Fiat Polska signs deal for zl. 1 billion bond issue

The five-year agreement between Fiat and the three banks was signed yesterday and the issue will begin in September. "The offer is aimed at the wide range of investors," said Maciej Wegrzynski, deputy managing director of ING Barings. "We do not want to set any obstacles for potential buyers." Albert May of Citibank estimated that 10-15% of the bonds will be purchased by international investors. In other Fiat news, the company plans to create its own insurance firm in Poland to provide property and car policies to Fiat clients, said Enrico Pavoni, president of Fiat Polska. (Prawo i Gospodarka, page 4, Reuters)