Capital markets in Poland

Allen & Overy, A. Pedzich sp. k.

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.

Responsables de la pratique:

Piotr Lesiński

Autres avocats clés:

Łukasz Walczyna; Paweł Mruk-Zawirski

Principaux clients

Polish Development Fund (PFR)

Santander Bank Polska


ING Bank Hipoteczny

Bank Gospodarstwa Krajowego

PFR Inwestycje Fundusz Inwestycyjny Zamknięty

PKO Bank Hipoteczny

Bank Millennium

Millennium Bank Hipoteczny S.A.


Alior Bank S.A.

Principaux dossiers

  • Advised Bank Millennium on the establishment of a €3bn EMTN programme under which the client may issue senior unsecured notes, MREL-eligible notes and Tier 2 Notes.
  • Advised PKO Bank Hipoteczny on the issuance of €500m green covered bonds, arranged by Banco Santander, Erste, LBBW, PKO Bank Polski and UniCredit.
  • Advised Bank Gospodarstwa Krajowego on a $400m private placement of notes financing the Covid-19 Response Fund, arranged by Bank Pekao.

Clifford Chance

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.

Responsables de la pratique:

Grzegorz Namiotkiewic; Jarosław Lorenc

Autres avocats clés:

Agnieszka Janicka; Aleksandra Rudzińska; Katarzyna Aleksandrowicz; Miłosz Gołąb

Principaux clients

Banco Santander SA

Deutsche Bank AG


Commerzbank AG

Famur S.A.

Invest TDJ Estate Services sp. z o.o.

Kredyt Inkaso S.A.

mBank S.A.

International Finance Corporation

European Investment Bank

European Investment Fund

Norsk Hydro


Total Specific Solutions


Xebia Group B.V.

Getin Noble Bank

Greenberg Traurig Nowakowska-Zimoch Wysokinski Sp. k

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.

Responsables de la pratique:

Paweł Piotrowski; Rafał Sieński

Autres avocats clés:

Andrzej Wysokiński; Aleksander Janiszewski; Łukasz Pawlak; Daniel Kaczorowski

Les références

‘The quality of the firm, their knowledge about local market in changing in high speed legal environment, their support for clients makes them unique advisors. That is why they are involved in almost all major capital market transactions in Poland.’

‘Highest ability to solving any client’s issues and problems. People who are worth pointing out for the highest quality of their work include: Rafał Sieński, Łukasz Pawlak, Paweł Piotrowski and Daniel Kaczorowski.’

‘A very efficient, young team, under the supervision of a partner, gives a sense of efficiency by exerting positive pressure on the client.’

Principaux clients

Goldman Sachs




CCC Group

Cyfrowy Polsat

BNP Paribas

Benefit Systems

Erste Securities

Wood & Company

Trigon DM



Principaux dossiers

  • Advised Goldman Sachs, Citi, and Trigon Dom Maklerski (acting as global co-ordinators and joint bookrunners), Numis Securities (as a joint bookrunner) and mBank (as a co-manager) on the IPO of shares in Grupa Pracuj and the admission of its shares to listing on the Warsaw Stock Exchange.
  • Advised Goldman Sachs and UBS (acting as global co-ordinators and joint bookrunners), mBank and PKO BP Biuro Maklerskie (as joint bookrunners and investment firms intermediating in the public offering of the securities), and WOOD & Company (as a joint bookrunner) on the IPO of shares in STS Holding and the admission of its shares to listing on the Warsaw Stock Exchange.
  • Advised ONDE on the IPO of its shares and admission to trading on the regulated market operated by the Warsaw Stock Exchange.

White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k.

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.

Responsables de la pratique:

Marcin Studniarek

Autres avocats clés:

Rafał Kamiński; Andrzej Sutkowski; Grzegorz Abram; Bartosz Smardzewski; Paweł Zagórski

Les références

‘White & Case M. Studniarek i Wspólnicy is the highest quality advisor. Their partners and associates are always open for cooperation and explaining even the most complicated legal situations. They are always able to help in the most complicated deals. They are involved in the majority of important transactions on Polish capital market.’

‘Lawyers working in W&C are the highest quality with high law and market knowledge.’

