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 shall be established on the following terms:
- the EMTN Programme amount: maximum 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 16 December 2022 Moody's Investors Service assigned (P)Baa3 rating for the EMTN Programme under which they may be issued unsecured eurobonds as Senior Non Preferred.
The (P)Baa3 rating assigned to the EMTN Programme, under which unsecured eurobonds may be issued as Senior Non Preferred reflects the Bank's baa2 standalone Baseline Credit Assessment (BCA) and Adjusted BCA while incorporating one negative notch following the application of Moody's Advanced Loss Given Failure (LGF) analysis.
Link to Moody's Investors Service press release 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 and Warsaw 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 5 September 2024 Bank issued the fourth series of Eurobonds under the Programme with a total nominal value of EUR 7500,000,000, 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. 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 9 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 .
