Allen & Overy advised PZU SA on its PLN 2,250,000,000 issuance of subordinated bonds in compliance with the requirements of the Solvency II Directive. This is the first issuance of subordinated debt instruments by a Polish insurance company.

The Allen & Overy team was led by Piotr Lesinski, partner, and supported by Lukasz Walczyna, senior associate.

Piotr Lesinski, partner in Allen & Overy Warsaw's ICM Department, said: "We congratulate PZU on this landmark project. I am proud that we could advise PZU again on a debt securities issuance. Our participation in this project reaffirms Allen & Overy's position in Poland as the leading advisor on issuances of regulatory capital instruments by Polish financial institutions and strengthens our leadership in the area of debt securities in Poland."