Poland: Good start for equity issuance

Poland has kicked off 2010 with a series of well-received transactions in the equity markets, raising Z3.7 billion ($1.3 billion) and confirming its preferred status with investors. “Poland is certainly at the top of the central and eastern Europe list, although risk appetite has deteriorated since the start of February and investors have become more selective when it comes to pricing,” says Nick Uzel, associate director, equity capital markets, at HSBC in London.

First out of the blocks was the sale of a 10% stake in copper miner KGHM Polska Miedz by the Polish treasury, which netted proceeds of about Z2.06