Kredyt Bank eurobond issue expected to raise euro 1 billion

The board of Kredyt Bank decided yesterday to undertake a major eurobond issue. The project, which is expected to take place over several years, will involve medium-term bonds with a total value estimated by Rzeczpospolita of up to euro 1 billion. The first bonds are scheduled to be launched next year, with Merrill Lynch International responsible for handling the sale. The bonds will be issued by Kredyt Bank's Dutch-registered subsidiary and listed on the Luxembourg bourse. In March Kredyt Bank issued bonds worth euro 150 million. (Rzeczpospolita, p. B5) P.J.