BGK US$1bn 6.25% notes due 2028 for the Armed Forces Support Fund
Funding for the Armed Forces Support Fund (FWSZ), the main off-budget source of Polish arms procurement
Key terms
- Borrower or issuer
- Bank Gospodarstwa Krajowego (BGK)
- Date
- 31 Oct 2023
- Type
- Bond
- Amount
- US$1bn
- Pricing
- 6.25%, issue price 99.81
- Maturity
- 2028-10-31
Recorded terms
- Structure
- Five-year Rule 144A / Reg S notes issued by BGK under its MTN programme, guaranteed by the State Treasury of Poland; semi-annual coupons
- Lenders and arrangers
- Joint lead managers: BNP Paribas, Citigroup, Commerzbank, J.P. Morgan and Santander
- Country
- Poland
Parties
- Bank Gospodarstwa Krajowego (BGK) borrower or issuer
- bookrunner/arranger: Citigroup, J.P. Morgan, BNP Paribas, Santander, Commerzbank
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| Date | Financing | Type | Amount |
|---|---|---|---|
| 8 Nov 2023 | RTX (Raytheon Technologies) US$6,000m senior notes (5 tranches) | Bond | US$6bn |
| 8 Nov 2023 | Textron US$350m senior notes (1 tranche) | Bond | US$350m |
| 26 Jan 2024 | Lockheed Martin US$2,000m senior notes (3 tranches) | Bond | US$2bn |
| 3 Aug 2023 | Booz Allen Hamilton US$650m 5.950% senior notes due 2033 | Bond | US$650m |
| 31 Jan 2024 | Northrop Grumman US$2,500m senior notes (3 tranches) | Bond | US$2.5bn |
More from Bank Gospodarstwa Krajowego (BGK)
| Date | Financing | Type | Amount |
|---|---|---|---|
| 9 Jan 2026 | BGK ECA-backed facilities for the K2 tank contract (KEXIM and Santander) | Export credit | Not disclosed |
| Aug 2025 | BGK and Korean ECAs: guarantee and insurance framework for Polish arms purchases (at least US$5bn) | Export credit | US$5bn |
Sources
- Defence24: a billion dollars in bonds for the Armed Forces Support Fund defence24.pl · 30 Oct 2023
- Bloomberg (BNN): defence funds are new priority for Polish state development bank bnnbloomberg.ca · 22 Nov 2024
About this record
Record DEF-2023-0011, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
Senior notes are unsecured promises to pay, priced off government bonds; the prospectus sets the covenants, the change-of-control put and the redemption terms.
