On 1 March 2023, Pekao’s Management Board adopted a resolution approving the issue by Pekao of senior unsecured bonds with an aggregate nominal value of no more than PLN 500 million. Due to significant investor interest expressed in the course of book building, the Board decided to increase the originally envisaged amount of the issue to PLN 750 million.
The bonds pursuant to Article 97a(1)(2) of the Act of 10 June 2016 on the Bank Guarantee Fund, the deposit guarantee system and forced restructuring will constitute Pekao’s eligible liabilities.
The bonds will be offered in a manner that does not require the preparation of a prospectus, as the issue of the bonds will take place pursuant to Article 33(1) of the Act of 15 January 2015 on bonds and the offers to purchase the bonds will only be addressed to qualified investors within the meaning of Article 2(e) of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market and repealing Directive 2003/71/EC.
The nominal value of one bond will be PLN 500,000. The interest rate on the bonds will be variable, based on the reference rate WIBOR 6M, plus a margin of 2.4 pp. The bond will have a maturity of 3 years, with a reserved option giving the right of early redemption within 2 years of the issue date or in other cases indicated in the bond issue terms and conditions (regulatory change of bond classification, change of bond taxation), subject to the approval of the BFG, if such approval is required. The issue date will be 3 April 2023 and the redemption date will be 3 April 2026 (subject to the possibility of their early redemption under the rules described in Articles 77 and 78a of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms, amending Regulation (EU) No 648/2012. The bonds are to be introduced into the Catalyst alternative trading system operated by the Warsaw Stock Exchange.