Focusing predominantly on DCM work, Allen & Overy, A. Pedzich sp. k. advises on the full range of debt instruments available to Polish issuers, from corporate bonds to complex issuances on international markets. Leading banks and insurance companies form a core part of the group's client roster. In a recent highlight,  the firm advised the Polish Development Fund on the issuance of two series of bonds, subscribed for by the European Investment Bank, the proceeds of which will be applied towards the Financial Shield, which supports entrepreneurs affected by Covid-19. Piotr Lesiński heads up the practice, supported by experienced counsel Łukasz Walczyna.

At Clifford Chance, the DCM offering is overseen by Grzegorz Namiotkiewicz, who also acts as co-chair of the firm’s banking and finance department, and is consequently able to leverage his dual expertise to the benefit of both roles. Namiotkiewicz’s team has a proven track record assisting with all types of bonds and securities offerings, on both the domestic and foreign market. On the ECM side, counsel Jarosław Lorenc takes the lead, heading up a group which regularly handles IPOs for clients from the gamut of industry sectors, as well as advising on acquisitions of publicly listed companies through public tenders and indirect takeovers.

At Greenberg Traurig Nowakowska-Zimoch Wysokinski Sp. k, the team's stellar reputation ensures that it is 'involved in almost all major capital market transactions in Poland'; the 'top-notch' offering is particularly well regarded for its successful track record assisting with high-value IPOs. Paweł Piotrowski and Rafał Sieński jointly head up the practice, with the former focusing almost exclusively on ECM mandates, while the latter's workload spans the full range of both equity and debt offerings. Other key names on the DCM side include Andrzej Wysokiński and Aleksander Janiszewski.

White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k. fields 'one of the best teams of legal advisors for capital markets transactions in Poland'. Leveraging its equally strong ECM and DCM expertise, the team is able to handle the gamut of global equity offerings and bond issuances. Rafał Kamiński has significant knowledge of the law relating to joint-stock companies, while Andrzej Sutkowski is particularly noted for his expertise in the field of securities. The partner bench was further strengthened by the promotions of Bartosz Smardzewski and Paweł Zagórski in January 2022. Marcin Studniarek heads up the practice, with Grzegorz Abram providing additional oversight on the debt side.

Following the acquisition of ‘recognised capital markets guru‘ Marcin Chyliński to co-lead the team in April 2022, Baker McKenzie Krzyzowski i Wspólnicy Sp.k. has increasingly become recognised as a key player on the ECM market; the group’s workload spans IPOs, secondary offerings and private placements, rights issues, accelerated book buildings, and public M&A. ‘True trend-setter‘ Michał Głowacki oversees the DCM side of the practice, leading on mandates relating to EMTN programs, convertible and exchangeable bonds, and investment grade products. Counsel Katarzyna Grodziewicz is also noted.

CMS Cameron McKenna Nabarro Olswang Posniak i Bejm sp.k. has recently strengthened its DCM offering with the acquisition of highly regarded counsel Michał Śmiechowski from Gide Loyrette Nouel in April 2022; his particular area of specialism is advising both issuers and banks, as well as other financial institutions, on debt securities issues. Śmiechowski now oversees this side of the practice, with support from banking and finance department chair Michał Meżykowski. Rafał Zwierz continues to lead the ECM group, and assist with mandates ranging from IPOs to secondary public and private placements.

At Dentons, a team of 'exceptional partners and associates' advises an ever-expanding client base of international issuers from various industry sectors, major investment banks, and other leading financial institutions in the market. With a  network of five offices across thee CEE region and a strong presence in the UK, Luxembourg and the Netherlands, the firm is well placed to assist with mandates involving a cross-border element. Jakub Celiński oversees the department, offering equal expertise in both ECM and DCM work.

Particularly active on the ECM market, the offering at DLA Piper Giziński Kycia sp. is typically involved with a multitude of initial and secondary equity offerings in both Poland and foreign jurisdictions. In a key development, the team welcomed counsel Marek Kłeczek, who has an ‘established position as one of the most experienced capital markets practitioners in Poland‘, from Greenberg Traurig Nowakowska-Zimoch Wysokinski Sp. k in March 2022. Practice head Jakub Domalik-Plakwicz‘s ‘legal and managerial skills give comfort on the most complex transactions‘.

On the ECM side, Rymarz Zdort Maruta advises industry leaders, notable financial institutions, selling shareholders, sponsors and major investment banks on many of the most complex IPOs across Poland and the CEE region. Other areas which the firm typically assists with include secondary offerings and private placements, including rights issues and accelerated book buildings. ‘Uniquely experienced‘ Ewa Bober heads up the practice, with support from managing partner Paweł Zdort. Filip Leśniak brings significant corporate and regulatory expertise to the department.

Already well known in the ECM space, SSW Pragmatic Solutions has recently been expanding and strengthening its DCM offering, both through the acquisition of notable new clients, and increased activity in complex bond issuances. On the equity side, the firm continues to be particularly noted for its expertise in the video game sector. Wojciech Szczepaniak leads the team, which also includes much lauded practitioners Szymon Okoń and Dawid Brudzisz. Dual-qualified Mateusz Chmielewski brings valuable knowledge of English law to the group.

