White & Case has advised dealers Bank Polska Kasa Opieki, BNP Paribas, BofA Securities Europe, Citigroup Global Markets Europe, and JP Morgan on the establishment of Bank Pekao's EUR 5 billion program for the issuance of medium-term eurobonds and first EUR 500 million issuance of 5.5% fixed-to-floating green bonds maturing in November 2027. Baker McKenzie advised Bank Pekao.
According to White & Case, “the base prospectus was approved on November 13, 2023, by the Commission de Surveillance du Secteur Financier in Luxembourg. Under the EMTN program, 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 EUR 500 million.”
The senior non-preferred MREL eurobonds are listed on the Luxembourg Stock Exchange and will be listed on the Warsaw Stock Exchange.
The White & Case team included Partner Marcin Studniarek, Local Partner Bartosz Smardzewski, and Associate Michal Truszczynski.
The Baker McKenzie team included Warsaw-based Partners Marcin Chylinski and Michal Glowacki, Counsel Katarzyna Grodziewicz, and Lawyers Robert Smigielski, Marta Rykalovska, and Kajetan Huruk, as well as further team members in London.