Poland

Poland’s PKO Bank has named leads for its first senior unsecured trade since 2014 after having focussed its funding efforts on the covered bond market for the last few years.

The Warsaw IPO of Play Communications, the Polish mobile telephone network operator, has been priced at Z36, above the bottom of the initial Z34 to Z44 range, and broadly in line with the valuation multiple of its listed peer, Polsat.

‘Business as usual’ was the tone this week in emerging markets, after last week’s losses were reversed and mandates began trickling through from across CEEMEA.

The Polish subsidiary of Commerzbank, mBank, has published the base prospectus for its €3bn covered bond programme, suggesting it could be ready to start a marketing drive leading to its first euro-denominated publicly syndicated deal.

Play Communications, the Polish mobile network operator, has narrowed the price range on its Z3.5bn ($1bn) IPO to Z36 to Z38, in the bottom half of the initial Z34 to Z44 range.

GetBack, the Polish debt collection company, plans to follow up its Warsaw IPO with a euro denominated senior bond.

In one of the liveliest weeks for Polish IPOs for years, Raiffeisen Polska’s flotation was pulled, debt collector GetBack priced its listing at the bottom of the range, and Play Communications, the mobile phone company, achieved a covered book on the market’s biggest IPO for five years.

The IPO of Play Communications, Poland’s second largest mobile network operator, is covered at its base size, three working days into the bookbuild.

GetBack, the Polish debt collection company, has priced its Warsaw IPO at the bottom of the range, in a further sign of the variety of outcomes in the present flotation season.

Raiffeisen Bank Polska’s IPO on the Warsaw Stock Exchange, which kicked off on Thursday to raise up to Z947.8m (€224m), is expected to be a mainly local affair, said bankers close to the deal.

Polish utility company Tauron Polska Energia moved pricing 17bp on Wednesday to raise €500m with a 10 year note, despite a large sell-off in Bunds on Tuesday.

Strong support from IG accounts had enabled Polish utility company Tauron Polska Energia to tighten guidance to 165bp, plus or minus 2bp, for its windy but not green 10 year note on Tuesday morning.