Commentary & Deal Flow

8yr books > €3bn (incl. €25m JLM) | 15yr books > €2.2bn (incl. €25m JLM)

Spread set at: 8yr: MS+85bp - Books > €3bn (incl. €25m JLM) 15yr: MS+138bp - Books > €2.2bn (incl. €25m JLM)
Guidance: 8yr: MS+90a 15yr: MS+145a - Combined books in excess of €5bn (incl. €50m JLM interest), skew to 8yr
IPTs: 8yr: MS+115a 15yr: MS+165a

• Issuer: Bank Gospodarstwa Krajowego (Ticker: BGOSK)
• LEI: 259400BCOV9JJIGLYF05
• Guarantee: The notes will be irrevocably and unconditionally guaranteed by the State Treasury of the Republic of Poland under an English law deed of guarantee
• Issuer Ratings: A2 (Negative) by Moody's / A- (Negative) by Fitch
• Expected Issue Ratings: A2 by Moody's / A- by Fitch
• Guarantor Ratings: A2 (Negative) by Moody’s, A- (Stable) by S&P, A- (Negative) by Fitch
• Format: Reg S only (Category 1), Registered form
• Ranking: Senior Unsecured
• Settlement: 10-Jun-26 (T+6)
• Size: Benchmark (each tranche)
• Maturity:
• • 8yr: 10-Jun-34
  • 15yr: 10-Jun-41
• Coupon: Fixed, Annual Act / Act (ICMA) (for both tranches)
• ISINs / Common code:
• • 8yr: XS3304272217 / 330427221
  • 15yr: XS3401963502 / 340196350
• 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
• Link to Investor Presentation: www.netroadshow.com/nrs/home/#!/?show=5c075ada (Recommended) OR Visit www.netroadshow.com and enter the entry code: JANTAR26 (not case-sensitive)
• Documentation: The Notes will be offered under BGK's EUR 35,000,000,000 Medium Term Note Programme dated 15-May-26
• Listing: Luxembourg Stock Exchange (Regulated Market)
• Denomination: €100k x €1k
• Governing Law: English Law
• Joint Bookrunners: Bank Pekao, BNP Paribas, Commerzbank, Erste Group and ING (B&D)
• Target Market: Manufacturer target market (EU MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels)
• Timing: Books open / today's business
• Books Subject: Books to close at 13:00 LDN / 14:00 CET