‘The team is always ready to cooperate and find the best solution for the client. I was working with the team in different time zones and I always received their support on time.’

Principaux clients

STS Holding S.A.

Grupa Pracuj S.A.

Polenergia S.A.

Huuuge, Inc.

Woods Company Financial Services, a.s.

Globe Trade Center S.A.

Celon Pharma S.A.

Synthos S.A.

InPost S.A.

The State Treasury of the Republic of Poland represented by the Ministry of Finance

Echo Investments S.A.

PKO Bank Hipoteczny S.A.


Ghelamco Invest sp. z o.o.

mBank S.A.

Towarzystwo Funduszy Inwestycyjnych PZU S.A.

Cavatina Holding S.A.

Woods Company Financial Services, a.s. and mBank S.A.

Morgan Stanley

Citi Bank

UniCredit Bank AG

PKO Bank Polski S.A.

Invest Line E S.A

Metric Capital Partners LLP

BEKaP Fundusz Inwestycyjny Zamknięty

Government Debt Management Agency Private Company Limited by Shares of the Republic of Hungary

Banco Santander

Erste Group Bank AG

Landesbank Baden-Württemberg


Principaux dossiers

  • Advising STS Holding on its zł1.1bn IPO on the regulated market of the Warsaw Stock Exchange.
  • Advising Grupa Pracuj on its zł1.12bn IPO on the regulated market of the Warsaw Stock Exchange.
  • Advising the Polish Ministry of Finance on the issuance of panda bonds with a nominal value of ¥‎3bn.

Baker McKenzie Krzyzowski i Wspólnicy Sp.k.

Following the acquisition of ‘recognised capital markets guruMarcin 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-setterMichał 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.

Responsables de la pratique:

Marcin Chyliński; Michał Głowacki

Autres avocats clés:

Katarzyna Grodziewicz; Bartosz Ordon

Les références

‘We rely on their huge experience and their excellent assessment of the regulatory and market situation – in my opinion incomparable to other law firms on the market. They understand our and other parties’ perspectives and keep an eye on deadlines, continuously supporting all parties in order to achieve a smooth, safe and efficient execution of each issue.’

‘We have been working with Baker McKenzie for years, creating a relationship built on trust and experience. The lawyers are very reliable, very experienced and knowledgeable. Deep legal expertise is combined with extensive experience and practical knowledge.’

‘Michał Głowacki is a very knowledgeable lawyer, with huge practical experience, and very precise in his advice. He provides an excellent service, responses quickly, is meticulous and very helpful.’

Principaux clients

Credit Suisse Securities

J.P. Morgan AG

Morgan Stanley & Co.

BNP Paribas Bank Polska S.A.

Bank Pekao S.A.


Icona Securitization Opportunities Group S.à r.l.

mBank S.A.

IPOPEMA Securities S.A.

Ghelamco Invest sp. z o.o

Kernel Holding S.A.

Trigon Dom Maklerski S.A.

Michael / Strom Dom Maklerski S.A.

Anwim S.A.

Pekabex S.A.


DL Invest Group S.A.

Matexi Polska sp. z o.o.

PGF S.A. / Pelion S.A.

Polski Holding Nieruchomości S.A.

Principaux dossiers

  • Advised J.P. Morgan, Credit Suisse and IPOPEMA Securities on the €362m IPO and listing on the Warsaw Stock Exchange of Huuuge.
  • Advising BNP Paribas, mBank, Pekao, PKO BP and Trigon, as dealers and arrangers, on all Polish programs and bond issues of the European developer Ghelamco.
  • Advised Luxembourg-based issuer Kernel and IPOPEMA – the brokerage house intermediating the transaction – on a buyback of Kernel’s shares traded on the Warsaw Stock Exchange under a buyback program with a value of up to €250m.

CMS Cameron McKenna Nabarro Olswang Posniak i Bejm sp.k.

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.

Responsables de la pratique:

Rafał Zwierz; Michał Mężykowski; Michał Śmiechowski

Autres avocats clés:

Magdalena Zmysłowska; Monika Szczotkowska

Les références

‘Generally speaking, I think that CMS is one of the most active law firms in banking and capital markets on the Polish market. I really like how available they are and that they deliver documents in a timely manner.’

