Chicago, Nov. 16 – Bank Polska Kasa Opieki SA priced €500 million of 5˝% green senior non-preferred notes with a four-year tenor (BBB), according to a market source with information about the deal that priced on Thursday.
The notes priced at 99.68 to yield 5.619%. The spread priced at 240 basis points to mid-swaps, or at Bunds plus 291.1 bps. Initial price talk was in the mid-swaps plus 275 bps area. Guidance moved during pricing into the mid-swaps plus 250 bps area.
The initial rate will reset to Euribor plus 240 bps starting Nov. 23, 2026.
The notes have three years of call protection.
J.P. Morgan SE (billing and delivery), Bank Polska Kasa Opieki SA, BNP Paribas, BofA Securities Europe SA and Citigroup Global Markets Europe AG were the joint bookrunners.
The final order book was over €1.5 billion at guidance.
Proceeds will be used to finance or refinance eligible projects under the bank’s sustainable finance framework.
The notes will be listed in Luxembourg.
The issuer is a Warsaw-based bank.
| Issuer: | Bank Polska Kasa Opieki SA
|
| Amount: | €500 million
|
| Issue: | Green senior non-preferred notes
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| Maturity: | Nov. 23, 2027
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| Bookrunners: | J.P. Morgan SE (billing and delivery), Bank Polska Kasa Opieki SA, BNP Paribas, BofA Securities Europe SA and Citigroup Global Markets Europe AG
|
| Coupon: | 5˝% initial rate; resets to Euribor plus 240 bps starting Nov. 23, 2026
|
| Price: | 99.68
|
| Yield: | 5.619%
|
| Spread: | Mid-swaps plus 240 bps, or Bunds plus 291.1 bps
|
| Call features: | Nov. 23, 2026
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| Trade date: | Nov. 16
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| Settlement date: | Nov. 23
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| Rating: | S&P: BBB
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 275 bps area, guided to mid-swaps plus 250 bps area
|
| ISIN: | XS2724428193
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