PGNiG may complete Eurobond issue before elections

Polish Oil and Gas (PGNiG) is planning a Eurobond issue worth at least euro 450 million. However, according to a resolution adopted at a PGNiG shareholders' meeting, the company could try to raise as much as euro 800 million. The issue is set for the end of this month or the beginning of October. But unofficial sources quoted by Puls Biznesu say that the company is probably hoping to complete the issue before the September 23 parliamentary elections, since the new government that is likely to be formed by the Democratic Left Alliance (SLD) could halt it in order to prevent a situation arising in which investors would no longer be interested in State Treasury Eurobonds. (Puls Biznesu, p. 9) P.J.