Ratings

mBank Hipoteczny S.A. has been assigned the following ratings by Fitch Ratings.:

BBB (outlook: stable) /F2 - long/short-term foreign currency rating

2 - support rating

A - mortgage covered bonds rating


Fitch Ratings Ltd. assigns its ratings according to the following scale (on a decreasing basis):

  • long-term foreign currency ratings: AAA, AA, A, BBB, BB, B, CCC, CC, C, RD, D
  • short-term foreign currency ratings: F1, F2, F3, B, C, RD, D
  • support ratings: 1, 2, 3, 4, 5
 

Our Issues

  • In the year 2000, mBank Hipoteczny was the first to launch mortgage covered bonds in the post-war Polish capital market.
  • Since then the Bank has maintained the leader’s position with the share of over 66% in the Polish market for covered bonds. Currently, the value of all outstanding Bank’s covered bonds exceeds PLN 4,5bn.
  • Covered bonds of mBank Hipoteczny belong to safest capital instruments which is confirmed by the ratings assigned by Fitch rating agency at the level of ‘A’.
  • The offer of covered bonds is designed to institutional entities. Such securities are basically acquired by banks, insurance companies, investment funds, pension funds and other participants of the financial market.
  • mBank S.A. is the Arranger of the Issue Programmes, the Leading Manager and the Dealer of covered bonds.
  • Apart from mortgage covered bonds, being the only bank in the new European Union member states from the Central Europe region, mBank Hipoteczny issues public covered bonds where the issue is based on debt claims due to loans granted to local government units or guaranteed by local government units. One of the first issues of such securities took place in September 2007 and was purchased by the European Investment Bank having its registered office in Luxembourg.

pdf mBH Covered Bond Investor Presentation

 

 
Covered Bond Issue Programme of 2016
Public Offering of Mortgage Covered Bonds

 

pdfBase Prospectus 2016

 

Supplements:

 pdf Supplement 1

 pdf Supplement 2

 pdf Supplement 3

 

Documentation of individual series of covered bonds

Series

ISIN

Issue date

Maturity date

Nominal value

Final terms

Rating

 

 HPE14

PLRHNHP00540

 28.09.2016  20.09.2026  13 mln EUR  pdf     A  

 HPE15

PLRHNHP00557

 26.10.2016  20.09.2026  35 mln EUR  pdf     A  

 HPE16

PLRHNHP00565

 01.02.2017  01.02.2024  24,9 mln EUR  pdf     A  
   
 

 

Covered Bond Issue Programme of 2016

Disclaimer

On 26 August 2016, the Polish Financial Supervision Authority approved the Basic Prospectus (“Prospectus”) of covered bonds issued by mBank Hipoteczny S.A., prepared in connection with the public offering (“Public Offering”) of mortgage covered bonds up to the maximum total nominal value of PLN 15,000,000,000 (or its equivalent in EUR or USD) issued in series (“Covered Bonds”) and applying for admission of the Covered Bods to public trading on the regulated market operated by BondSpot S.A. or on the regulated market operated by Giełda Papierów Wartościowych w Warszawie S.A. The Prospectus was published and is available on the mBank Hipoteczny S.A. website: www.mhipoteczny.pl/relacje-inwestorskie.

The Prospectus (with any published annexes or supplements thereto) constitutes the only legally binding document containing information on the Public Offering.

The detailed information on the Covered Bonds of a given series will be provided in the final terms of issue of such series Covered Bonds (“Final Terms”).

Investors need to familiarise themselves with the entire Prospectus, including the documents incorporated into the Prospectus by reference, and in particular with the risk factors involved in investing in Covered Bonds described in Chapter II “Risk Factors” of the Prospectus. All investment decisions concerning the Covered Bonds need to be taken upon the analysis of the entire Prospectus (including annexes thereto), and the Final Terms referring to the relevant series of Covered Bonds.

Information presented on that page is not designed either for publication or distribution outside of the Republic of Poland. The Public Offering is carried out solely within the territory of the Republic of Poland. Outside of the Republic of Poland the Prospectus may not be treated as a sales proposal or an offering. Neither the Prospects nor the respective securities were subject to registration, approval or notification in any state other than the Republic of Poland. Securities covered by this Prospectus may not be offered or sold outside the boundaries of the Republic of Poland (including the territories of the European Union states and the United States of America). Each investor residing or domiciled outside the Republic of Poland needs to familiarise himself with the Polish laws and the laws of other states which may apply to him.

I represent that I have read the abovementioned disclaimer and I represent that I am a person who may be lawfully presented with the Prospectus and who may be invited to participate in the Public Offering, pursuant to the applicable laws.

