Series 2N retail covered bonds listed on the Catalyst market

Retail mortgage-backed covered bonds are a new type of security on the Polish market. How do you assess the retail issues for individual investors?

- Retail investors have responded very positively to PKO Bank Hipoteczny’s retail mortgage covered bonds. This is evidenced by the subscription process for the two retail issues we carried out in October 2025 and April 2026. We had to significantly shorten the subscription periods precisely because of the high level of interest from retail customers.

How many new investors entered the capital market as a result of these issues?

- In the two retail covered bond issues, a total of over 10,500 investors subscribed, of whom over 6,100 opened new brokerage or securities accounts with the Brokerage Office of PKO Bank Polski. These are new investors who have entered the capital market. Importantly, our retail mortgage-backed securities are listed on the Catalyst market operated by the Warsaw Stock Exchange. This means investors can buy and sell them and do not have to hold them in their portfolios until redemption (maturity).

Will the bank issue further retail series?

- Poles are looking for securities with a low-risk profile, and mortgage-backed covered securities are doubly secured: by claims arising from mortgage loans granted and by the equity of PKO Bank Hipoteczny. We want to develop the retail mortgage-backed securities segment, issue further series for retail investors and list them on the Catalyst market. This is in line with the strategy of our owner, PKO Bank Polski, which aims to democratise the offering.