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Deals of the year 2001: Central & eastern Europe

Global:  Deals of the year 2001: The landmark deals of 2001

Regional:  Western Europe  Central & eastern Europe North America Latin America Asia

Central and eastern Europe
Best Corporate bond

Issuer: PGNiG Finance

Type of deal: Five-year bond

Amount: e800 million

Date: October 2001

Bookrunner: ABN Amro

Reid Payne

Market participants either loved or hated the e800 million ($709 million) deal done in October by Polish government-owned utility PGNiG. Its supporters say that this, the largest-ever euro-denominated corporate bond from the region and the biggest single deal of any kind from Poland, provided desperately needed liquidity for the corporate bond market in central and eastern Europe while making the company's debut issue a blow-out one. Detractors say it was sold so cheaply, with so many punitive covenants, that it was bound to go with a bang.

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