Poland printed the first CEEMEA bond of 2016 last week, but anyone hoping the highly regarded issuer would fire out of the blocks and set a confident tone for others to emulate was left disappointed. Not only did the sovereign struggle to move pricing, despite offering a healthy concession, but the bonds also traded 10bp wider in the secondary market, underperforming Bunds. The A2/A-/A- rated sovereign priced a €1bn 1.5% 10-year at 65bp over mid-swaps and a €750m 2.375% 20-year at plus 100bp last Monday. While the offering raised a decent slug of money, it did not fly off the shelves as jitters about China's economy and oil's outlook intensified. Books reached around €2.2bn but the deal struggled to gather much momentum.
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