Roksana Kałużna-Bałazy

Associate, Warsaw



Roksana Kałużna-Bałazy is an associate in the Debt Finance practice in the Warsaw office of White & Case. Roksana specializes in banking law, securities law and capital markets. She focuses on debt financing and banking regulatory matters. Her main areas of interest include sustainable finance, fintech and legaltech.

Her experience includes advising arrangers and issuers on the establishment and management of bonds and mortgage bonds issuance programs as well as advising borrowers and lenders in connection with financing transactions.

Prior to joining White & Case, Roksana gained experience in the Warsaw office of a leading international Magic Circle law firm.

Bars and Courts
Advocate trainee, Regional Bar Chamber in Warsaw
Master's Degree
Jagiellonian University in Cracow

Faculty of Law and Administration



Her experience includes:

  • PKN ORLEN S.A.: representation of PKN ORLEN S.A., Polish oil refiner and petrol retailer, on the issuance of ESG-linked bonds, with a value of PLN 1,000,000,000. This was Central Europe's first-ever issuance of corporate bonds linked to an MSCI ESG Rating, with the interest rate based on an independent environmental, social and governance (ESG) rating. The proceeds will be applied to fund some of the capital projects undertaken to advance the company's 2050 carbon neutrality strategy.
  • the State Treasury of the Republic of Poland: representation of the State Treasury on the issuance of the world's first sovereign green bonds, with a value of EUR 750,000,000. The bonds were admitted to trading on the Luxembourg Stock Exchange's regulated market and the Luxembourg Green Segment (the platform of the Luxembourg Stock Exchange dedicated exclusively to green securities).
  • Wilko 5 sp. z o.o., a company managed by Helios Energy Investments: representation of Wilko 5 sp. z o.o. on the PLN 155,000,000 financing provided by DNB Bank Polska S.A. for the development of wind farms in Greater Poland. The project, once finalized, will supply approx. 100,000 MWh of electric power to the grid annually.
  • AccorInvest Group S.A.: representation of AccorInvest Group S.A., hotel investor, owner and operator active predominantly in the European market, on the PLN 5,300,000,000 financing of a tender offer for 100% of shares of Orbis S.A., the largest Polish company in the hotel sector.
  • mBank S.A.: representation of mBank S.A. on the issue of bonds worth up to PLN 150,000,000 by Echo Investment S.A., Poland's largest property developer, under a bond issue program for up to PLN 1,000,000,000.
  • PKN ORLEN S.A.: representation of PKN ORLEN S.A. in connection with a PLN 1,000,000,000 bond issuance program addressed to retail investors (this issue was named the debut of the year).
  • mBank Hipoteczny S.A.: representation of mBank Hipoteczny on the bank's second-ever foreign issuance of mortgage bonds. The bank placed on the Euromarket a bond issue of EUR 300,000,000, maturing in September 2025. The issued bonds are listed on the Luxembourg Stock Exchange.