Bonds

Next to bank loans, bonds constitute one of the most popular forms of sourcing debt financing. Bonds are securities and can be issued to a wide group of bondholders. Bonds are often subject to a fix interest rate (fixed income instruments). They can be admitted to trading on regulated markets (including markets operated by WSE Catalyst) or they may be traded privately. In the case of a public offer of bonds, there are a number of information obligations imposed on the issuer, including the preparation and publication of a prospectus.

As a result of public procurements laws, bonds are sometimes issued in Poland by public bodies as a substitute to a bank loan. Such bonds are usually subscribed for by a limited number of banks that hold them until their maturity.

In respect of bonds, our lawyers have significant experience as external legal advisors acting for issuers and arrangers. Selected projects carried out in Poland in relation to which our lawyers have advised include:

• bonds issued by a number of Polish banks
• an eurobond programme for the State Treasury
• an eurobond programme for a Polish bank
• a revenue bonds programme for a water company