White & Case has advised the Polish Ministry of Finance on the CNY 3 billion issuance of three-year Treasury bonds maturing on October 15, 2024.
The bonds were placed with Chinese institutional investors. The Industrial and Commercial Bank of China, J.P. Morgan, Bank of China Limited, and the China Construction Bank Corporation were the syndicate members for the issuance.
According to White & Case, “the so-called panda bonds have a nominal value of [CNY] 3 billion (approximately PLN 1.8 billion) and a yield of 3.20% per annum. Simultaneously, the Ministry entered into a hedging transaction swapping the proceeds into Euros and establishing collateral to secure future cash flows for debt servicing and the bond buyback. After the swap, the yield was negative at -0.104% per annum. The bonds were issued on the Chinese onshore interbank bond market based on the issuance program registered by the National Association of Financial Market Institutional Investors.”
White & Case’s team included Local Partner Andrzej Sutkowski and Associates Damian Lubocki and Michal Truszczynski.
White & Case did not reply to our inquiry on the matter.
