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Poland Plans First Samurai Sale Since July With Retail Bond

Poland is planning its first yen-denominated bond sale in the Japanese markets since July with an offering to retail investors that may yield as much as six times more than Japanese government debt.

The European nation will offer five-year Samurai notes yielding between 1.3 percent and 1.7 percent this month, according to a filing with Japan’s Finance Ministry today. Japanese government bonds offered to individual investors in March with a similar maturity yielded 0.27 percent, data compiled by Bloomberg show.

The sale would be Poland’s first Samurai bond since July, when it raised 25 billion yen ($313 million) by selling 1.25 percent four-year notes to retail investors, the data show. The securities were priced to yield 71 basis points more than the benchmark yen swap rate, according to data compiled by Bloomberg.

“Relatively it’s an attractive investment” for Japanese individuals, Mana Nakazora, chief credit analyst at BNP Paribas SA in Tokyo, said in a telephone interview. Japanese households have few options to get higher yields than offered by local government debt, she said.

Poland will offer the new notes in the second half of May, with a minimum denomination of 100,000 yen, the filing shows. Daiwa Securities Group Inc. is arranging the offering, according to the filing.

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