‘Michał Śmiechowski – great experience and provides lots of practical tips.’

‘Very comprehensive legal knowledge concerning complex transactions, very good understanding of the client’s needs, flexibility and problem solving mindset, very accurate argumentation and excellent negotiations skills.’

Principaux clients

Advent International

InPost S.A.

Grupa Azoty S.A.

Grupa Azoty Zakłady Chemiczne „Police” S.A.

Passus S.A.

Bank Pekao S.A.

GI Group Poland S.A.

Nextbike S.A.


Volkswagen Financial Services

Apollo Management International LLP

Haitong Bank, Warsaw Branch


Bank Gospodarstwa Krajowego


Bank Pekao

Santander Bank Polska

ING Bank Śląski

BNP Paribas Bank Polska

Tauron Polska Energia – Tauron Group

European Investment Bank

Dom Maklerski Banku Ochrony Środowiska

Principaux dossiers

  • Advising Passus on its IPO and the introduction of its shares to trading on the main market of the Warsaw Stock Exchange.
  • Advised Gi Group Poland on its delisting from the London Stock Exchange.
  • Advised mBank on amending its EMTN programme, which allows the bank to issue notes up to a maximum amount of €3 billion, including green bonds and senior non-preferred notes, as long as they meet the eligibility criteria of MREL.


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.

Responsables de la pratique:

Jakub Celiński

Autres avocats clés:

Paulina Galewska

Les références

‘Exceptional partners and associates available.’

Principaux clients

Optimum Ventures Magántőkealap

Globe Trade Centre



FM Forte

Nordic Real Estate Partners

Echo Investment

Photon Energy

Warsaw Stock Exchange

Société Générale

EOS Poland

Principaux dossiers

  • Advised GTC Dutch Holdings, the majority shareholder in Globe Trade Centre, on a €123m issue of new shares.
  • Advised Echo Investment on its public tender offer for the sale of all shares in Archicom.
  • Advised Société Générale on the granting of a €1.38bn guarantee to an investor in relation to the intended acquisition of shares in Cyfrowy Polsat under a tender offer.

DLA Piper Giziński Kycia sp.k.

Particularly active on the ECM market, the offering at DLA Piper Giziński Kycia sp.k. 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‘.

Responsables de la pratique:

Jakub Domalik-Plakwicz

Autres avocats clés:

Wojciech Kalinowski; Anna Chrabota-Bajson; Marek Kłeczek

Les références

‘Strong local team establishing valuable relationships with private owners, great business insight and ability to bring international quality to local transactions.’

‘Marek Kłeczek has an established position as one of the most experienced capital markets practitioners in Poland. Great mix of international deal credentials and Polish landmark transactions.’

‘Young team around Jakub Domalik-Plakwicz with strong commercial drive to close transactions and not just bill hours — a refreshing approach.’

Principaux clients


Liberty Global





Photon Energy

Vita 34

PGS Software


Principaux dossiers

  • Advising Sygnity and its major shareholders on the acquisition of shares in the client by TSS Europe through a public tender offer.
  • Advising PGS Software and its major shareholders on the acquisition of shares in the client by Xebia Consultancy through a public tender offer.
  • Advising Vita 34 on its takeover of Polski Bank Komórek Macierzystych by way of a public offer for exchange of shares, a subsequent squeeze-out of minority shareholders, and delisting.

Rymarz Zdort Maruta

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 experiencedEwa Bober heads up the practice, with support from managing partner Paweł Zdort. Filip Leśniak brings significant corporate and regulatory expertise to the department.

Responsables de la pratique:

Ewa Bober; Pawel Zdort

Autres avocats clés:

Filip Lesniak

Les références

‘Very good mutual communication, great responsiveness.’

‘Filip Leśniak competently led us throughout the period of co-operation, explained all doubts and advised good solutions for the business.’

‘Commitment, expertise, efficiency, being reactive.’

Principaux clients

Pepco Group N.V.

Credit Suisse Securities, Sociedad de Valores, S.A., J.P. Morgan AG, and IPOPEMA Securities S.A


Polski Bank Komórek Macierzystych S.A.


Murapol S.A.

Globe Trade Centre S.A.

