PKO Bank Polski S.A. diversifies its sources of financing and capital, actively using the possibility of issuing financial instruments on debt markets. The Bank's goal is to shape a flexible financing structure, complementing the basic source of financing in the form of the deposit base of PKO Bank Polski S.A.'s Clients, as well as to implement an optimal structure of the Bank's capital through the use of subordinated debt instruments.
PKO Bank Polski S.A. issues debt financial instruments on the Polish and international markets, acting on the basis of resolutions adopted by the Management Board. PKO Bank Polski S.A. issued subordinated bonds on the domestic market in the amount of PLN 2.7 billion, and on the foreign market under the EMTN programme established in December 2022 issued Eurobonds in the amount of EUR 750 million in 2023.
The subordinated bonds OP0328 of PKO Bank Polski SA were issued on the following terms:
- amount of the issue: PLN 1,000,000,000;
- currency of the issue: PLN;
- date of issue: 5 March 2018;
- maturity: 6 March 2028, with one-time option to redeem the bonds by the issuer on 6 March 2023;
- the proceeds from the issue will be designated for the increase of supplementary funds of PKO Bank Polski pursuant to Article 127 par. 2 pt. 2 of the Banking Act of 29 August 1997, and Article 63 of the Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013
- interest: variable rate of WIBOR 6M+ increased by a margin of 150 bps p.a.;
- interest periods: six months;
- nominal value of one bond: PLN 500,000;
- type of issue: non-public issue; KDPW settlement;
- ISIN code: PLPKO0000107
Detailed information about the Issue was presented by the Bank's management board in current report No. 4/2018 dated 28 February 2018.
Interest tables
Subordinated bonds OP0328 accrued interest table for 1. interest period
Subordinated bonds OP0328 accrued interest table for 2. interest period
Subordinated bonds OP0328 accrued interest table for 3. interest period
Subordinated bonds OP0328 accrued interest table for 4. interest period
Subordinated bonds OP0328 accrued interest table for 5. interest period
Subordinated bonds OP0328 accrued interest table for 6. interest period
Subordinated bonds OP0328 accrued interest table for 7. interest period
Subordinated bonds OP0328 accrued interest table for 8. interest period
Subordinated bonds OP0328 accrued interest table for 9. interest period
Subordinated bonds OP0328 accrued interest table for 10. interest period
Subordinated bonds OP0328 accrued interest table for 11. interest period
Subordinated bonds OP0328 accrued interest table for 12. interest period
Subordinated bonds OP0328 accrued interest table for 13. interest period
The subordinated bonds of PKO Bank Polski SA were issued on the following terms:
- amount of the issue: PLN 1,700,000,000;
- currency of the issue: PLN;
- date of issue: 28 August 2017;
- maturity: 28 August 2027, with one-time option to redeem the bonds by the issuer on 28 August 2022;
- the proceeds from the issue will be designated for the increase of supplementary funds of PKO Bank Polski pursuant to Article 127 par. 2 pt. 2 of the Banking Act of 29 August 1997, and Article 63 of the Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013
- interest: variable rate of WIBOR 6M+ increased by a margin of 155 bps p.a.;
- interest periods: six months;
- nominal value of one bond: PLN 100,000;
- type of issue: non-public issue; KDPW settlement;
- ISIN code: PLPKO0000099
Detailed information about the Issue was presented by the Bank's management board in current report No. 35/2017 dated 23 August 2017.
On 30 August 2017 the Issuer obtained the consent of the Polish Financial Supervision Authority to use the proceeds obtained from the issue of subordinated bonds Series OP0827 to Tier II funds. The detailed information is given in the current report No 36/2017 dated 30 August 2017.
Interest tables
Subordinated bonds OP0827 accrued interest table for 1. interest period
Subordinated bonds OP0827 accrued interest table for 2. interest period
Subordinated bonds OP0827 accrued interest table for 3. interest period
Subordinated bonds OP0827 accrued interest table for 4. interest period
Subordinated bonds OP0827 accrued interest table for 5. interest period
Subordinated bonds OP0827 accrued interest table for 6. interest period
Subordinated bonds OP0827 accrued interest table for 7. interest period
Subordinated bonds OP0827 accrued interest table for 8. interest period
Subordinated bonds OP0827 accrued interest table for 9. interest period
Subordinated bonds OP0827 accrued interest table for 10. interest period
Subordinated bonds OP0827 accrued interest table for 11. interest period
Subordinated bonds OP0827 accrued interest table for 12. interest period
Subordinated bonds OP0827 accrued interest table for 13. interest period
Subordinated bonds OP0827 accrued interest table for 14. interest period
General information on the Programme
The programme of the issue of bonds of PKO Bank Polski SA (the "Bank") of up to PLN 5,000,000,000 to be used for the general purposes of financing the Bank (the "Programme"), is conducted on the following terms:
- amount of the Programme: PLN 5,000,000,000 or the equivalent in other currencies;
- currencies of the Programme: PLN, EUR, USD and CHF;
- maturity of individual tranches issued under the Programme: between seven days and ten years;
- proceeds from the issue will be used for the general purposes of financing the Bank;
- interest: the bonds issued under the Programme will bear interest at a fixed or variable rate; short-term bonds issued under the Programme will be discount (zero coupon) bonds;
- interest periods: between seven days and one year;
- nominal value of one bond will not be lower than PLN 10,000 or the equivalent thereof in other currencies;
- types of issue: senior issues, public issues, private placement;
- term of the programme: indefinite.
