Ratings

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

  • Mortgage covered bond rating issued by mBank Hipoteczny S.A | A outlook: positive


  • Long-term IDR (foreign currency) | BBB outlook: stable
  • National Long-Term Rating | AA−(pol) outlook: stable
  • Short-term IDR (foreign currency) | F2 outlook: stable
  • National Short-Term Rating | F1+(pol) outlook: stable
  • Support rating | 2

 

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

long-term ratings: AAA, AA, A, BBB, BB, B, CCC, CC, C, RD, D

short-term ratings: F1, F2, F3, B, C, RD, D

support ratings: 1, 2, 3, 4, 5

 

mBank Hipoteczny Mortgage Covered Bonds Rating uplift

[rating]

 Recent Fitch Ratings Credit Report:

pdf Fitch Ratings Credit Report 

pdf Fitch Ratings mBank Hipoteczny Mortgage Covered Bonds Credit Update Report

 

 

Investor Presentation and issuance history

mBank Hipoteczny is the most active issuer of covered bonds in Poland with the longest history as a covered bonds issuer on the Polish capital market.

The outstanding mortgage covered bonds issued publicly by the Bank amounted to approximately PLN 6.07 billion as of the 30 October 2017, and represented, based on the Bank’s estimation, a 38% share in the total number of outstanding Polish mortgage covered bonds market.

Crucial milestones in mBank Hipoteczny issuance history are presented on below chart.

 

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.

 

Investor presentations of mBank Hipoteczny Covered Bond are published below

pdf mBH Covered Bond Investor Presentation

 

 

 

International Covered Bond Issue Programme of 2017

 

 pdfBase Prospectus

 

Supplements:

 pdf First Supplement to the Base Prospectus

 

 

   
 

 

International Covered Bond Issue Programme of 2017

Disclaimer

Prior to obtaining access to the information placed on this website (the "Materials") please read carefully the following information. By clicking the link below labelled “ACCEPT” you confirm that: (1) you have read and understood the following information; (2) you agree to the restrictions as stated herein, including any modifications to them from time to time, each time you receive any information as a result of such access; (3) you are not resident or physically located in any jurisdiction into which the base prospectus for mortgage covered bonds issued by mBank Hipoteczny S.A., with any published annexes or supplements thereto (the “Base Prospectus”) may not be delivered; (4) you are permitted under applicable laws and regulations to access the Base Prospectus; and (5) you agree that you will not download, forward, distribute, reproduce or transmit the Base Prospectus or other Materials in any manner, in whole or in part. If you are unable to give the above representations and warranties, and/or are unable to agree to the basis on which access to the Base Prospectus and other Materials is given, please DO NOT click on the link below labelled "ACCEPT". Failure to comply with this directive may result in a violation of the applicable laws or regulations.

Please note that this disclaimer may be altered or updated from time to time and so you should ensure that you read it in full each time you visit this webpage and before reading, accessing or making any other use of the attached documents.

The Base Prospectus was prepared in connection with the programme (the “Programme”) of mortgage covered bonds up to the maximum total nominal value of EUR 3,000,000,000 (or its equivalent in other currency) (the “Covered Bonds”) and for the admission of the Covered Bonds to the regulated market of the Luxembourg Stock Exchange.

The Base Prospectus constitutes the only legally binding document containing information on the Programme. The detailed information on the Covered Bonds of a given series will be provided in the final terms of issue of such series of the Covered Bonds (“Final Terms”). The requirement to publish a prospectus under the Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003, as amended by Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010 and as further amended from time to time only applies to the Covered Bonds which are to be admitted to trading on a regulated market in the European Economic Area. The Base Prospectus was approved by the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg.

Apart from the Base Prospectus, all other Materials are for general informational purposes only and should be construed neither as: (i) an invitation, offer or solicitation of an offer to purchase any securities; nor (ii) an investment recommendation or financial advice. No person shall have any right of action against mBank Hipoteczny S.A. in relation to the accuracy of the information contained in Materials that are not the Base Prospectus.

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

The Materials are not an offer of securities for sale in the United States. The Covered Bonds have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered, sold or delivered: (i) in the United States absent registration or an exemption from registration under the Securities Act; or (ii) for the account or benefit of, U.S. persons in reliance on Regulation S under the Securities Act.

The Materials are being distributed to and are only directed at: (i) persons who are outside the United Kingdom; (ii) to investment professionals falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); (iii) high net worth companies; and (iv) other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons in (i) to (iv) above together being referred to as “relevant persons”). Any invitation, offer or agreement to subscribe, purchase or otherwise acquire the Covered Bonds will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on the Materials or their content. It is your sole responsibility to ascertain whether or not you are a relevant person. If you are in any doubt as to whether or not you are a relevant person, please do not click the link below labelled "ACCEPT".

The Base Prospectus has not been and will not be approved by the Polish Financial Supervision Authority (pol. Komisja Nadzoru Finansowego) and it does not constitute an offering of the Covered Bonds in the Republic of Poland or to any Polish entities or individuals. Accordingly, each Dealer (as defined in the Base Prospectus) has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that it will not offer, sell or deliver any Covered Bonds or distribute copies of the Base Prospectus and any other document relating to the Covered Bonds in the Republic of Poland or to Polish entities or individuals. Any Polish entity or individual acquiring the Covered Bonds is strictly required to comply with applicable Polish tax regulations.

I represent that I have read the abovementioned disclaimer and I represent that I am a person who may be lawfully presented with the Base Prospectus and other Materials and who may be invited to participate in the offering of the Covered Bonds made under the Programme, pursuant to the applicable laws. I understand that by clicking the link below labelled "ACCEPT" my rights may be affected and I agree to be bound by its terms.

 
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

 pdf Supplement 4

 

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  

 HPA31

 PLRHNHP00573

 29.09.2017  10.09.2022  500 mln PLN  pdf     A  

 HPA32

 PLRHNHP00581

 11.10.2017  15.09.2023  1,000 mln PLN  pdf     A  

 HPE17

 PLRHNHP00599

 30.10.2017  22.06.2022  100 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

HPA19

PLRHNHP00276

15.06.2012 15.06.2018 200 mln PLN

 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 Pool

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 Pool

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 by, or guaranteed by, 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 Pool

In addition to the assets referred to above, covered bonds may be covered 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 Polish 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, without undue delay, given the time needed to meet the technical requirements necessary to conduct such operation and economic factors related thereto, but no longer than within 30 calendar days from the day of downgrading the Republic of Poland’s rating below the level of ‘A-‘.

Cover Pool Reports are published on quanterly basis

pdf Harmonised Transparency Template mBH 30.09.2017.xlsx

pdf Harmonised Transparency Template mBH 30.06.2017.xlsx

pdf Harmonised Transparency Template mBH 31.03.2017.xlsx

pdf Cover Pool Report - mBank Hipoteczny 31.12.2016.pdf

 

 

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: sebastian.komendolowicz@mbank.pl dial. +48 22 829 02 51