White & Case Advises Polish Ministry of Finance on €1.5 Billion Five-Year Notes

Global law firm White & Case LLP has advised the Polish Ministry of Finance on the issue of €1.5 billion five-year notes.

It is the second issue this year with a negative yield (ie -0.1%) and also the first transaction in a country outside the eurozone or with a rating below AAA where it was possible to achieve a negative yield on the primary market with a specified maturity date for the notes.

The issue was carried out under a Euro Medium Term Note programme and was arranged by a consortium of investment banks including BNP Paribas, Commerzbank, ING, JP Morgan, PKO BP and Santander.

The buyers included investors from European countries including Poland, Germany, Austria, the UK, Ireland, France, the Benelux countries, the Nordic countries, Switzerland and other European countries, as well as investors from the Middle East and other countries.

The White & Case team in Warsaw which advised on the transaction included local partner Andrzej Sutkowski, counsel Grzegorz Jukiel and associate Damian Lubocki.

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