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2026-01-09 17:37:26
[Poland Successfully Issues Two Eurobonds with Strong Demand and Significantly Narrowed Spreads] ⑴ Poland successfully issued two eurobonds totaling €3.25 billion, including €2 billion in 5-year bonds and €1.25 billion in 10-year bonds. ⑵ Both bonds received strong demand, with the 5-year bond ultimately subscribed for over €5.4 billion and the 10-year bond over €3.9 billion. ⑶ The issuance spread narrowed significantly from the initial price guidance. The 5-year bond was priced at Midswaps plus 43 basis points, narrowing by approximately 37 basis points from the initial guidance; the 10-year bond was priced at Midswaps plus 83 basis points, narrowing by approximately 32 basis points from the initial guidance. ⑷ In terms of investor geographic distribution, the main demand for the 5-year bonds came from the UK/Ireland (33%), Northern Europe (15%), and the Benelux region (13%); while the demand for the 10-year bonds was more concentrated in the UK/Ireland (27%), Germany/Austria (17%), and the United States (14%). (5) Investors were primarily investment funds, accounting for 57% and 45% of demand for 5-year and 10-year maturities respectively, demonstrating institutional investors' recognition of Poland's creditworthiness. (6) The significant narrowing of the spread and the strong order volume in this issuance reflect investors' demand for high-quality sovereign credit assets and their confidence in Poland's economic fundamentals in the current market environment.
