Poland

Having worked for a number of local and international companies in the financial services sector since 2004, Piotr Nowak was appointed undersecretary of state in Poland’s Ministry of Finance in December 2015. In this interview with GlobalCapital’s Phil Moore, he outlines his thoughts on Poland’s funding strategy and the outlook for the economy.

It is only a year since our last report in GlobalCapital was published, but so much has changed. Our country has opened a completely new chapter. Different ideas, opportunities, and challenges. Different standards that are set higher, targets that are more ambitious. And the world itself has changed substantially. Paradoxically, the world we are chasing appears to be rather fragile.

Piotr J Szpunar joined Poland’s central bank, Narodowy Bank Polski, in 1995 and became deputy head of the macroeconomics department in 2002. In 2007, he was appointed head of the financial system department, and he now serves as advisor to Adam Glapiński, who replaced Marek Belka as governor in June. In this interview with GlobalCapital’s Phil Moore, Szpunar shares his thoughts on the prospects for Poland’s economy and monetary policy, as well as on the outlook for the banking system.

When Standard & Poor’s (S&P) downgraded Poland from A- to BBB+ on January 15th, it was not just the Polish authorities that were astonished by the announcement. According to the Ministry of Finance’s website, which described the rating action as “incomprehensible”, a Reuters survey published the previous day suggested that fewer than one in three investors expected a downgrade. Among other agencies, this year Moody’s has revised its rating on Poland from stable to negative, while Fitch has left its stable rating unchanged

PKO Bank Hipoteczny has mandated leads to go on a roadshow with the first euro benchmark covered bond from Poland.

The Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg has approved the covered bond prospectus of PKO Bank Hipoteczny and the issuer has mandated leads for a roadshow.

Rating: BBB/BBB

Semperit, a rubber and plastic goods manufacturer, has come to the Schuldschein market with a uniquely diverse deal; as an Austrian firm issuing to a largely German market, in Polish and US currencies.

mBank priced a new four year euro denominated bond through its existing curve on Wednesday as investors shrugged off concerns over Polish bank risk.

Poland’s mBank saw strong demand for a new euro-denominated four year senior unsecured benchmark after initial price thoughts were released early Wednesday.

Russian issuers dominated the first half of the week in emerging market bonds but the attention is now on Polish financial mBank which has braved coming on the same day as the US Federal Reserve announces its interest rate decision.

Poland’s mBank will hit the road next week for its first euro senior deal since November 2014. The bank did plan a roadshow for a euro bond in 2015 but decided not to go ahead with the meetings as the issuer did not like the levels available, according to an EM banker.