Allen & Overy has advised PKO Bank Hipoteczny S.A. on the establishment of its covered bonds programme, the first to meet the criteria of the amended Act on Covered Bonds and Mortgage Banks which comes into force on 1 January 2016. This is the first Polish covered bonds programme since 2010.
PKO Bank Hipoteczny S.A. is a part of PKO Bank Polski Group, the biggest banking group in Poland and one of the leading banking groups in Central and Eastern Europe.

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

Piotr Lesinski, capital markets partner in Allen & Overy’s Warsaw office, said: “We congratulate PKO Bank Hipoteczny S.A. on such an innovative project. I am proud that we could be a part of it. This project marks a revival of the covered bonds’ market in Poland. Our participation in this project reaffirms Allen & Overy's position in Poland as top-notch advisors on projects vital for the development of the Polish capital market and strengthens our leadership in the area of debt securities in Poland.”