Pekao Bank Hipoteczny $93 Million mortgage bonds offering


Hogan Lovells advised Pekao Bank Hipoteczny on the offering

The total value of the issuance carried out by Pekao Bank Hipoteczny on August 30, 2018 amounted to PLN 350 million, and the security pool consisted of receivables from loans granted to local government units.

The seven-year covered bonds were offered to institutional investors, and, consequently, they were jointly purchased by 24 entities, including investment funds (49%), open pension funds (30%), and insurance companies (21%).

The interest rate was determined as the sum of the WIBOR 3M reference rate plus a margin of 0.45%. Under the terms of issue, the mortgage bonds will be subject to partial redemption, i.e. their nominal unit value will be reduced by 2.75% on a quarterly basis. The day of the final redemption has been set for September 10, 2025.

Hogan Lovells advised with a team including Rafal Grochowski (Picture) and Anna Kuczewska.

Involved fees earner: Rafal Grochowski – Hogan Lovells; Anna Kuczewska – Hogan Lovells;

Law Firms: Hogan Lovells;

Clients: Pekao Bank Hipoteczny S.A.;

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