Thursday, April 18, 2024

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Łódź issues bonds on Warsaw bourse

City of Łódź bonds have debuted on the WSE. Bank Pekao S.A. was a co-organiser of the issue.

Bonds of the City of Łódź made their debut on the Catalyst market of the Warsaw Stock Exchange. The bonds – worth more than PLN 764 million – were issued in December. The agent for the issue of three series of bonds with a nominal value of PLN 254.7 million was Bank Pekao SA, which has been supporting Łódź in raising funds for development for many years.

The City of Łódź is the 28th issuer on the Catalyst market. Funds from the bonds will be used for city investments.

“This is yet another instance of cooperation between Łódź and Bank Pekao, of which I am very proud. Municipal bonds, through which city investments can be financed, are an excellent instrument for the development of the city. I am convinced that the funds will go to pro-development projects increasing Łódź’s attractiveness and improving the living standards of its inhabitants,” said Jerzy Kwieciński, deputy president of Bank Pekao, supervising the Corporate Banking, Markets and Investment Banking Division.

“Łódź is sailing into the wide waters of the capital market. Financing the city’s development using the WSE is a classic ‘win-win’ solution for both residents and investors. We congratulate the city on its ambitious decisions and are delighted that Bank Pekao could be part of this success,” said Agnieszka Pietkun, Director of the Public Sector Department at Bank Pekao.

Łódź is the fourth largest city in Poland in terms of population. Its budget is also the fourth largest among cities with county rights. It is closing in on nearly PLN 6 billion for 2024.

Bank Pekao provides day-to-day services for the budget of the City of Łódź and all of its 370 units in the period from January 2022 to December 2025. Bank Pekao directly finances the city’s budget in the form of bond issues as well as long-term loans. It provided the city with an overdraft facility of PLN 200 million as part of the tender. In addition, the bank finances infrastructure projects implemented by city companies.

Erol Dzhelik
Erol Dzhelik
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