White & Case has advised the Polish Ministry of Finance on its issuance of EUR 1.5 billion five-year notes. Clifford Chance advised the consortium of banks that arranged the issuance, which included BNP Paribas, Commerzbank, ING, JP Morgan, PKO BP and Santander.
At -0.1%, White & Case describes the issuance as the second this year with a negative yield, as well as being "the first transaction in a country outside the eurozone or with a rating below AAA where it was possible to achieve a negative yield on the primary market with a specified maturity date for the notes."
The issuance was carried out under the Euro Medium Term Note programme.
White & Case's Warsaw-based team included Local Partner Andrzej Sutkowski, Counsel Grzegorz Jukiel, and Associate Damian Lubocki.
Clifford Chance's team in Warsaw consisted of Partner Grzegorz Namiotkiewicz, Counsels Grzegorz Abram and Tomasz Szymura, Senior Associate Aleksandra Rudzinska and Associate Roksana Kaluzna-Balazy. The firm's London team included Partner David Dunnigan, Senior Associate Mitchell Poppy, and Associate Tolu Ojo- Williams.