Poland Sells 25 Billion Yen of Bonds in Offering to Japanese Individuals

Poland sold 25 billion yen ($307 million) of four-year Samurai bonds in its first offering to individual investors in Japan.

The bonds maturing in July 2015 were priced to yield 1.25 percent or 71 basis points over mid-swaps, the Finance Ministry said in a statement on its website today. Samurai bonds are yen- denominated debt sold in Japan by overseas borrowers. Daiwa Securities Capital Markets Co. managed the sale.

“The issue of retail bonds on the Japanese market is Poland’s first in this segment of the market,” according to the ministry’s statement. “It’s also the first such sale from a foreign sovereign issuer on the Japanese market for retail bonds since 2001.”

The offering to Japanese individuals follows a 10 billion- yen sale of 15-year bonds last month in a second private transaction of the debt this year. The bonds maturing in January 2026 were priced to yield 3 percent, Piotr Marczak, director at the Finance Ministry’s public debt department, said June 27.

Poland faces a total of 98.3 billion yen of debt coming due next year, according to data compiled by Bloomberg.

To contact the reporter on this story: Yusuke Miyazawa in Tokyo at ymiyazawa3@bloomberg.net

To contact the editor responsible for this story: Gearoid Reidy at greidy1@bloomberg.net

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