CMS advises Bank Gospodarstwa Krajowego on the issue of bonds in support of Ukraine

International law firm CMS has advised Bank Gospodarstwa Krajowego (BGK) on a EUR 600 million bond issue related to supporting Ukraine.

The bonds were issued by BGK on behalf of Aid Fund, created by BGK, and acquired by the European Investment Bank (EIB). The bond issue is part of an effort to support Ukraine, based of the ”Act on supporting Ukraine” of 12 March 2022 (on supporting Ukraine regarding the armed conflict in that country).

An important element of the project is the involvement of officials responsible for parts of government spending, and other parties authorised by the Prime Minister in Poland, in providing and monitoring support for Ukrainian citizens. 

CMS advice included reviewing the proposed structure of the bond issue, negotiating the issue documentation, and assisting with meeting certain conditions precedent to the disbursement of funds by the EIB. 

The CMS team was led by Michał Śmiechowski, assisted by Przemysław Kopka and Marcin Krzemien (Banking and Finance).