CMS has advised PKO BP on the new issue of subordinated bonds for the amount of PLN 1.7 billion.
The funds will be allocated to the bank’s increase of Tier II capital. The Polish Financial Supervision Authority has already granted its consent to the operation.
According to CMS, the scope of the firm's work "covered the complex process of carrying out the issue, including drafting the issue documentation and preparing appropriate requests to the Polish Financial Supervision Authority and the Central Securities Depository of Poland."
“This year, this is the first such large issue on the Polish market, carried out in accordance with the CRR," said CMS Counsel Adam Stopyra, who led the firm's team on the matter. "The need to comply with many stringent requirements and to obtain appropriate permits from the Polish Financial Supervision Authority is an important challenge faced by an institution that issues subordinated bonds based on this regulation and other acts issued on its basis."
In addition to Stopyra, the CMS team included Counsel Lukasz Machalski and Advocate Magdalena Trzepizur.