September 2010
Poland: Polish companies set for debt funding spree
Polish high-grade corporates are set to access the international bond markets in record numbers over the next six months, amid a much-needed overhaul of the country’s infrastructure.
Tauron Polska Energia, Poland’s second-largest energy supplier (rated BBB by Fitch), has announced plans for a €500 million global debut in 2011, while larger counterpart PGE (A3 Moody’s/BBB+ Fitch) has indicated that it might look to external investors to achieve its Z39 billion ($12.3 billion) funding target by the end of 2012. State-owned gas company PGNiG (Baa1 Moody’s/BBB+ S&P) also confirmed at the start of September that it intended to place a €500 million five-year deal in the first quarter of next year. ...