Piotr Wojnar helms the ECM offering at act BSWW legal & tax, heading up a dedicated sub-team which advises on all types of revelant transactions, including capital raising and buyouts. Recently, crowdfunding has been an area of growing focus; senior associate Łukasz Świątek is the key name to note in that respect. The DCM side is headed up by Piotr Smołuch, and work is predominantly focused on corporate investment-grade bond funds.

DWF Poland Jamka Sp.k offers the full scope of ECM and DCM expertise, ranging from IPOs through to acquisitions of listed companies, securities issues, and regulatory advice; the firm's client roster consequently spans issuers, underwriters, selling shareholders, sponsors, arrangers, lead managers, originators, dealers, trustees and depositaries. Michał Pawłowski, Filip Urbaniak and Rafał Wozniak are the key senior contacts.

GESSEL Attorneys at Law is an advisor of choice for Polish public companies, investment banks and brokerage houses. The firm is best known for assisting with IPOs, but handles the gamut of ECM and DCM mandates. Leszek Koziorowski and Krzysztof Marczuk jointly lead the team; the former is a securities expert, while the latter has a transactional focus. 'Distinguished' senior associate Michał Wieliński is another name to note.

The dedicated ECM offering at Linklaters, headed up by managing associate Szymon Renkiewicz, operates under the umbrella of the firm's wider corporate practice, which is helmed by Daniel Cousens. DCM mandates fall within the ambit of the banking and finance department, led by Marta Domino. Recently, much of the work has had a regulatory focus.

On the ECM side, WKB Wiercinski, Kwiecinski, Baehr advises an ever-growing roster of clients on public offerings and flotations on the regulated market of the Warsaw Stock Exchange, as well as assisting with tender offers for acquisition of majority stakes in listed companies, and take-private processes; Marta Midloch oversees this part of the practice. Midloch's counterpart, Agata Szczepańczyk-Piwek, leads on DCM work, including bond issues and securitisations.

Chabasiewicz, Kowalska I Partnerzy Radcowie Prawni is largely noted for its work in the capital investments space; the firm's core client base therefore predominantly comprises start-ups from a range of sectors. Wojciech Chabasiewicz and Anita Gwóźdź oversee the department; the former has many years of experience in both equity and bond issues, while the latter often assists companies with issues related to trading on the regulated market of the Warsaw Stock Exchange.

Best known for its ECM work, Deloitte Legal, Ostrowski, Gizicki i Wspólnicy sp.k. is regularly instructed to assist with initial and secondary public offerings, listings on the Warsaw Stock Exchange, and the introduction of employee stock option plans. In May 2022, Tomasz Ciećwierz joined from NGL Legal, bringing significant transactional expertise, particularly in the financial services sector, to the team. Ryszard Manteuffel is the other key senior contact.

Traditionally, Domanski Zakrzewski Palinka has stood out for its expertise in the specialised area of bond issues related to infrastructure projects. Recently, while maintaining this focus, the team has been expanding further into DCM and regulatory work. Andrzej Foltyn heads up the practice, with Rafał Grochowski and Magdalena Skowronska also taking prominent roles.

Gide Loyrette Nouel‘s Warsaw-based team operates as part of the firm’s international capital markets practice, collaborating most closely with offices in Paris, London and New York. Under the leadership of Paweł Grześkowiak, the practice expertly handles the gamut of ECM, DCM and compliance work. The group’s client roster spans issuers, investors, and leading financial institutions.

Operating as part of Hogan Lovells (Warszawa) LLP‘s banking and finance department – and under the guidance of its head Piotr Zawiślak – the capital markets offering is instructed by arranging banks, lenders, credit enhancers, sponsors and borrowers. Securitisation and debt restructuring are areas of particular focus. On the ECM side, work typically involves advising companies planning for a stock exchange listing.

The team at Krzysztof Rożko i Wspólnicy Kancelaria has 'extensive and long-standing experience' advising on initial and secondary public offerings, as well as assisting with admission to stock market trading, and with the gamut of regulatory issues which may affect public companies. Mandates relating to crowdfunding are another area of expertise. Krzysztof Rożko, Mariusz Bagiński and Tomasz Kamiński form the leadership trio.

MFW Fiałek is noted for its strong transactional focus; the firm's typical workload spans initial and secondary offerings, sales of enterprises, and advisory services for private equity and venture capital funds. Name partner Mirosław Fiałek heads up the practice, bringing over 20 years of experience to the role. Paweł Siwiec is recommended at the associate level.

The team at Norton Rose Fulbright specialises in advising international issuers and underwriters on bond and notes offerings, particularly high-yield and Eurobonds. Grzegorz Dyczkowski and Agnieszka Braciszewska are the key senior contacts. Recently promoted special counsel Tomasz Rogalski, who has particular expertise in the energy and infrastructure sectors, is also noted.

Olesinski & Wspolnicy's 'smooth operation' has a dual ECM and DCM focus, with practitioners handling matters ranging from IPOs and private placements, to bond issues and buy-back programmes. Cyryl Szudra has extensive experience advising on the regulatory obligations of public companies. Michał Bogacz and Magdalena Tyrakowska-Szymczak oversee the department. Sectors in which the firm is particularly well versed include the e-commerce, food and automotive industries.

The offering at SMM Legal brings together transactional experts from across the firm's departments. Energy, manufacturing, telecoms and the public sector are those in which the group has particular expertise. The team is most commonly instructed by investor-side clients. Maciej Mataczyński, who is noted for his ECM experience, is the key name to note.