Poland
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Bahrain joined Poland this week in the dubious honour of being downgraded by Standard & Poor’s after the pricing of a new bond but before settlement. -
Emerging market bankers are saying that greater scrutiny may now need to be paid to the ratings calendar when printing bonds after Standard & Poor’s downgrade of Poland on Friday prompted one of the worst sell-offs of an EM new issue in recent memory.
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Poland’s sovereign bond spreads are in turmoil, after a shock downgrade by Standard & Poor’s (S&P) late last week. The move follows a sharp drop in its political risk score in the latest Euromoney Country Risk (ECR) survey.
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Standard & Poor’s unexpectedly downgraded Republic of Poland to BBB+ on Friday, causing a large sell-off of the sovereign’s debt just a week after it printed a dual tranche €1.75bn Eurobond.
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Republic of Poland’s €1.75bn dual tranche market reopener underperformed on the break on Tuesday. The deal drew criticism for printing too tight and too wide, based on which comparable was used, but the Polish Ministry of Finance called the note a success.
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Two deals from Poland and Slovakia this week showed how emerging market borrowers and their bankers need to come up with new ways to price CEE bonds, and fast. With European quantitative easing distorting secondary prices to the point of uselessness, deals should now factor in a ‘liquidity premium’, writes Virginia Furness.
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Poland’s new euro denominated dual tranche bond slumped after pricing. But one bad bond should not put off other issuers. There are plenty of reasons why CEEMEA trades should work — if bankers do their part.
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Republic of Poland’s €1.75bn dual tranche market reopener underperformed on the break on Tuesday. Bankers away from the mandate said the deal was too tight with the leads wrong footed by illiquid secondary levels, but the Poland ministry of finance called the note a success.
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Republic of Poland offered a healthy concession in the early pricing stages as it ventured into the markets with the first bond from CEEMEA in 2016 on Monday.
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Polska Grupa Energetyczna, the Polish state-owned power company, has signed Z2bn (€467m) of loans with the European Investment Bank, following a Z5.5bn(€1.3bn) syndicated loan.
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Polish insurer Powszechny Zakład Ubezpieczeń (PZU) priced a tap of its euro 2019s on Tuesday following investor calls the day before. The strategy puzzled rival bankers, but was staunchly defended by the leads.