Ten Square Games S.A. and its founders, Maciej Popowicz and Arkadiusz Pernal

Enea S.A.

Powszechna Kasa Oszczędności Bank Polski Oddział Biuro Maklerskie

Atlas Estates Limited

PKN Orlen S.A.

PGE Polska Grupa Energetyczna

Grupa Lotos S.A.


Principaux dossiers

  • Advised Pepco Group on its IPO of shares, and admission and introduction to trading on the regulated market operated by the Warsaw Stock Exchange.
  • Advised Credit Suisse Securities, Sociedad de Valores and J.P. Morgan (as joint global co-ordinators and joint bookrunners) and IPOPEMA Securities (as joint bookrunner) on the IPO of Huuuge, and on the admission and introduction of the shares in Huuuge to trading on the regulated market of the Warsaw Stock Exchange.
  • Advised the American growth equity fund TCV on a sale of shares in the public offering of Grupa Pracuj.

SSW Pragmatic Solutions

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.

Responsables de la pratique:

Wojciech Szczepaniak

Autres avocats clés:

Szymon Okoń; Mateusz Chmielewski; Dawid Brudzisz; Paweł Izdebski

Les références

‘They are particularly good at explaining the legal background and putting things into context. Very professional and reliable.’

‘Szymon Okoń is professional on every activity and detail, dedicated and precise. Excellent lawyer with deep understanding of capital and financial markets. He is always available for a conversation if needed.’

‘SSW’s team is very good. Comprehensive advice which is also to the point.’

Principaux clients

J.P. Morgan

Bank of America

Meyra Group S.A. (Medort S.A.)

Fabryki Sprzętu i Narzędzi Górniczych Grupa Kapitałowa FASING S.A.

Paged S.A.

Rank Progress S.A.

Marie Brizard Wine & Spirits S.A. (formerly Belvedere S.A.)

Erbud S.A.

Bioeton S.A. (Bio Stream S.A.)

Famur S.A.

Work Service S.A.

Benefit Systems S.A.

Capital Park S.A.

UBS AG Group


Ipopema TFI

Vantage Development S.A.

VEHIS Sp. z o.o.


Michael/Strom Obligacji Korporacyjnych FIZ

Holiday Park & Resort sp. z o.o.

Stelmet S.A.

Master Pharm S.A.

WDB Brokerzy Ubezpieczeniowi S.A.

BoomBit S.A.

Ferrum S.A.

Games Operators S.A.

Brand24 S.A.

Ten Square Games S.A.


PlayWay S.A.

SpyroSoft S.A.

Big Cheese Studio S.A.

JR Holding S.A.

Event Horizon S.A.

HiProMine S.A.

Erato Energy S.A.


Zakłady Przemysłu Cukierniczego „Otmuchów” S.A.


Principaux dossiers

  • Advised J.P. Morgan and Bank of America, as joint global coordinators, on the IPO of ITI Neovision.
  • Advised SpyroSoft on the transfer of shares from NewConnect to the Warsaw Stock Exchange.
  • Advised Vehis on two series of bonds.

act BSWW legal & tax

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.

Responsables de la pratique:

Piotr Smołuch; Piotr Wojnar

Autres avocats clés:

Janusz Szeliński; Sebastian Sury; Łukasz Piekarski; Łukasz Świątek

Les références

‘Wide and experienced team with a hands-on attitude, flexible towards the client’s needs.’

‘Their greatest asset is the seniority of lawyers actually involved in handling the transactions.’

‘The team is very client-oriented, open-minded, super responsive and fast in action.’

Principaux clients





CVI Dom Maklerski

Carlson Investments



Evig Alfa

6b47 4 Poland sp. z o.o.

MA Investments


Michael / Ström Dom Maklerski

Pekao TFI


Skarbiec TFI

Vee S.A.

ZUK Elzab



Principaux dossiers

  • Advised CVI Dom Maklerski on over 18 bond issues, worth approximately zł334m in total.
  • Advised Develia on a public bond issue programme with a total nominal value of approximately zł150m.
  • Advised a company from the 7R group on a bond issue with a nominal value of zł51m.

DWF Poland Jamka Sp.k

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.

