mBank Issues Historic €400 Million Euro-Denominated Bonds
Deal News | Jul 03, 2025 | White & Case LLP
Global law firm White & Case LLP has advised a consortium of joint lead managers on mBank S.A.’s issuance of €400 million Tier 2 subordinated notes. This transaction marks the first euro-denominated Tier 2 bond issued by a Polish bank on international markets and represents the largest Euro Tier 2 transaction from the Central & Eastern Europe region in the last five years. The notes, part of mBank's €3 billion Euro Medium Term Note Programme, will mature in 2035 and are listed on the Luxembourg Stock Exchange. The lead managerial consortium includes Commerzbank Aktiengesellschaft, Erste Group Bank AG, Goldman Sachs Bank Europe SE, Morgan Stanley Europe SE, and UBS Europe SE. The White & Case advisory team comprised several partners and associates from their Warsaw and London offices.
Sectors
- Finance
- Legal Services
- Investment Banking
Geography
- Poland – mBank S.A., the issuer of the bonds, is located in Poland.
- Luxembourg – The issued bonds are listed on the Luxembourg Stock Exchange.
- Central & Eastern Europe – This transaction is significant to this region as it is the largest Euro Tier 2 bond issuance in the last five years.
Industry
- Finance – The transaction involves the issuance of bonds, a financial strategy for raising capital, placing it squarely in the financial services industry.
- Legal Services – The involvement of White & Case LLP in advising the joint lead managers classifies the article under legal services, highlighting the legal structuring of financial products.
- Investment Banking – Investment banking is relevant as the issuance of subordinate notes involves joint lead managers from various banks participating in capital markets activities.
Financials
- €400 million – The value of the Tier 2 subordinated notes issued by mBank S.A.
- €3 billion – The total program size of mBank's Euro Medium Term Note Programme.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| mBank S.A. | Target | Company | The bank issuing the €400 million Euro-denominated Tier 2 subordinated notes. |
| White & Case LLP | Legal Advisor | Company | A global law firm advising the joint lead managers on the transaction. |
| Commerzbank Aktiengesellschaft | Joint Lead Manager | Company | One of the financial institutions acting as a joint lead manager for the bond issuance. |
| Erste Group Bank AG | Joint Lead Manager | Company | One of the financial institutions acting as a joint lead manager for the bond issuance. |
| Goldman Sachs Bank Europe SE | Joint Lead Manager | Company | One of the financial institutions acting as a joint lead manager for the bond issuance. |
| Morgan Stanley Europe SE | Joint Lead Manager | Company | One of the financial institutions acting as a joint lead manager for the bond issuance. |
| UBS Europe SE | Joint Lead Manager | Company | One of the financial institutions acting as a joint lead manager for the bond issuance. |
| Marcin Studniarek | Advisor | Person | Partner at White & Case LLP who advised on the transaction. |
| Neha Saran | Advisor | Person | Partner at White & Case LLP who advised on the transaction. |
| Bartosz Smardzewski | Advisor | Person | Local partner at White & Case LLP who advised on the transaction. |
| Micha Truszczyski | Advisor | Person | Associate at White & Case LLP who advised on the transaction. |