White & Case Advises Polish Ministry of Finance on Landmark Green Bonds Issuance
Global law firm White & Case LLP has advised the Polish Ministry of Finance on the €750 million issuance of Green Bonds with a profitability of 0.634 percent and an annual return of 0.5 percent.
It is the first ever issuance of Green Bonds by a government issuer. The five-year euro-denominated bonds have a maturity date of December 20, 2021 and were issued on December 20, 2016 in line with the programme for the issuance of euro medium term notes. The issuance was arranged by HSBC, J.P. Morgan and PKO BP.
Funds from the issuance will be allocated to environmentally friendly investments in accordance with the requirements of the Green Bond Framework prepared by the Ministry of Finance on the basis of the international standards of the ICMA Green Bond Principles. In particular, the funds may be used for financing budget expenditures in 2017 corresponding to the above criteria, or for the refinancing of similar expenditures incurred during the years 2014-2016.
The White & Case team which advised on the transaction was led by local partner Andrzej Sutkowski with the support of associate Katarzyna Grodziewicz.
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