White & Case advises joint lead managers on mBank’s €250 million Additional Tier 1 notes issuance

Global law firm White & Case LLP has advised the joint lead managers on mBank S.A.'s issuance of €250 million Additional Tier 1 perpetual notes.

White & Case partner Neha Saran said: "This issuance is a milestone for mBank and for the Polish banking sector, marking the first euro-denominated AT1 issuance by a Polish bank. Supporting the joint lead managers on this transaction reflects strong investor confidence in mBank's capital position and in the Polish market more broadly."

With this landmark transaction, mBank has become the first Polish bank to issue euro-denominated Additional Tier 1 (AT1) bonds.

The notes bear interest at a fixed rate of 6.625 percent per annum from the issue date to 29 March 2032, payable semi-annually, and thereafter reset every five years by reference to the prevailing 5-year EUR mid-swap rate plus a margin.

The notes have been admitted to trading on the regulated market of the Luxembourg Stock Exchange.

The consortium of financial institutions acting as joint lead managers included Commerzbank Aktiengesellschaft, Erste Group Bank AG, Goldman Sachs Bank Europe SE, J.P. Morgan SE and UBS Europe SE.

The White & Case team which advised on the transaction included partner Neha Saran (London), local partner Bartosz Smardzewski (Warsaw) and associates Dawid Książek and  Michał Truszczyński (both Warsaw) and Alec Duncan (London).

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