By Marisa Wong and Cristal Cody
Los Angeles, Oct. 26 – Bank Gospodarstwa Krajowego priced $1 billion of 6¼% five-year senior notes on Wednesday with a spread of 138 basis points over Treasuries, according to a market source.
The notes priced at 99.81 to yield 6.295%.
As previously reported, guidance was in the Treasuries plus 150 bps area. Initial price talk started in the Treasuries plus 170 bps area.
The order book was over $2.7 billion. Fixed-income investor calls were held on Monday.
The Rule 144A and Regulation S notes will be guaranteed by Poland.
JPMorgan, BNP Paribas, Citi, Commerzbank and Santander are the joint bookrunners, with JPMorgan handling billing and delivery.
Settlement is expected Oct. 31.
Proceeds will be used for the armed forces support fund, as previously disclosed.
The lender is based in Warsaw.
| Issuer: | Bank Gospodarstwa Krajowego
|
| Guarantor: | Poland
|
| Amount: | $1 billion
|
| Issue: | Senior notes
|
| Maturity: | Oct. 31, 2028
|
| Bookrunners: | JPMorgan (billing and delivery), BNP Paribas, Citi, Commerzbank and Santander
|
| Coupon: | 6¼%
|
| Price: | 99.81
|
| Yield: | 6.295%
|
| Spread: | Treasuries plus 138 bps
|
| Pricing date: | Oct. 25
|
| Settlement date: | Oct. 31
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Guidance at Treasuries plus 150 bps area; initial price talk in Treasuries plus 170 bps area
|
| ISIN: | XS2711511795
|
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