 
Covered Bond Issue Programme of 2009
Public Offering of Public Sector Mortgage Covered Bonds

 

pdf Appendix 1 16.56 KB
pdf Appendix 2 428.28 KB
pdf Appendix 3 32.34 KB
pdf Appendix 4 423.21 KB
pdf Appendix 5 6.37 KB
pdf Update notice 1 76.43 KB
pdf Appendix 6 305.96 KB
pdf Appendix 7 255.26 KB
pdf Appendix 8 6.94 KB
pdf Appendix 9 6.65 KB
pdf Appendix 10 150.39 KB
pdf Appendix 11 30.08 KB
pdf Appendix 13 146.09 KB
pdf Appendix 12 269.25 KB
pdf Appendix 14 156.89 KB
pdf Appendix 15 61.93 KB
pdf Appendix 16 8.06 KB
pdf Appendix 17 15.90 KB
pdf Update notice 3 10.49 KB
pdf Appendix 18 13.27 KB
pdf Appendix 19 146.54 KB
pdf Update notice 4 162.27 KB
pdf Appendix 20 186 KB
pdf Appendix 22 633 KB
pdf Appendix 23 486 KB
pdf Appendix 24 128 KB
pdf Appendix 25 131 KB
pdf Appendix 26 444 KB
pdf Appendix 27 264 KB
pdf Appendix 28  61 KB
pdf Appendix 29  535 KB

 

Documentation of individual series of covered bonds

Series

ISIN

Issue date

Maturity date

Nominal value

Final terms

Rating

Interest rate Announcement

HPA15

PLRHNHP00235

15.06.2011

16.06.2017 200 mln PLN

 pdf

A

pdf

HPA19

PLRHNHP00276

15.06.2012 15.06.2018 200 mln PLN

 pdf

A

pdf

HPE1

PLRHNHP00300

19.10.2012 19.10.2017 10 mln EUR

 pdf

A

pdf

HPA21

PLRHNHP00326

20.06.2013 21.06.2019 80 mln PLN

 pdf

A

pdf

HPE2

PLRHNHP00334

26.07.2013 28.07.2020 30 mln EUR

 pdf

A

pdf

HPE3

PLRHNHP00342

22.11.2013 22.10.2018 50 mln EUR

 pdf

A

pdf

HPE4

PLRHNHP00359

17.02.2014 15.02.2018 7,5 mln EUR

 pdf

A

pdf

HPE5

PLRHNHP00367

28.02.2014 28.02.2029 8 mln EUR

 pdf

A

pdf

HPE6

PLRHNHP00375

17.03.2014 15.03.2029 15 mln EUR

 pdf

A

pdf

HPE7

PLRHNHP00383

30.05.2014 30.05.2029 20 mln EUR

 pdf

A

pdf

HPA22

PLRHNHP00391

28.07.2014 28.07.2022 300 mln PLN

 pdf

A

pdf

HPA23

PLRHNHP00409

04.08.2014 20.02.2023 200 mln PLN

 pdf

A

pdf

HPE8

PLRHNHP00417

22.10.2014 22.10.2018 20 mln EUR

 pdf

A

pdf

HPE9

PLRHNHP00425

28.11.2014 15.10.2019 50 mln EUR

 pdf

A

pdf

HPA24

PLRHNHP00433

20.02.2015 28.04.2022 200 mln PLN

 pdf

A

pdf

HPE10

PLRHNHP00441

25.02.2015 25.02.2022 20 mln EUR

 pdf

A

pdf

HPA25

PLRHNHP00458

15.04.2015 16.10.2023 250 mln PLN

 pdf

A

pdf

HPE11

PLRHNHP00466

24.04.2015 24.04.2025 11 mln EUR

 pdf

A

pdf

HPE12

PLRHNHP00474

24.06.2015 24.06.2020 50 mln EUR

 pdf

A

pdf

HPA26

PLRHNHP00482

17.09.2015 10.09.2020 500 mln PLN

 pdf

A

pdf

HPA27

PLRHNHP00490

02.12.2015 20.09.2021 255 mln PLN

 pdf

A

pdf

HPA28

PLRHNHP00508

09.03.2016 05.03.2021 300 mln PLN

 pdf

A

pdf

HPE13

PLRHNHP00516

23.03.2016 21.06.2021 50 mln EUR

 pdf

A

pdf

HPA29

PLRHNHP00524

28.04.2016 28.04.2020 50 mln EUR

 pdf

A

pdf

HPA30

PLRHNHP00532

09.05.2016 28.04.2020 100 mln EUR

 pdf

A

pdf

   
 

 

Covered Bond Issue Programme of 2009

Disclaimer

On 28 October 2009, the Polish Financial Supervision Authority approved the Basic Prospectus (“Prospectus”) of covered bonds issued by BRE Bank Hipoteczny S.A., issued in connection with the public offering (“Public Offering”) of mortgage and public sector covered bonds of the total nominal value of PLN 6,000,000,000 (or an equivalent thereof in EUR or USD) issued in series (“Covered Bonds”) and applying for admission to public trading in the regulated market for Covered Bonds.
This electronic version of the Prospectus was published under Article 45 in conjunction with Article 47 section 1 item 3 of the Act dated 29 July 2005 on public offering and the terms and conditions of introducing financial instruments into organised trading and public companies (Journal of Laws No. 184 of 2005, item 1539 as amended). The Prospectus constitutes the only legally binding document containing information on BRE Bank Hipoteczny S.A. and the Public Offer. Investors need to familiarise themselves with the entire Prospectus, and in particular with the risk factors involved in investing in Covered Bonds. All investment decisions concerning those securities need to be taken upon the analysis of the entire Prospectus, including annexes thereto, and specific Supplements referring to specific series of Covered Bonds.

