On January 4th, financing process opened with the largest EUR transaction made by the Ministry of Finance. Ministry priced dual tranche 10-year and 20-year EUR denominated benchmark bonds with nominal amount EUR 3.75bn.

This historical transaction attracted a lot of attention from investors. The orderbook amounted to EUR 10.2bn. and confirmed trust in strong fundamentals of Polish economy.

The 10-year bond with nominal amount EUR 2.5bn. maturing on January 11, 2034 was priced at the level of 115 basis points over mid-swap rate, yielding 3.716% with annual coupon of 3.625%.

The 20-year bond with nominal amount EUR 1.25bn. maturing on January 11, 2044 was priced at the level of 160 basis points over mid-swap rate, yielding 4.175% with annual coupon of 4.125%.

The issue was executed under Republic of Poland’s Euro Medium Term Note (EMTN) Programme. The lead managers on the transaction were BNP Paribas, Citi, Commerzbank and ING.