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Asset Backed Securities
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Bank Gospodarstwa Krajowego (BGK)
Bank Gospodarstwa Krajowego (BGK)

Bank Gospodarstwa Krajowego (BGK) (BGOSK)

Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
SSA
PRCD
BGOSK
Bank Gospodarstwa Krajowego (BGK)€2,000
2EMEA
Jun 2, 2026
currency
EUR
size (m)
1,250.000
maturity
Jun 10, 2034
type
Fixed
tenor
8.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A2
s&p
-
fitch
A-
size description
-
re-open/tap
No
ipt
MS+115 area
ipt-pxd
-30
guidance
MS+90 area
spread
85
coupon
3.75%
spread set
-
price
99.76900
yield
3.784%
book size (m)
2,700
peak book (m)
3,000
x-covered
2.16
book attrition
-10.00%
nic
-
billing & delivering
ING
active leads
-
joint leads
BNP, CMZ, EGB, ING, ...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,700
peak book (m)
3,000
x-covered
2.16
book attrition
-10.00%
nic
-
billing & delivering
ING
active leads
-
joint leads
BNP, CMZ, EGB, ING, ...
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
750.000
maturity
Jun 10, 2041
type
Fixed
tenor
15.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
A2
s&p
-
fitch
A-
size description
-
re-open/tap
No
ipt
MS+165 area
ipt-pxd
-27
guidance
MS+145 area
spread
138
coupon
4.50%
spread set
-
price
99.39000
yield
4.557%
book size (m)
1,850
peak book (m)
2,200
x-covered
2.47
book attrition
-15.91%
nic
-
billing & delivering
ING
active leads
-
joint leads
BNP, CMZ, EGB, ING, ...
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,850
peak book (m)
2,200
x-covered
2.47
book attrition
-15.91%
nic
-
billing & delivering
ING
active leads
-
joint leads
BNP, CMZ, EGB, ING, ...
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2700; Registration: Reg S Only; Comments: DBR 2.2 02/15/2034 (95.45) +91.8bps HR 102%. LEI: 259400BCOV9JJIGLYF05. Deal Stats: By Geography: FRA & BeNeLux 14%, DACH 32%, UK 21%, CEE 12%, Nordics 15%, Others 6%. By Type: Asset Managers 41%, Insurance & PFs 10%, Hedge Funds 6%, Banks & PBs 24%, OIs 17%, Others 2%; Book size: 1850; Registration: Reg S Only; Comments: DBR 2.6 05/15/2041 TWIN (91.62) +123.7bps HR 97%. LEI: 259400BCOV9JJIGLYF05. Deal Stats: By Geography: FRA & BeNeLux 9%, DACH 29%, UK 40%, CEE 8%, Nordics 5%, Others 9%. By Type: Asset Managers 70%, Insurance & PFs 7%, Hedge Funds 13%, Banks & PBs 3%, OIs 6%, Others 1%;
Deal Comments
UPDATE: Combined books >€5bn (incl. €50m JLMs), skew to 8yr Exp Size: EUR1.5bn-EUR2bn combined size UPDATE 8y: Spread set at MS+85; 15y: Spread set at MS+138
Guarantor(s)
State Treasury of the Republic of Poland
Use of Proceeds
The net proceeds from the issue of the notes will be applied by the Issuer for funding the COVID-19 Response Fund
Relative Value

COMPS

Bonds

Rating

Size

Issue Date

Maturity

I+ (Bid)

BGOSK 5.125 02/33

A2 / - / A-

€ 750

Feb-23

6.7 yrs

73bps

BGOSK 3.875 03/35

A2 / - / A-

€ 1,500

Sep-24

8.8 yrs

85bps

BGOSK 4.250 03/37

A2 / - / A-

€ 1,000

Mar-25

10.8 yrs

105bps

BGOSK 4.375 03/39

A2 / - / A-

€ 1,200

Mar-24

12.8 yrs

125bps

BGOSK 4.250 09/44

A2 / - / A-

€ 750

Sep-24

18.3 yrs

128bps

POLAND 3.875 02/33

A2 / A- / A-

€ 2,250

Feb-23

6.7 yrs

52bps

POLAND 3.625 01/34

A2 / A- / A-

€ 2,500

Jan-24

7.6 yrs

60bps

POLAND 3.625 01/35

A2 / A- / A-

€ 1,500

Jan-25

8.6 yrs

63bps

POLAND 2.375 01/36

A2 / A- / A-

€ 2,000

Jan-16

9.6 yrs

70bps

POLAND 3.625 06/36

A2 / A- / A-

€ 1,250

Jan-26

10.1 yrs

80bps

POLAND 3.875 07/37

A2 / A- / A-

€ 1,250

Jun-25

11.1 yrs

88bps

POLAND 4.250 02/43

A2 / A- / A-

€ 1,250

Feb-23

16.7 yrs

108bps

POLAND 4.125 01/44

A2 / A- / A-

€ 1,250

Jan-24

17.6 yrs

109bps

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Commentary

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Deal Flow

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LAUNCHED: Bank Gospodarstwa Krajowego €2bn 8yr & 15yr Sr Unsec; MS+85bp & MS+138bpJun 2, 2026
UPDATE: Bank Gospodarstwa Krajowego € bmk 8yr & 15yr Sr Unsec; Spread set at MS+85bp & MS+138bpJun 2, 2026
GUIDANCE: Bank Gospodarstwa Krajowego € bmk 8yr & 15yr Sr Unsec; MS+90a & MS+145aJun 2, 2026
NEW ISSUE: Bank Gospodarstwa Krajowego € bmk 8yr & 15yr Sr Unsec; MS+115a & MS+165aJun 2, 2026
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+44 80817 87364
support@creditflowresearch.com
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