KRUK ramps up investments in Spain and launches another prospectus-based bond issue

KRUK ramps up investments in Spain and launches another prospectus-based bond issue

On December 2nd 2022, KRUK announced its win in an auction to purchase a portfolio of unsecured retail debt on the Spanish market from Banco Bilbao Vizcaya Argentaria S.A. – BBVA. The nominal value of the debt portfolio is about EUR 663m (equivalent to PLN 3.1bn translated at the mid exchange rate quoted by the National Bank of Poland for December 2nd 2022).

“The fourth quarter of a year is typically a busy time for us, mainly because we are focused on new purchase opportunities. Our Spanish operations are very efficient and, in line with the Group-wide trend, increasingly more effective. As an international organisation we invest in debt across many countries and – with the growing role of Western markets for the KRUK Group – their increasing contribution should come as no surprise,” comments Piotr Krupa, CEO of KRUK S.A. “Thanks to cutting-edge technologies, sophisticated analytics and progressive digitalisation, KRUK is becoming more and more competitive, especially within our core business of managing unsecured retail debt.”   

On December 5th 2022, KRUK published the Final Terms and Conditions of its Series AN2 bonds. The bonds will be issued in a public offering under the Ninth Bond Programme at the issue price equal to their nominal value. The issue price will be PLN 100 per bond, and the total nominal value of the entire series will be PLN 10m. The bonds will bear interest at a floating rate, based on 3M WIBOR plus a fixed margin of 4.0 percentage points per annum. The offering will be carried out by a distribution syndicate comprising: Dom Maklerski BDM S.A., Powszechna Kasa Oszczędności Bank Polski S.A. – Biuro Maklerskie and Dom Inwestycyjny Xelion sp. z o.o. The bonds will exist in book-entry form and the Company will apply for their admission to trading on the Catalyst regulated market operated by the Warsaw Stock Exchange.

“Demand for our PLN 25m bond issue launched in November was so high that we had to reduce subscriptions by 46%. Therefore, to accommodate such strong interest from investors, we decided to launch another, smaller bond issue. The PLN 10m Series AN2 bonds will be available for subscription between December 7th and December 19th 2022. The terms of this series are almost the same as the terms of Series AN1 bonds issued in November,” comments Piotr Krupa, CEO of KRUK S.A.

The offering of Series AN2 bonds will be conducted on the basis of the Prospectus for KRUK’s Ninth Bond Programme, approved by the Polish Financial Supervision Authority on August 23rd 2022. KRUK may issue bonds under the Prospectus until August 2023. The nominal value of the entire Programme is PLN 700m, and the Series AN2 issue will the second one to be carried out within that limit. The Final Terms and Conditions of Series AN2 bonds are available on the Company’s website at https://pl.kruk.eu/relacje-inwestorskie/obligacje/emisje-obligacji oraz na stronie internetowej Domu Maklerskiego BDM S.A. www.bdm.pl.


The only legally binding documents containing information on the Issuer and the Public Offering of Series AN2 Bonds are the Base Prospectus for the Ninth Bond Programme, published on August 25th 2022, Supplements to the Base Prospectus and the Final Terms and Conditions of Series AN2 Bonds published on December 5th 2022, available on the Issuer’s website at www.kruksa.pl and additionally, for information purposes, on the website of the Investment Firm at www.bdm.pl. Subscription orders for Series AN2 Bonds will be accepted by the Investment Firm, i.e. Dom Maklerski BDM S.A., and members of the distribution syndicate.

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