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Prices Largest Ever Eurobond Sale, With Focus Switching to CPI

POLAND
  • Focus turns to this morning’s prelim December CPI figures, with consensus looking for a slow in the Y/Y rate to 6.5% from 6.6%, with a M/M rate at 0.3% from 0.7% prior. A 6.5% read would be another cycle low, and the lowest inflation rate since September 2021.
  • Late yesterday, Poland priced their 2-part EUR bond offering, with the EUR 2.5bln Jan’34 10yr priced at midswaps +115bps (tightening from IPT of +140 area). Lead managers cited books at EUR 6.2bln. The EUR 1.25bln Jan’44 20yr offering was priced at midswaps +160bps, from IPT of +180, drawing book interest of EUR 3.4bln.
  • The sale was Poland’s largest ever EUR issuance, prompting the finance ministry to note “very strong interest from professional investors”, and reasserting their intention to rely further on foreign financing.
  • Domestic issuance continues today, with Poland looking to sell PLN 5-8bln in bonds later today.
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