White & Case advises PKO Bank Hipoteczny on €500 million mortgage covered bonds issuance

Global law firm White & Case LLP has advised PKO Bank Hipoteczny S.A. on its €500 million issuance of four-year mortgage covered bonds, due 12 June 2029 backed by Polish PLN-denominated residential mortgage loans (hipoteczne listy zastawne). This transaction marks the largest international covered bond issuance by a Polish mortgage bank this year.

The covered bonds were issued on 25 June 2025, under PKO Bank Hipoteczny’s €4 billion international mortgage covered bond programme, targeting qualified investors. The programme is based on a base prospectus approved by the Commission de Surveillance du Secteur Financier in Luxembourg on 6 June 2025. The covered bonds are listed on the regulated market of the Luxembourg Stock Exchange.

The Global Coordinator was UniCredit and the joint lead managers for the offering were Danske Bank, LBBW, PKO Bank Polski SA, Santander and UniCredit.

This is PKO Bank Hipoteczny’s first EUR-denominated covered bond issuance in three years.

The White & Case team which advised on the transaction was led by partners Marcin Studniarek (Warsaw), Debashis Dey (Dubai) and local partner Bartosz Smardzewski (Warsaw) and included associates Michał Truszczyński (Warsaw) and Ola Sanni (Dubai).

Press contact
For more information please speak to your local media contact.