Poland
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Polish insurer Powszechny Zakład Ubezpieczeń (PZU) has picked banks for a tap of a 2019 euro transaction.
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The Republic of Poland printed an impressive €1.75bn six year bond on Wednesday with a skinny new issue premium, adding to the pile of successful CEEMEA bonds printed this week.
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Poland has released price guidance for a six year euro benchmark at a level which bankers away from the deal said offers a reasonable new issue premium.
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An evolution is happening in emerging market issuers’ use of yen funding. For many years, many of them have only been able to issue Samurai bonds by using JBIC’s GATE (Guarantee and Acquisition toward Tokyo market Enhancement) programme, but steadily more of them are stepping up to standalone issuance. At the same time, benchmark borrowers are bringing along less established issuers from the same countries in their wake -
Polish banks showed their deep pockets by signing a record Z12.5bn (€3bn) loan for television company Cyfrowy Polsat this week. But banks could face a tax which might reduce their capital by a third.
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Cyfrowy Polsat, the Polish television company, has signed a loan for Z12.5bn ($3.3bn) with 20 banks, which it claims is the largest ever corporate loan facility in zlotys.
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Polish state owned power company Polska Grupa Energetyczna (PGE) has picked banks for a benchmark euro transaction.
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Poland reopened the CEEMEA bond market this week after investors in search of safe havens pushed central Eastern European sovereign spreads tighter. Uncertainty over the timing of a US rate hike has left buyers wary of more typical EM names and left CEE sovereigns among the select few that could avoid paying heightened premiums.
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Bankers are pointing to sovereigns from central Eastern Europe as the best hope for CEEMEA supply although much of the region is bound by the uncertainty of when the US will start to raise rates.
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Poland made sure CEEMEA was not left out of the September restart rush on Wednesday, but more traditional emerging markets are likely to be left sidelined until after the US Federal Reserve decides to raise interest rates, said debt bankers.