Information presented on that page are not designed either for publication or distribution outside the boundaries of the Republic of Poland. The Public Offer is carried out solely within the territory of the Republic of Poland. Outside the boundaries of the Republic of Poland the Prospectus may not be treated as a sales proposal or offer. Neither the Prospects nor the respective securities were subject of registration, approval or notification in any state other than the Republic of Poland. Securities included in this Prospectus may not be offered or sold outside the boundaries of the Republic of Poland (including the territories of the European Union states and the United States of America). Each investor residing or domiciled outside the boundaries of the Republic of Poland need to familiarise themselves with the Polish laws and the laws of other states which may apply to them.


I represent that I have read the abovementioned waiver and I represent that I am a person who may be lawfully presented with the Prospectus and who may be invited to participate in the Public Offer, pursuant to the applicable law.

 

Cover Pool Information

Mortgage Covered Bonds Cover

The mortgage covered bonds are backed by mortgage bank's receivables secured by mortgages, which fulfill the requirements provided in:

  • Article 14 (refinancing limit versus the property value),
  • Article 18 (minimum over-collateralisation),
  • Article 20 (security in form of the mortgage), and
  • Article 23 (limit on construction loans)

of the Act of 29 August 1997 on covered bonds and mortgage banks.

All mortgage receivables entered into the mortgage cover register are secured by a first-ranking mortgage over a property located in Poland. The structure of the receivables portfolio, including a breakdown by a type of the real estate being financed and by a geographical region, is presented in a quarterly cover pool report.  

Public Sector Covered Bonds Cover

The cover consists of mortgage bank's receivables towards institutions from the public sector and receivables guaranteed by such institutions, listed in Article 3 sec. 2 of the Act of 29 August 1997 on covered bonds and mortgage banks, that is, credit facilities granted, or guaranteed, or secured by a surety issued by:

  • the National Bank of Poland,
  • the European Central Bank;
  • governments and central banks of the European Union member states, the Organization for Economic Co-operation and Development, except for states which are currently in the process of restructuring or have restructured their foreign debts within the last five years,
  • the Polish State Treasury,
  • local government units.

Substitute Cover

In addition to the assets referred to above, covered bonds may be backed by other assets of a mortgage bank, listed in Article 18 sec. 3 of the above Act, that is, the assets:

  • invested in securities issued or guaranteed by: (i) the National Bank of Poland, (ii) the European Central Bank, (iii) governments and central banks of the European Union member states, the Organization for Economic Co-operation and Development, except for states which are currently in the process of restructuring or have restructured their foreign debts within the last five years, and (iv) the State Treasury,
  • deposited in the National Bank of Poland,
  • held in cash.

Article 18 of the above Act limits the share of the Substitute Cover, providing that:

  • the receivables secured by mortgages may not be less than 85% of the total amount of nominal value of outstanding mortgage covered bonds, and
  • the receivables described in Article 3 sec. 2 of the Act may not be less than 85% of the total amount of nominal value of outstanding public-sector covered bonds.

mBank Hipoteczny declares that, according to its  policy, it intends to use treasury bonds issued by the Polish Minister of Finance on behalf of the State Treasury as a Substitute Cover until the long-term foreign currency sovereign credit rating on the Republic of Poland is at the level of ‘A-‘ or higher according to the rating agency Fitch Ratings Ltd scale. In case the rating is lower than ‘A-‘ according to the rating agency Fitch Ratings Ltd scale, mBank Hipoteczny plans to replace the treasury bonds with other assets, as soon as practicable, given the time needed to meet the technical requirements necessary to conduct such operation and economic factors related to that.

 

Contact for investors

mBank Hipoteczny S.A. - Treasury Department

Krzysztof Dubejko - Head of Treasury

e-mail: krzysztof.dubejko@mhipoteczny.pl dial+48 22 579 74 97

Wojciech Zdunkiewicz 

e-mail: wojciech.zdunkiewicz@mhipoteczny.pl dial. +48 22 579 75 90

 

mBank S.A. -  Dealers 

Andrzej Cwalina

e-mail: andrzej.cwalina@mbank.pl dial. + 48 22 829 02 46

Sebastian Komendołowicz

e-mail: sebasian.komendolowicz@mbank.pl dial. +48 22 829 02 51