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Capital Markets

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.

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