After issuing the largest dollar deal ($1 billion) in December 1998, Telekomunikacja Polska (TPSA) delivered the largest euro-denominated corporate issue from the region in October 1999. It was another textbook deal.
Despite the generally weak demand of October 1999, and the particular lack of appeal of corporate issues from the region since the Russian crisis, the deal was a tightly priced blow-out. Lead arrangers Deutsche Bank and Salomon Smith Barney launched the Wve-year e400 million oVering at 150 basis points over the four-year Bund.
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