Standard & Poor's Ratings Services has assigned the rating of A- for a tranche of bonds in the amount of EUR 500mn due in January of 2019, issued in frameworks of the Loan Participation Note Programme established by PKO Finance AB for Poland's biggest lender PKO BP. Last week, PKO BP issued 5-year eurobonds worth of EUR 500mn , while demand for the notes four times exceeded supply. This allowed the lender to lower the margin by 15bps from the original offer, to 115bps over mid-swap rate. The interest rate was 2.324%. It boasts that this was the most beneficially priced offering by a Polish corporate issuer on the international debt market. The issue was carried out under the lender's Euro Medium Term Note (EMTN) programme opened in 2008. So far, PKO BP placed four tranches under these scheme, totalling EUR 850mn and CHF 750mn . The programme is rates A2 by Moody's and A- by Standard & Poor's.
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