Responsables de la pratique:

Michał Pawłowski; Filip Urbaniak; Rafał Woźniak

Autres avocats clés:

Lech Najbauer; Krzysztof Kropidłowski; Krzysztof Jagiełło; Mateusz Baszczyk

Les références

‘The team is focused on finding solutions and ready to provide services regardless of time.’

‘Mateusz Baszczyk is a great specialist with in-depth knowledge, but also a business-oriented approach. He is attentive to details, gives practical advice considering the client’s needs, very committed and responsive. It is always a pleasure to work with him.’

Principaux clients

PGE Polska Grupa Energetyczna S.A.

Transition Technologies S.A.

Columbus Energy S.A.


Principaux dossiers

  • Advised PGE Polska Grupa Energetyczna on its zł3.2bn secondary public offering.
  • Advising Transition Technologies on its contemplated IPO on the Warsaw Stock Exchange.
  • Assisted Columbus Energy with the negotiation and amendment of the terms and conditions of bonds.

GESSEL Attorneys at Law

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.

Responsables de la pratique:

Leszek Koziorowski; Krzysztof Marczuk

Autres avocats clés:

Magdalena Szeplik; Michał Wieliński

Les références

‘Krzysztof Marczuk and Magdalena Szeplik – both of excellent knowledge, availability, ability to explain complex matters in simple words, finding effective solutions.’

‘Customer orientated, can do attitude, transparent co-operation, no hidden fees.’

‘Dedicated to work, understanding needs and specificity of company.’

Principaux clients

Cavatina Holding S.A.

BioPlanet S.A.

Urteste S.A.


Erbud S.A.

Lentex S.A.

Principaux dossiers

  • Advised Cavatina Holding on a zł187.5m IPO.
  • Advised BioPlanet on a zł10m IPO.
  • Advised Urteste on a zł9.5m IPO.


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.

Responsables de la pratique:

Daniel Cousens; Marta Domino; Marcin Schulz

Autres avocats clés:

Szymon Renkiewicz

Principaux clients

Polski Fundusz Rozwoju S.A.

Capitea S.A.

Orange Polska

Principaux dossiers

  • Advised PFR Nieruchomości, acting as manager of the real estate portfolios of two funds, on the sale of a majority of investment certificates in the funds by BGK to PFR.

WKB Lawyers

On the ECM side, WKB Lawyers 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.

Responsables de la pratique:

Marta Midloch; Agata Szczepańczyk-Piwek

Autres avocats clés:

Jakub Jędrzejak; Monika Obiegło

Les références

‘Very efficient team with great knowledge of the market.’

‘Agata Szczepańczyk-Piwek is a top lawyer.’

Principaux clients

mBank S.A.

mBank Hipoteczny S.A.

LCM Partners Limited

Bank Ochrony Środowiska S.A.

Accolade Group

Bank Pocztowy S.A.

Principaux dossiers

  • Advised mBank and mBank Hipoteczny on two issues of covered mortgage bonds with an aggregate nominal value of zł600m.
  • Advised Bank Ochrony Środowiska on a zł500m green bond programme.
  • Advised LCM Partners and its portfolio companies on investments made through Polish non-standardised securitisation closed-end investment funds and issues of investment certificates.

Chabasiewicz, Kowalska I Partnerzy Radcowie Prawni

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.

Responsables de la pratique:

Wojciech Chabasiewicz; Anita Gwóźdź

Les références

‘The people are purpose driven, very communicative and highly effective.’

‘Wojciech Chabasiewicz is efficient and communicative, having great experience in the area of capital markets.’

‘The firm’s capital markets’ team is one of the best in the local marketplace.’

Principaux clients

Pragma GO S.A.



Braster S.A.


Wisła Kraków S.A.


Planet B2B S.A.

Principaux dossiers

  • Advising Pragma on a bond issuance program with a value of up to zł150m.
  • Advised PolTREG on its zł100m IPO.
  • Advised KRUK on its zł700m bond issue program.

Deloitte Legal, Ostrowski, Gizicki i Wspólnicy sp.k.

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.

Responsables de la pratique:

Ryszard Manteuffel; Tomasz Ciećwierz

Autres avocats clés:

Mikołaj Chodkiewicz; Łukasz Duchiński; Mariusz Banaś

Les références

‘Due to its specificity, the project required not only proper legal advice but also excellent market knowledge. We were fully satisfied with the advice and service provided.’

