Global law firm White & Case LLP has advised Bank Gospodarstwa Krajowego (BGK) on the issuance of ten-year bonds guaranteed by the State Treasury of the Republic of Poland with a nominal value of US$1.75 billion and a 5.375 percent annual coupon.
It is BGK’s first bonds issuance targeted at US investors under Rule 144A of the US Securities Act, with the proceeds earmarked for its COVID-19 Response Fund. The consortium that organized the issuance included BNP Paribas, Citigroup, ING, J.P. Morgan and Santander.
The bonds were issued under the Medium-Term Note (MTN) Program established by BGK and updated on May 8, 2023, which allows the issuance of bonds targeted at qualified institutional buyers in the US. White & Case also advised on the program’s update.
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) and associates Dawid Książek (Warsaw) and Tejal Velambath (London).