages that could reduce the need for many CEE countries to tap international bond markets.

InPost, the Polish provider of postal lockers, has launched an IPO on the Amsterdam stock exchange, seeking to build on the momentum of compatriot e-commerce companies in equity capital markets, as exemplified by Allegro's IPO last year.

Canal+ Polska, the Polish satellite TV network, has pulled its IPO on the Warsaw Stock Exchange, despite the strong momentum behind emerging market equities.

Emerging market IPOs have been one of the hottest themes in EMEA equity capital markets this year and issuance is set to continue as Canal+ Polska, the Polish television network owned by French TV service Canal+, launched its IPO on Thursday.

E-commerce listings have been been a high point of equity issuance during the second half of 2020, with the sector generating strong returns for investors. Most of the year’s listings have been completed, but banks are already working on deals from the sector for 2021.

Polish e-commerce firm Allegro has soared in trading on its first day, giving a huge boost to equity capital markets after a difficult period for IPOs.

Equity capital markets bankers are heralding the success of emerging markets IPOs set to be priced in the coming days and weeks, including the flotations of Russia’s Sovcomflot, Lithuania’s Ignitis, Saudi Arabia’s BinDawood and Kazakhstan’s Kaspi.

Polish e-commerce firm Allegro has priced its historic IPO on the Warsaw Stock Exchange, the largest in its history, to become the most valuable listed Polish company. However, high demand for stock has meant that a substantial slice of investors in the IPO got no shares at all in allocations.

Allegro, the Polish e-commerce company, will grow the size of its Warsaw IPO to meet investor demand for the deal.