‘Ryszard Manteuffel: market knowledge, openness, reactity, solution searching.’

‘Łukasz Duchiński – dedication to work, reactivity or even pro-activity, precision and quality of the documents prepared, time management, commercial accumen.’

Principaux clients

Scope Fluidics S.A.

Vortex Energy S.A., Vortex Energy Polska S.A., VH Invest AG

mBank S.A. – Biuro maklerskie mBanku

Dom Maklerski Banku Ochrony Środowiska

AUGA group, AB, Baltic Champs Group AB



Koronea sp. z o.o.

IMMO Muszkieterowie Polska sp. z o.o. o

Krokus sp. z o.o.

Principaux dossiers

  • Advised Curiosity Diagnostics, part of Scope Fluidics, on the sale of its shares.
  • Advised the IMMO group on the creation of a dedicated closed-end investment fund, allowing investment by investors affiliated with a single capital group.
  • Advised shelf-company Vortex Energy, Vortex Energy Polska and VH Invest on an IPO.

Domanski Zakrzewski Palinka

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.

Responsables de la pratique:

Andrzej Foltyn

Autres avocats clés:

Rafał Grochowski; Magdalena Skowrońska; Piotr Jackowski

Principaux clients

Square Enix Ltd.


Getin Holding S.A.

Bank Polska Kasa Opieki S.A.

Global Pharma

Razer Inc.


DNB Bank Polska S.A.

InfraVia Growth

MW Trade

Infravia Growth Fund

OÜ Blite Fund



Principaux dossiers

  • Assisted DNB Bank Polska with the negotiations for an issue of green bonds by a local authority in Poland.
  • Advised URBASER on the issuance of bonds as part of the financing of the construction, operation and maintenance of a waste-to-energy plant and peak load boiler house in Olsztyn.
  • Advised Bank Pekao and PKO BP on the process of purchasing bonds issued by Miejskie Przedsiębiorstwo Komunikacyjne.

Gide Loyrette Nouel

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.

Responsables de la pratique:

Paweł Grześkowiak

Autres avocats clés:

Dawid Van Kędzierski

Principaux clients

Tramwaje Śląskie S.A.

Bank Pekao S.A.

European Investment Bank

KGHM Polska Miedź S.A.

Jastrzębskie Zakłady Remontowe

Przedsiębiorstwo Państwowe “Porty Lotnicze”

mBank S.A.

Haitong Bank Polska S.A.

Grupa Lotos S.A.

Principaux dossiers

  • Advised KGHM on the sale of its stake in the WSE-listed hotel group Interferie to Polski Holding Hotelowy.
  • Advised Haitong Bank and mBank on a zł200m bond issuance by Cognor.
  • Assisted mBank with the ammendment of its zł3bn EMTN programme to include green bonds and senior non-preferred MREL notes.

Hogan Lovells (Warszawa) LLP

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.

Responsables de la pratique:

Piotr Zawislak

Les références

‘Engaged people, up-to-date technology, very good co-operation.’

‘Piotr Zawislak – very professional, good knowledge of legal and business aspects, good accesibility/availability.’

Principaux clients

Bank Polska Kasa Opieki S.A.

BNP Paribas Bank Polska S.A.

Santander Bank Polska S.A.

mBank (Commerzbank Group)

Europejski Fundusz Leasingowy S.A.

Credit Agricole Corporate and Investment Bank

Santander Leasing S.A.


UniCredit Bank AG

Bank Handlowy w Warszawie S.A. (Citigroup)

Banco Santander SA

Citibank NA

Principaux dossiers

  • Advised ING Bank, as arranger, and ING Bank Śląski, as investor, on a securitisation of lease receivables originated by Santander Consumer Multirent.
  • Advised Santander Bank Polska and Santander Leasing, as originators, on synthetic securitisations of loan and lease portfolios.
  • Advising CACIB, as arranger, on the securitisation of lease receivables of Europejski Fundusz Leasingowy.

Krzysztof Rożko i Wspólnicy Kancelaria

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.

