EBRD buys into Poland’s Pekao Eurobond issue

By bne IntelliNews November 24, 2023

The European Bank for Reconstruction and Development (EBRD) invested €20mn in debut Eurobonds issued by the state-controlled Bank Pekao, the second-largest Polish lender by assets, the EBRD said on November 23.

The bank’s Eurobond issue totals €500mn in senior non-preferred bonds that will be traded on the Luxembourg Stock Exchange. This was Bank Pekao’s first international and first green bond issuance. 

“The new funding will help strengthen Bank Pekao’s resilience and diversify its funding base, the EBRD said in a statement. 

The bond proceeds will be used to finance or refinance green projects, in whole or in part, under the bank’s Sustainable Finance Framework. Bank Pekao has been active in the sustainable finance market for years, both by organising the issuance of green and sustainable debt securities for clients and by acting as an investor in such bonds.

Bank Pekao is controlled by state entities PZU - which holds a 20% stake in the bank - and the Polish Development Fund with a 12.8% stake. Some 50% of shares are traded freely.

The bank’s stocks fell 0.93% to PLN 138 on the Warsaw Stock Exchange on November 23.

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