White & Case advises on Bank Pekao’s €5 billion EMTN programme and issuance of €500 million green bonds under programme

Global law firm White & Case LLP has advised Bank Polska Kasa Opieki S.A. (Bank Pekao), BNP Paribas, BofA Securities Europe SA, Citigroup Global Markets Europe AG and J.P. Morgan SE as dealers on the establishment by Bank Pekao of an Euro Medium Term Note (EMTN) programme for the issuance of medium-term Eurobonds with a nominal value of €5 billion.

The base prospectus was approved on November 13, 2023 by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. Under the EMTN programme the Eurobonds can be issued in euros, Polish zlotys or other currencies, and the securities can have green or sustainable debt status.

As part of the transaction, White & Case also advised the same group of financial institutions acting as joint bookrunners on Bank Pekao's issuance of 5.500% fixed-to-floating green bonds maturing in November 2027 with a nominal value of €500 million. The senior non-preferred MREL Eurobonds are listed on the Luxembourg Stock Exchange and will be listed on the Warsaw Stock Exchange. This was Bank Pekao's first international issuance under the newly established EMTN programme.

The White & Case team which advised on the transaction included partners Marcin Studniarek (Warsaw) and Neha Saran (London), local partner Bartosz Smardzewski (Warsaw) and associates Anu Alamutu (London) and Michał Truszczyński (Warsaw).

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