Chicago, May 16 – Bank Gospodarstwa Krajowego’s new $1.75 billion 10-year bond deal (A2//A-) had full pricing terms available on Tuesday morning, according to a source.
The bank priced 5 3/8% bonds at 99.763 to yield 5.406%, or at Treasuries plus 190 basis points.
Initial price talk was in the Treasuries plus 220 bps area.
As reported Monday, there were $6 billion of orders.
The bonds will be guaranteed by the republic of Poland.
JPMorgan is handling billing and delivery and is a joint lead manager along with BNP Paribas, Citi, ING and Santander.
The Rule 144A and Regulation S notes are being offered under the bank’s €15 billion medium-term note program with proceeds earmarked for the Covid-19 response fund.
Listing will be in Luxembourg. Settlement is expected on May 22.
The lender is based in Warsaw.
| Issuer: | Bank Gospodarstwa Krajowego
|
| Guarantor: | Poland
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| Amount: | $1.75 billion
|
| Issue: | Bonds
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| Maturity: | May 22, 2033
|
| Bookrunners: | JPMorgan, BNP Paribas, Citi, ING and Santander
|
| Coupon: | 5 3/8%
|
| Price: | 99.763
|
| Yield: | 5.406%
|
| Spread: | Treasuries plus 190 bps
|
| Trade date: | May 15
|
| Settlement date: | May 22
|
| Ratings: | Moody’s: A2
|
| Fitch: A-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 220 bps area
|
| ISIN: | XS2625207571
|
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