Today KRUK has announced the allotment of PLN 50m worth of Series AM3 bonds. Subscriptions totalled PLN 203.9m, entailing over 75% reduction of subscription orders. The bonds, issued as part of the Eighth Bond Issue Programme, were offered to retail investors. The price per bond is equal to its nominal value of PLN 100. The bonds pay interest at a variable rate, based on 3M WIBOR plus a fixed margin of 3.30 percentage points per annum.
“In May, we decided to carry out this year’s second issue of KRUK bonds for retail investors. We made the decision despite a rather challenging market environment, including the surging inflation in Europe and Poland and the ongoing conflict in Ukraine. Investor interest in KRUK again went beyond our expectations. Investors subscribed for more than four times the maximum value of the issue. This demonstrates our strength and power and the confidence and belief in KRUK’s success. I would like to thank the investors very much for that. Such strong interest means that we had to reduce subscriptions by over 75%," comments Piotr Krupa, CEO of KRUK S.A. “Bonds remain an important source of diversified financing for us. We have been an active issuer in the Polish debt market for years, both among retail and institutional investors. We want to maintain this status, although we do see growing disparities in the cost of financing in Poland and Europe. We react and act in order to hold the optimal financial instruments for KRUK. Business-wise, we are consistently implementing our strategy based on investment and operational excellence, while intensively working on technology transformation. Today, KRUK is an international group with a strong investment appetite and capabilities, as well as the potential to improve its performance on the assets it already owns. We will use the proceeds from the bond issue to further develop the KRUK Group and build its earnings potential,” concludes Piotr Krupa.