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.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

The golden mandate

The volume and sophistication of Poland’s debt strategy last year made it the golden mandate for emerging-market debt teams. And they’ll be chasing Poland hard in 2003. But could its public debt prove too large even for this masterful finance ministry to handle?


IN THE LATE 1990s, when the EU accession programme was laid out for 10 eastern and central European countries, Hungary soon established itself as the hot issuer. In terms of volume and sophistication it was the leading borrower among the accession states and so the most sought after client for investment bank mandate hunters.

However, Hungary has not been to the foreign-currency bond market for two years and Poland has now established itself as the new leader. As Peter Malik, head of emerging market syndication at CSFB, says: "Poland has picked up Hungary's mantle. It's easily the most interesting issuer in terms of issuance volume and sophistication."

Poland has a big public debt and hence big financing needs. This, combined with the expertise of its treasury team, means lots of interesting and large issues. In the past 12 months, for example, the sovereign has undertaken a Paris Club debt buy-back from Brazil, has called much of its Brady debt and has issued around e3 billion in bonds, denominated in dollars, euros and sterling.

Its financing needs are slightly bigger for 2003 - the government could issue as much as Zl23 billion ($6 billion) next year, though the treasury says it plans to issue closer to Zl11.6


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.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

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

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, 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

LOGIN NOW

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