PKO Bank Hipoteczny is set to issue the first euro benchmark covered bond from Poland early next week, having this (Friday) afternoon announced a mandate for a short six year issue.

PKO Bank Hipoteczny and its leads – Deutsche, JP Morgan, LBBW, PKO Bank Polski and Société Générale – completed a European roadshow this week, and announced late yesterday (Thursday) afternoon that the deal is expected to be launched early next week.

PKO then published a mandate this afternoon for a June 2022 euro benchmark issue. A syndicate banker at one of the leads said the deal will be launched early next week.

“It’s a very fine credit,” said the lead syndicate banker. “PKO is an established national champion, they got the second best result in the EBA stress tests in the adverse scenario, and the Polish sovereign has been growing without any recession for 24 years – this is all clearly supportive.

“I am very confident on this one, based on the level of engagement and the feedback we have seen so far.”

The leads have announced that more than 90 investors had participated in the roadshow.