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White & Case advises BGK on US$3.5 billion bonds issuance; its largest in US market

[18 July] 2024 … Global law firm White & Case LLP has advised Bank Gospodarstwa Krajowego (BGK), the largest bond issuer in Poland after the State Treasury, on its record issuance of two bonds series on the dollar market with a total value of US$3.5 billion.

The bonds were issued for the purposes of the COVID-19 Response Fund, ten-year bonds with a nominal value of US$1.75 billion, and the National Road Fund, 30-year bonds with a nominal value of US$1.75 billion.

The total demand for both series of dollar bonds reached a record level of ca. US$6.6 billion. The exceptionally high investor interest in BGK bonds resulted in their pricing at 140 basis points above US Treasuries for ten-year bonds and 165 basis points for thirty-year bonds.

The bonds were issued under the medium-term note (MTN) programme established by BGK and are listed on the regulated market operated by the Luxembourg Stock Exchange.

The consortium that organized the issuance included BNP Paribas, Citigroup Global Markets Europe AG, Deutsche Bank AG, Goldman Sachs Bank Europe SE and J.P. Morgan SE.

The White & Case team that advised on the transaction included partners Marcin Studniarek (Warsaw), Melissa Butler and Stuart Matty (both London), local partner Bartosz Smardzewski (Warsaw), counsel Doron Loewinger (London) and associates Dawid Książek (Warsaw) and Amulang Povaeva (London).

Contact:

Mariusz Mroczek

Senior Business Development Manager

White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k.

T: + 48 22 50 50 225; M: +48 785 019 225

E-mail: mariusz.mroczek(@)whitecase.com