The Bank's management board advised about the adoption of a resolution regarding the granting of consent for the commencement of the Programme in current report No. 32/2011 dated 21 June 2011.
Under the Programme the Bank issued series OSNP0229 bonds on the following terms:
- amount of the issue: PLN 1,000,000,000;
- currency of the issue: PLN;
- date of issue: 28 February 2024;
- maturity: 28 February 2029, with the option to redeem the bonds by the issuer on 28 February 2028 and on 28 August 2028;
- interest: variable rate of WIBOR 6M+ increased by a margin of 159 bps p.a.;
- interest periods: six months;
- nominal value of one bond: PLN 50,000;
- type of issue: non-public issue; KDPW settlement.
- ISIN code: PLO046700012
Detailed information about the Issue was presented by the report No. 15/2024.
Interest tables
Bonds OSNP0229 accrued interest table for 1. interest period
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:
Debt securities issued under the EMTN Programme which are currently listed
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. 4/2023.
PKO Bank Polski EMTN Prospectus 2022
Supplement to EMTN Prospectus 20.01.2023
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. More information about the issue are available in the report No.19/2024.
PKO Bank Polski EMTN Prospectus 2024
Agent for service of process – change of the address
Please be informed that the Apex Agency Services Ltd – Issuer’s agent for service of process (mentioned in section 20 of the Base Prospectus) - changed its address.
The new address is presented below:
Apex Agency Services Ltd, 6th Floor, 125 London Wall, London EC2Y 5AS
FAO: Service of Process Manager
Email: processagent@apexgroup.com
INFORMATION ON EXEMPTION REQUIREMENTS[i] concerning interest income or income on discount of bonds earned by taxpayers who do not have their registered office or place of management in the Republic of Poland and are subject to taxation only with respect to their income earned in the territory of the Republic of Poland
PKO Bank Polski SA (hereinafter: “the Issuer”), as the issuer of the issues of bonds presented below, would like to inform you that under Article 17 (1) (50c) of the Corporate Income Tax Act of 15 February 1992 (hereinafter: “the CIT Act”), from the 1th of the January 2024 the income earned by a taxpayer referred to in Article 3 (2) of the CIT Act on interest or discount of bonds is exempt from tax if the bonds:
- have a maturity of no shorter than 1 year;
- have been admitted to trading on a regulated market or introduced to an alternative trading system within the meaning of the Act on Trading in Financial Instruments of 29 July 2005, in the territory of the Republic of Poland or a state which has signed a double taxation treaty with the Republic of Poland whose provisions define the principles for taxation of dividend and interest income and income from licence receivables;
- unless as at the moment of earning the income the taxpayer is, within the meaning of Article 11a (1) (4) of the CIT Act or within the meaning of Article 23m (1) (4) of the Personal Income Tax Act of 26 July 1991, a related entity of the issuer of such bonds and holds, jointly with the other related entities within the meaning of the above-mentioned regulations, more than 10% of the nominal value of such bonds;
The Issuer would also like to point out that detailed withholding tax exemption requirements are described in Prospectuses of PKO Bank Polski S.A. in accordance with which the bonds referred to below were issued.
The Issuer provides the above information with respect to the following bond issues: | ||||
No. | ISIN | Nominal value of the issuance | Issuance date | Maturity date |
1. | PLPKO0000099 | 1 700 000 000 PLN | 2017-08-28 | 2027-08-28 |
2. | PLPKO0000107 | 1 000 000 000 PLN | 2018-03-05 | 2028-03-06 |
3. | XS2582358789 | 750 000 000 EUR | 2023-02-01 | 2026-02-01 |
[i]Information is provided in accordance with Article 26 (1ae) of the Corporate Income Tax Act of 15 February 1992.