Editorial

07 Dec 2015 PKO BH Establishment of Polish Covered Bond Programme

PKO BH – Establishment of Polish Covered Bond Programme - PKO Bank Hipoteczny SA (PKO BH) has completed the establishment of a rated mortgage covered bond programme. This programme, rated Aa3 by Moody’s Investor Service, has been set up to target the international covered bond market. Whereas Poland has had a mortgage covered bond market for many years, this has been purely domestic and with only a handful of issuers. The new Polish legislation still requires a mortgage bank subsidiary to be established. It also incorporates mandatory maturity extension and conditional pass-through features to mitigate refinancing risk and achieve high credit ratings. PKO BH is a wholly-owned subsidiary of Powszechna Kasa Oszczednosci Bank Polski SA, the largest commercial bank in Poland. (Allen & Overy advised PKO BH).

Financial Centre : Warsaw
Law Firm : Allen & Overy
Lawyer : Piotr Lesinski

Practice Area : Debt Capital Markets
Classification : Securitisation and Structured Finance
Sub-classification : Covered Bonds
Industry : Banks

Advised Party : Originator
Value : N/A

Assets Jurisdiction : Poland
Issuer Jurisdiction : Poland