The Polish Financial Supervision Authority (PFSA) has approved the prospectus, submitted on April 21st 2020, for the 7th Bond Programme with a total nominal value of all bond series of up to PLN 700m. Under the prospectus, the Company will be able to issue public bonds for a year, until August 24th 2021. Individual bond issues under the Programme may differ with respect to their terms and conditions, in particular the rules of determining interest rates. In addition to the prospectus, detailed terms and conditions of the individual series of the Bonds will be published, defining the final terms and conditions of each series.
“Before the pandemic, our bonds, issued on a regular basis, generated considerable interest from investors. The decision to withdraw from the last issue in March was influenced primarily by concern for the safety of our investors and employees of the brokerage houses. The pandemic compelled us to restrict our investment activity, but we expect the supply of debt to increase towards the end of this year and in 2021. The PFSA’s decision gives us the green light to act. Thanks to our long-term conservative liquidity management policy, our financial position is sound, and it is time now to get ready for making new investments,” said Piotr Krupa, President of the KRUK Management Board. “Part of KRUK’s financing diversification strategy, bonds are an important source of financing for the Group. KRUK has been issuing bonds since 2013, and we are a regular and long-term partner for many investors,” added Piotr Krupa.
KRUK is among the major corporate bond issuers in Poland, with PLN 2.4bn worth of unsecured bonds issued and PLN 1.1bn worth of bonds repurchased to date.