White & Case Advises Polish Ministry of Finance on State Treasury’s Issuance of RMB 3 Billion Bonds

Global law firm White & Case LLP has advised the Polish Ministry of Finance on the issuance of three-year Treasury bonds maturing on October 15, 2024. The so-called panda bonds have a nominal value of RMB 3 billion (approximately PLN 1.8 billion) and a yield of 3.20% per annum.

Simultaneously, the Ministry entered into a hedging transaction swapping the proceeds into Euros and establishing collateral to secure future cash flows for debt servicing and the bond buyback. After the swap, the yield was negative at -0.104% per annum. 

The bonds were issued on the Chinese onshore interbank bond market based on the issuance program registered by the National Association of Financial Market Institutional Investors. The bonds were placed with Chinese institutional investors. The Industrial and Commercial Bank of China, J.P. Morgan AG, Bank of China Limited, and China Construction Bank Corporation were the issue syndicate members.

This is the latest in a series of debt security transactions that White & Case has advised the Polish Ministry of Finance on in the past 12 months.

The White & Case team in Warsaw which advised on the transaction was led by local partner Andrzej Sutkowski, with support from associates Damian Lubocki and Michał Truszczyński.

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