Latham & Watkins Advises on Republic of Poland’s Largest-Ever USD Bond Offering and US$1.25 Billion Notes Offering of Asian Infrastructure Investment Bank

Latham & Watkins has advised the underwriters on the US$8 billion US-registered note offering of the State Treasury of the Republic of Poland. The transaction represents Poland’s largest USD bond offering to date. The notes were listed on the Luxembourg Stock Exchange and consisted of US$1.5 billion 4.625% notes due 2029, US$3 billion 5.125% notes due 2034, and US$3.5 billion 5.5% notes due 2054.

The Latham team was led by London corporate partner David Stewart and Washington, D.C. corporate partner Paul Dudek, with London associates Daria Latysheva, Izabela Prager, and Evan Aluyen.

Earlier this month, Latham also advised the underwriters on the US$1.25 billion US-registered note offering by the Asian Infrastructure Investment Bank. The notes were listed on the London Stock Exchange’s main market and achieved a coupon of 4.250%.

The Latham team was led by London corporate partner David Stewart and Washington, D.C. corporate partner Paul Dudek, with London associates Daria Latysheva, Kathleen McCullough, and Sonali Ladha.

Since 2019, the firm has counseled the underwriters on more than a dozen of Asian Infrastructure Investment Bank’s SEC-registered notes offerings exceeding US$22.5 billion in proceeds. The firm’s Financial Institutions Practice regularly advises supranational financial institutions and their advisers in their financing needs around the world, including recent registered offerings by CAF, Development Bank of Latin America and the Caribbean, and the Export-Import Bank of Korea.