White & Case has advised Bank Gospodarstwa Krajowego on its issuance of two bond series on the dollar market with a total value of USD 3.5 billion. Linklaters advised the joint lead managers.
The consortium that organized the issuance included BNP Paribas, Citigroup Global Markets Europe, Deutsche Bank, Goldman Sachs Bank Europe, and J.P. Morgan.
Bank Gospodarstwa Krajowego is a Polish national development bank owned by the state and operating under a dedicated bill of law to facilitate exports, issue governmental guarantees, and support housing.
According to White & Case, "the bonds were issued for the purposes of the COVID-19 Response Fund, ten-year bonds with a nominal value of USD 1.75 billion, and the National Road Fund, 30-year bonds with a nominal value of USD 1.75 billion. The total demand for both series of dollar bonds reached a record level of approximately USD 6.6 billion. The bonds were issued under the medium-term note program established by BGK and are listed on the regulated market operated by the Luxembourg Stock Exchange."
In 2023, White & Case advised BGK on its USD 1 billion bond issuance for Poland's armed forces support fund (as reported by CEE Legal Matters on November 8, 2023) as well as on BGK's May 2023 issuance of ten-year bonds, with a total nominal value of USD 1.75 billion, guaranteed by the State Treasury of the Republic of Poland, and with proceeds earmarked for the COVID-19 response fund (as reported by CEE Legal Matters on June 1, 2023).
The White & Case team included Warsaw-based Partner Marcin Studniarek, Local Partner Bartosz Smardzewski, Associate Dawid Ksiazek, and further team members in London.
The Linklaters team included Partners Simon Few and Pam Shores.
