A&O Shearman advises Bank Millennium on the first international offering of AT1 notes by a Polish bank

This transaction demonstrates the increasing prominence of international debt markets in financing the regulatory capital requirements of the Polish bank.

Morgan Stanley acted as the Arranger, with Bank Millennium, Commerzbank, Millennium BCP and Morgan Stanley as Joint Bookrunners.

The A&O Shearman team was led by Łukasz Walczyna, supported by Filip Główka, and supervised by Arkadiusz Pędzich. Jamie Durham and Aditya Vikram provided English law advice.

Łukasz Walczyna, counsel, commented: "Bank Millennium set out to achieve something new in the Polish capital market, and we are proud to have supported them at every stage.”

Jamie Durham, partner, added: " This is an important moment for the Polish banking sector. Our role was to keep the process simple for Bank Millennium so that it could focus on its transaction objections. We are delighted to have been able to support Bank Millennium on this first international AT1 issuance for a Polish bank.”