Pioneering issuance marks milestone in Poland's bank capital market

The issuance highlights the increasing sophistication of the Polish banking sector and aligns with broader European trends in optimizing capital structures through hybrid instruments. The offering drew strong interest from international investors, reflecting confidence in mBank's credit profile and the strength of Poland's financial system. 

The A&O Shearman team was led by Łukasz Walczyna, assisted by Aditya Vikram and Filip Główka, with supervision from Arkadiusz Pędzich and Jamie Durham. 

The joint lead managers were Commerzbank, Erste Group, Goldman Sachs, J.P. Morgan, and UBS.

Arkadiusz Pędzich, partner, commented: “This was a landmark transaction for both mBank and the Polish banking market. We're proud to have supported mBank on this first-of-its-kind issuance.”

Łukasz Walczyna, counsel, added: “We are delighted to have advised mBank on this important transaction. As the first euro-denominated AT1 issuance by a Polish bank, it highlights the growing strength of Poland’s banking sector and international investors’ confidence in the market.”