Over Half a Billion PLN Raised in the Third Retail Covered Bond Issue
Across its three retail covered bond issues to date, investors have submitted more than 12,000 subscriptions with a total value of nearly PLN 3 billion.
Subscriptions for PKO Bank Hipoteczny's mortgage covered bonds closed at midnight on Friday, 18 September 2026. Total subscriptions amounted to PLN 525 million. This was the bank's third retail issuance.
“Our latest issuance marks another important step in the development of the covered bond market in Poland. At the same time, it responds well to the needs of investors seeking financial instruments with a low-risk profile.
In the coming years, we intend to remain an active issuer in both the Polish and European markets. We also plan for covered bonds to become regularly available to clients through the Personal Investment Accounts (OKI) offered by the Brokerage House of PKO Bank Polski from 1 January 2027. These instruments allow clients to invest up to PLN 100,000 free of tax, which represents a significant advantage over traditional savings products,”
said Katarzyna Kurkowska-Szczechowicz, Vice President of the Management Board of PKO Bank Hipoteczny and Acting President of the Management Board.
PKO Bank Hipoteczny is the first bank in Poland in nearly 100 years to issue covered bonds targeted at retail investors. Its first retail offering was launched in October 2025, followed by a second issue in April 2026. Across all three retail issuances, investors have submitted more than 12,000 subscriptions totaling nearly PLN 3 billion.
Covered bonds from the first two retail issuances are already listed on the Catalyst market, enabling investors to buy and sell them in the same way as bonds. In October this year, PKO Bank Hipoteczny intends to list the third retail issue on GPW Catalyst as well.
Mortgage covered bonds have been a well-established low-risk debt instrument in Europe for more than 200 years. However, the Polish covered bond market remains relatively small compared with the broader European market. The total value of covered bond issuance in Poland reached approximately EUR 2.2 billion in 2025. By comparison, global euro-denominated covered bond issuance exceeded EUR 160 billion in the same year.
About PKO Bank Hipoteczny
- The bank was established in 2014 and commenced operations in 2015.
- To date, it has completed 36 mortgage covered bond issuances for institutional and retail investors, with a total nominal value exceeding PLN 30 billion.
- Three of these issuances were offered to retail investors.
- PKO Bank Polski is the sole shareholder of PKO Bank Hipoteczny.
- The main collateral backing PKO Bank Hipoteczny's covered bonds consists of a high-quality mortgage loan portfolio and the bank's own funds.
- PKO Bank Hipoteczny maintains collateralisation levels above the minimum requirements prescribed by law, including the Polish Act on Covered Bonds and Mortgage Banks of 7 August 1997.
PKO Bank Hipoteczny S.A.
Świętokrzyska 36 Street, 01-116 Warsaw, Poland
Warsaw Office: +48 22 521 57 50
Hotline: 801 302 302
Contact
- Investor Relations
IR.pko.bh@pkobh.pl - Media Relations
PKOBH.komunikacja@pkobh.pl
Legal disclaimer
This material is provided for information purposes only and under no circumstances should it constitute the basis for any investment decision regarding the acquisition of securities issued by PKO Bank Hipoteczny S.A. (the “Company”).
The Company's Base Prospectus approved by the Polish Financial Supervision Authority (KNF) on 7 August 2026, together with any supplements and update notices thereto (the “Prospectus”), and the Final Terms of a given series of mortgage covered bonds (the “Final Terms”), are the only legally binding documents containing information on the Company and its securities. The Prospectus and the Final Terms are available on the Company's website at www.pkobh.pl.
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