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A&O Shearman advises Bank Gospodarstwa Krajowego on EUR2 billion dual-tranche guaranteed notes issuance

A&O Shearman advises Bank Gospodarstwa Krajowego on EUR2 billion dual-tranche guaranteed notes issuance
Published Date
Jul 8 2026
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Image of Arkadiusz Pedzich
Arkadiusz PedzichPartner, Warsaw
Image of Jamie Durham
Jamie DurhamPartner, London
Image of Lukasz Walczyna
Lukasz WalczynaCounsel, Warsaw
Filip GlowkaAssociate, Warsaw
A&O Shearman has advised Bank Gospodarstwa Krajowego (BGK) on the issuance of EUR1.250bn 3.750% fixed rate notes due 2034 and EUR750 million 4.500% fixed rate notes due 2041. 

The notes are guaranteed by the State Treasury of the Republic of Poland. The issue proceeds will finance the Covid-19 Response Fund.

BNP Paribas, Commerzbank, Erste, ING and Pekao acted as joint lead managers on the transaction.

The A&O Shearman team was led by partner Łukasz Walczyna, assisted by Filip Główka. English law advice was provided by Jamie Durham and the project was supervised by Arkadiusz Pędzich.

 

“Great to work with BGK again. Congratulations to the whole team and thanks to everyone involved—another smooth process from start to finish.”

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