For the first time in nearly a century, individual investors can purchase mortgage bonds on the Warsaw Stock Exchange. On 29 October, PKO Bank Hipoteczny's retail mortgage bonds with a total value of PLN 1.155 billion made their debut on the Catalyst market. This historic debut marks a new stage in the development of the debt securities market in Poland.
The last issues of mortgage bonds available to a wide range of investors in Poland took place before World War II. Their return to the public market after almost a century is an important step in the reconstruction of the domestic mortgage bond market – an instrument that has been supporting the stability of the banking sector and financing the real estate market in many European countries for years. These debt securities are issued by mortgage banks and are secured by a portfolio of residential loans and the bank's own assets. This makes them one of the safest financial instruments on the market.
PKO Bank Hipoteczny, part of the PKO BP Capital Group, has offered retail investors mortgage-backed bonds worth PLN 1.155 billion with a maturity date of 27 November 2028. The issue is part of a mortgage-backed bond programme with a total value of up to PLN 10 billion. One mortgage bond has a nominal value of PLN 1,000. The interest rate in the first six-month interest period is 5%, and in subsequent periods it will be determined on the basis of the NBP reference rate plus a margin of 0.25 percentage points. Interest will be paid every six months.
The Catalyst market is gaining importance as a source of financing for financial institutions and the real estate sector. Until now, it has been dominated by corporate bond issues, but the debut of mortgage covered bonds for individual investors by PKO Bank Hipoteczny opens a new chapter in the development of this market.
The introduction of this type of securities to trading on Catalyst means that individual investors can now access an instrument that was previously reserved almost exclusively for institutional investors. Covered bonds are thus becoming an accessible tool for long-term savings. Their presence on the Warsaw Stock Exchange increases the transparency, liquidity and attractiveness of the mortgage financing market in Poland.
– The debut of PKO Bank Hipoteczny’s mortgage bonds is an event of symbolic and market significance. It shows that the Polish capital market is maturing and opening up to new forms of financing that support long-term savings and the stability of the financial sector. For the Stock Exchange, this is another step in building investor confidence and developing tools that combine security with attractive investment potential,” said Tomasz Bardziłowski, President of the Warsaw Stock Exchange.
- We are considering further issues of mortgage bonds for retail investors. We will strive to ensure that their value in 2026 exceeds the value of this year's issue. In this way, we are implementing the strategy of PKO Bank Polski, which assumes the democratisation of investing and the development of long-term savings for Poles. Covered bonds are instruments that combine security and stability with attractive investment conditions - emphasised Wojciech Papierak, President of the Management Board of PKO Bank Hipoteczny.
In many Western European countries, covered bonds are one of the key pillars of mortgage financing – they are popular in Germany, Denmark and France, where they enjoy the trust of individual and institutional investors. Their introduction into broad trading in Poland brings the domestic capital market closer to mature European financing standards.
PKO Bank Hipoteczny belongs to the PKO BP Capital Group and plays a key role in the long-term financing of housing loans. The bank specialises in issuing mortgage bonds, which are a stable and secure source of refinancing for loans granted. Currently, PKO Bank Hipoteczny is the largest issuer of mortgage bonds in Poland, both in terms of the value of its mortgage loan portfolio and the balance of securities issued.
The Catalyst market, operated by the Warsaw Stock Exchange, has been creating a space for trading in corporate and municipal bonds and mortgage bonds since 2009. Its aim is to support long-term financing of the economy by ensuring transparency, liquidity and trust between issuers and investors. The debut of PKO Bank Hipoteczny's mortgage covered bonds is another step in the development of Catalyst as a mature, modern debt market – accessible to both institutions and individual investors.
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