Responsables de la pratique:

Krzysztof Rożko; Mariusz Bagiński; Tomasz Kamiński

Autres avocats clés:

Michał Kret

Les références

‘We chose this law firm because of its sterling reputation. It has been active on the market for many years and is highly recognised for its professional approach to its clients and expertise in regulatory matters related to capital markets. This law firm has an extensive and long-standing experience in providing legal services at the highest level to public companies and financial institutions.’

‘The team has reliable experts who have high personal culture, ethics and standard of business services. They always meet deadlines and seek to consider the large picture of client’s needs.’

‘Krzysztof Rożko is a very experienced, highly qualified lawyer with a great deal of creativity in problem-solving.’

Principaux clients

Centrum Finansowe S.A.

The Dust S.A.

Gpw Private Market

Medicofarma Biotech S.A.

Render Cube S.A.

Venture Fiz

Vitama S.A.

Agencja Rozwoju Przemysłu S.A.

Principaux dossiers

  • Advising Medicofarma Biotech on a share increase.
  • Advised Venture Fiz on Poltreg’s IPO.
  • Advised Render Cube on its IPO.

MFW Fiałek

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.

Responsables de la pratique:

Mirosław Fiałek

Autres avocats clés:

Paweł Siwiec

Principaux clients

Kredyt Inkaso

Biomed-Lublin Wytwórnia Surowic i Szczepionek S.A.

Infinity S.A.

Principaux dossiers

  • Advised Biomed-Lublin Wytwórnia Surowic i Szczepionek on acquisition financing for development projects.
  • Represented Kredyt Inkaso in proceedings before the Polish Financial Supervision Authority in order to gain approval for a basic bond issue program up to the total amount of zł150m.
  • Advised Infinity on a bond issue and admittance to trading on the multilateral trading facility.

Norton Rose Fulbright

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.

Responsables de la pratique:

Grzegorz Dyczkowski; Agnieszka Braciszewska

Autres avocats clés:

Tomasz Rogalski

Principaux clients

HSBC Bank Plc

Deutsche Bank

Credit Agricole Corporate and Investment Bank

Polskie Linie Lotnicze “LOT” S.A.

JP Morgan Securities plc

Bank of America Merrill Lynch

TAURON Polska Energia S.A.

Goldman Sachs

Greenyard NV

Oriflame Poland Sp. z o.o.

Export Development Canada

Olesinski & Wspolnicy

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.

Responsables de la pratique:

Michał Bogacz; Magdalena Tyrakowska-Szymczak

Autres avocats clés:

Cyryl Szudra

Les références

‘Direct contact with a selected team of people. Clarity of service. Broad view of the problem, providing additional tips and matters to pay attention to.’

‘The contact is always quick and without delay.’

‘The capital markets team collaborates with other teams within the office, which makes the solutions provided suitable even for complex problems.’

Principaux clients

Lubawa S.A.

Silver Hexarion Holdings Limited

Tarczyński S.A.

Selena FM S.A.



Archicom S.A.


Lokum Deweloper S.A.


Libet S.A.

Ten Square Games S.A.

ATM Grupa S.A.

Impel S.A.

iFirma S.A.

Crist S.A.


Syrius Investments S.a.r.l.

Vantage Development S.A.

Lokum Deweloper S.A.

Polskie Koleje Linowe S.A.

Kolej Gondolowa Jaworzyna Krynicka S.A.


CCC Factory sp. z o.o.

Atal S.A. S.A.

Seacom S.A.

Aztec International S.A.


Erbud S.A.

Intersport Polska S.A.

DataWalk S.A.

Teleste Oyj (Corporation)


IDEA+ S.A., GF Corp sp. z o.o.


Principaux dossiers

  • Advised IZOBLOK on the issue of new series E and F shares, valued at €8m.
  • Adivsed IZOBLOK on the €6.1m tender offers announced by BEWI ASA and BEWI Poland.
  • Advised Ten Square Games on a buy-back programme worth €3.5m.

SMM Legal

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.

Responsables de la pratique:

Maciej Mataczyński

Autres avocats clés:

Tomasz Jaranowski; Mateusz Stańczyk; Magdalena Cisowska; Miłosz Malaga

Principaux clients

PKN Orlen S.A.

Grupa LOTOS S.A.