White & Case has advised the Polish Ministry of Finance on the EUR 2 billion issuance of 10 and 30-year Euro-denominated Green Bonds, maturing on March 7, 2029 and March 8, 2049 respectively. Clifford Chance reportedly advised lead managers and bookrunners Citi, ING, J.P. Morgan, PKO BP, Santander, and Societe Generale.
The buyers of the ten-year and 30-year Green Bonds were diversified, with, respectively, 47 percent and 43 percent of the allocations going to designated green accounts. Among the buyers were asset managers, banks, insurance and pension companies, central banks and public institutions, hedge funds, and other entities.
The EUR 1.5 billion issuance of the ten-year Green Bond yields 1.057% with an annual coupon of 1%. The EUR 500 million issuance of the 30-year Green Bond yields 2.071% with an annual coupon of 2%.
According to White & Case, the bonds were issued under the Republic of Poland's EUR 60 billion Euro Medium Term Note Program and the proceeds will finance environmental projects according to the Green Bond Framework developed by the Ministry of Finance in line with the International Capital Market Association Green Bond Principles.
The White & Case team was led by Warsaw Local Partner Andrzej Sutkowski, supported by London-based Counsel Doron Loewinger. The team also included Warsaw Associates Katarzyna Grodziewicz and Damian Lubocki and London Associate Luiza Salata.