Gide Loyrette Nouel has advised mBank on updating its EMTN program and placing its first EUR 500 million issuance of green bonds in a senior non-preferred format. Clifford Chance advised a consortium of eight pan-European banks as dealers on the transaction, with Commerzbank acting as the arranger.
The notes have been subscribed for by institutional investors and will be listed on the Luxembourg stock exchange.
According to Gide, the EMTN program will allow mBank to issue up to EUR 3 billion in notes, including green bonds and senior non-preferred notes, as long as they meet the MREL eligibility criteria.
"It is both the first NPS issue and the first green issue placed by a Polish financial institution in EUR benchmark format," according to Clifford Chance. The proceeds will be used for refinancing a part of the portfolio of retail mortgage loans financing high-performance buildings in Poland.
"These changes will allow mBank to raise funds to finance its corporate-wide needs, or for other purposes, including financing for eligible projects in accordance with mBank's framework for issuing green bonds," commented Gide Warsaw Counsel Michal Smiechowski.
The Clifford Chance team included Partners Grzegorz Namiotkiewicz and David Dunnigan, Senior Associates Eric Green and Aleksandra Rudzinska, and Legal Interns Zuzanna Bartczak and Krzysztof Burda.
Gide’s team consisted of Warsaw-based Smiechowski and Associate Przemyslaw Kopka and London-based Partner Dimitrios Logizidis and Counsel William Oliver.