EMTN Programme
General information on the EMTN Programme of PKO Bank Polski
On 8 August 2022 the Management Board of the Bank adopted a resolution on the establishment of the eurobonds issuance programme by the Bank as the issuer (Euro Medium Term Notes programme - the “EMTN Programme”).
The EMTN Programme was established on the following terms:
- the EMTN Programme amount: maximum EUR 8,000,000,000 (on 1 April 2025, the Bank's Management Board adopted a resolution to increase the maximum amount of the EMTN programme from the original amount of EUR 4,000,000,000),
- under the EMTN Programme it will be possible to issue unsecured eurobonds in any currency, including such, the liabilities of which may be included in the Bank's eligible liabilities or in the Bank's own funds,
- the EMTN Programme shall be established under the Regulation S,
- the Bank may apply for admission of individual series of eurobonds to trading on a regulated market operated by the Luxembourg Stock Exchange, the Warsaw Stock Exchange or another market selected by the Bank (excluding USA),
- the eurobonds will be registered in the International Central Securities Depository (ICSD) operated by Euroclear Bank SA/NV or Clearstream Banking société anonyme,
- the Bank shall apply to the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg for approval of the prospectus for the EMTN Programme.
EMTN Programme Rating
On April 21, 2026, Moody’s affirmed all ratings for PKO Bank Polski S.A. The stable outlook for the Bank’s long-term deposit rating was also affirmed. However, the outlook for the Bank’s senior unsecured debt was downgraded from stable to negative, with the rating remaining unchanged at A3.
In addition, on May 22, 2026, long-term local and foreign currency ratings were assigned to the subordinated program (often referred to as “Tier 2”) at (P)Baa2 for the EMTN program of Powszechna Kasa Oszczędności Bank Polski S.A. with a value of €8 billion.
Articles of Association
You can find the text of the Bank's Articles of Association here
Issuance of the first series of notes under the Programme
On 1 February 2023 Bank issued the first series of Eurobonds under the Programme with a total nominal value of EUR 750,000,000, on the terms and conditions set out in the Final Terms constituting a part of the issue documentation, together with EMTN Base Prospectus dated 20 December 2022. The Eurobonds have a maturity of three years. The notes are listed on the Luxembourg Stock Exchange. More information about the issue are available in the report No. 3/2023 and report No. 4/2023.
Issuance of the second series of notes under the Programme
On 27 March 2024 Bank issued the second series of Eurobonds under the Programme with a total nominal value of EUR 500,000,000, on the terms and conditions set out in the Final Terms constituting a part of the issue documentation, together with EMTN Base Prospectus dated 15 March 2024. The Eurobonds have a maturity of four years. The notes are listed on the Luxembourg Stock Exchange and Warsaw Stock Exchange. More information about the issue are available in the report No. 17/2024 and report No.19/2024.
Issuance of the third series of notes under the Programme
On 18 June 2024 Bank issued the third series of Eurobonds under the Programme with a total nominal value of EUR 500,000,000, on the terms and conditions set out in the Final Terms constituting a part of the issue documentation, together with EMTN Base Prospectus dated 15 March 2024. The Eurobonds have a maturity of five years. The notes are listed on the Luxembourg Stock Exchange and Warsaw Stock Exchange. More information about the issue are available in the report No. 33/2024 and report No. 35/2024.
Issuance of the fourth series of notes under the Programme (green bonds)
On 12 September 2024 Bank issued the fourth series of Eurobonds under the Programme with a total nominal value of EUR 750,000,000, on the terms and conditions set out in the Final Terms constituting a part of the issue documentation, together with EMTN Base Prospectus dated 15 March 2024. The Eurobonds have a maturity of three years. More information about the issue are available in the report No. 50/2024 and report No. 51/2024. The notes are listed on the Luxembourg Stock Exchange and Warsaw Stock Exchange. The Bank's intention is to apply an amount equal to the net proceeds from an offer of these Eurobonds specifically for a portfolio of assets determined to be eligible (the Eligible Assets Portfolio), as described in the "PKO Bank Polski S.A. Group Green Bond Framework".
Morningstar Sustainalytics has issued an opinion (Second-Party Opinion) that the PKO Bank Polski S.A. Group Green Bond Framework is consistent with the four core building blocks of the 2021 Green Bond Principles (ICMA).
Issuance of the fifth series of notes under the Programme
On 16 January 2025 Bank issued the fifth series of Eurobonds under the Programme with a total nominal value of EUR 750,000,000, on the terms and conditions set out in the Final Terms constituting a part of the issue documentation, together with EMTN Base Prospectus dated 15 March 2024. More information about the issue are available in the report No. 2/2025 and the report No. 4/2025. The notes are listed on the Luxembourg Stock Exchange and Warsaw Stock Exchange.
Issuance of the sixth series of notes under the Programme (green bonds)
On 30 June 2025 Bank issued the fifth series of Eurobonds under the Programme with a total nominal value of EUR 500,000,000, on the terms and conditions set out in the Final Terms constituting a part of the issue documentation, together with EMTN Base Prospectus dated 17 April 2025. Notes were issued with 6 years tenor with an option for a call after 5 years since the issuance date. More information about the issue are available in the report No. 19/2025 and in the report No. 21/2025. The notes are listed on the Luxembourg Stock Exchange and Warsaw Stock Exchange.
Issuance of the seventh series of notes under the Programme (green bonds)
On 20 November 2025 Bank issued the seventh series of Eurobonds under the EMTN Programme with a total nominal value of EUR 500,000,000, on the terms and conditions set out in the Final Terms constituting a part of the issue documentation, together with EMTN Base Prospectus dated 17 April 2025. The bonds have a maturity of 7 years with an option for a call after 6 years since the issuance date. More information about the issue are available in the report No. 36/2025 and in the report No. 37/2025. The notes are listed on the Luxembourg Stock Exchange and Warsaw Stock Exchange. Bank's intention is to apply an amount equal to the net proceeds from an offer of these Eurobonds specifically for a portfolio of assets determined to be eligible (the Eligible Assets Portfolio), as described in the "PKO Bank Polski S.A. Group Green Bond Framework".
Morningstar Sustainalytics has issued an opinion (Second-Party Opinion) that the PKO Bank Polski S.A. Group Green Bond Framework is consistent with the four core building blocks of the 2021 Green Bond Principles (ICMA).
Issuance of the eighth series of notes under the Programme
On 6 May 2026 Bank issued the eighth series of Eurobonds under the EMTN Programme with a total nominal value of EUR 700,000,000, on the terms and conditions set out in the Final Terms constituting a part of the issue documentation, together with EMTN Base Prospectus dated 20 March 2026. The bonds have a maturity of 4 years with an option for a call after 3 years since the issuance date. More information about the issue are available in the report No. 14/2026 and the report No. 15/2026. The notes are listed on the Luxembourg Stock Exchange and Warsaw Stock Exchange.
Prospectus and suplements
