The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Poland: Good start for equity issuance

State sales enjoy positive reception; No investor fatigue despite heavy 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.

"Poland is at the top of the
central and eastern Europe
list, although risk
appetite has deteriorated"

Nick Uzel, HSBC

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 billion and was the biggest-ever accelerated bookbuild out of Poland. Investor appetite for the issue was undoubtedly piqued by the strong performance in 2009 of KGHM shares, which almost quadrupled in value as commodity-related plays returned to favour after a sharp sell-off at the end of 2008. The next deal was the sale of an 11% stake in Lotos, Poland’s second-largest oil refiner.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree