March 16, 2017 / 1:47 PM / 9 months ago

Poland launches dual-tranche euro bonds

LONDON, March 16 (IFR) - Poland has launched a €1bn October 2027 bond at 55bp over mid-swaps, according to a lead.

It has also set final terms for a €500m tap of its January 2036 notes at 83bp over mid-swaps.

Combined books at the last update were in excess of €2.5bn with a skew to the long 10 year.

That bond has launched at the tight end of the 55bp-57bp guidance, after initial price thoughts at 60bp area.

The January 2036 reopening was initially marketed at plus 90bp-95bp, with guidance set at plus 85bp-90bp and then pricing was further revised to 83bp-85bp over.

The bookrunners are Barclays, BNP Paribas, Commerzbank, ING, JP Morgan and PKO Bank Polski.

The deal is today’s business.

Poland is rated A2/BBB+/A-. (Reporting by Robert Hogg; editing by Sudip Roy)

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