We are pleased to announce that we provided advice in respect of Polish law to the underwriters in connection with the issuance by the State Treasury of the Republic of Poland, represented by the Minister of Finance, of treasury bonds valued at USD 8 billion on the US market.
According to the Minister of Finance of the Republic of Poland, it was, historically, the largest issue of Polish treasury bonds ever carried out on the US dollar market and received “a great deal of interest from stable and long-term investors”.
The transaction involved the issuance on 18 March 2024 of: (i) bonds valued at USD 1.5 billion due in 2029 and bearing interest at the rate of 4.625% per annum; (ii) bonds valued at USD 3 billion due in 2034 and bearing interest at the rate of 5.125% per annum; and (iii) bonds valued at USD 3.5 billion due in 2054 and bearing interest at the rate of 5.5% per annum.
The issuance of the bonds was conducted on the US market on the basis of, among others, the Registration Statement, the Base Prospectus and the Prospectus Supplement filed with the United States Securities and Exchange Commission (SEC).
Advice on US law was provided by the law firm Latham & Watkins, with which Rymarz Zdort Maruta cooperated closely.
The transaction team included Dr Adam Puchalski (counsel) and Dr hab. Łukasz Gasiński (partner).