Cross-border and multi-jurisdictional listings form a key part of Baker McKenzie Krzyzowski i Wspólnicy Sp.k.‘s renowned capital markets work. Marcin Chyliński is lauded as ‘one of the best capital markets lawyers in Poland‘ and he leads the team alongside the ‘exceptional‘ Michał Głowacki; they are focused on ECM and DCM respectively. On the ECM side, the team is adept at advising on IPOs, secondary offerings and private placements, as well as rights issues, accelerated book buildings, and public M&A transactions. Regarding DCM mandates, key areas of strength include EMTN programmes, convertible and exchangeable bonds, and green bonds. Counsel Katarzyna Grodziewicz is another key member of the team, and counsel Jerzy Bombczyński joined the practice from the Polish Development Fund in December 2022.

Clifford Chance‘s capital markets practice is divided into two distinct teams. Grzegorz Namiotkiewicz chairs the DCM group, which provides clients with support across all types of bonds and securities, as well as co-heading the firm’s banking and finance department, while ‘highly recommended’ counsel Jarosław Lorenc leads the ‘very experienced and motivated ECM team’, which frequently handles both public M&A transactions and the public offering of shares on a domestic and international level. Aleksandra Rudzińska was promoted to counsel in May 2023 and she is another core member of the DCM team.

Greenberg Traurig Nowakowska-Zimoch Wysokinski Sp. k boasts ‘unparalleled experience with equity capital markets transactions in Poland’ and, in particular, has significant experience in expertly handling Polish IPOs. Paweł Piotrowski is praised as ‘one of the best ECM counsels in Poland’, and he co-leads the team alongside Rafał Sieński, who is active in key mandates of the firm, including IPOs, share offerings, and public tenders. Other notable names include Andrzej Wysokiński, who specialises in DCM work, and regulatory expert Łukasz Pawlak.

Marcin Studniarek chairs the ‘exceptionally experienced’ capital markets practice at White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k., which advises on both ECM and DCM transactions, including IPOs, secondary equity offerings, and share tender offers, as well as EMTNs and high-yield and covered bonds. Its impressive client roster consists of clients with global equity offerings and bond issues. The practice also benefits from the ability to utilise the firm’s debt finance practice, led by Grzegorz Abram. Rafał Kamiński and Bartosz Smardzewski are notable names, with the former possessing expertise in the law of joint-stock companies, and the latter being active in EMTN programmes and mortgage covered bond issues. In team news, January 2023 say the promotion of Monika Dużyńska to partner.

The capital markets team at A&O Shearman is highly experienced at advising on the entire spectrum of debt instruments which are available to Polish issuers, including corporate bonds and complex instruments issued on international markets. The practice is also especially skilled in supporting banks and issuance companies with the issuance of debt instruments, including regulatory capital instruments and covered bonds. Of recent note, the firm was active in the financing for the Ukraine Support Fund. Counsel Łukasz Walczyna leads the team and he is ably supported by Bartosz Jagodziński.

Rafał Zwierz leads the ECM group at CMS, which is adept at advising clients on IPOs, secondary public and private placements, and securitisation projects. Counsel Michał Śmiechowski ‘has an exceptionally long track-record on debt capital market mandates’, and he spearheads the DCM team alongside banking and finance head Michał Meżykowski; this offering encompasses advice to issuers, investors, investment banks, and other financial institutions on issuing debt financial instruments, including bonds, bank securities, covered bonds, and bills of exchange. In team news, Ryszard Manteuffel joined the team from Deloitte Legal, Ostrowski, Gizicki i Wspólnicy sp.k. in March 2024.

Dentons possesses ‘good knowledge of local Polish capital markets’ on both the equity and the debt side of capital markets work, as well as related regulatory mandates. International issuers are counted amongst its varied client base, in addition to major investment banks and other financial institutions. With five offices across the CEE region, the firm is well placed to provide advice on cross-border mandates. Practice head Jakub Celiński boasts ‘very broad experience in capital markets deals’. Paulina Galewska was promoted to senior associate at the start of 2023.

The capital markets team at DLA Piper Giziński Kycia sp.k. frequently assists clients with initial and secondary offerings in Poland and other jurisdictions, private placements, and public M&A transactions. Its client roster includes companies from a wide range of sectors, such as construction, manufacturing, retail, media, and technology, as well as e-commerce, insurance, finance, and healthcare and pharmaceuticals.  Jakub Domalik-Plakwicz sits at the helm of the practice, and in team news, senior associate Michał Bałdowski joined the firm from Greenberg Traurig Nowakowska-Zimoch Wysokinski Sp. k in July 2023.

Managing partner Michał Pawłowski, Filip Urbaniak, and Rafał Wozniak are the senior contacts in the capital markets practice at DWF Poland Jamka Sp.k. Key areas of work for the group include assisting with IPOs, advising clients on the acquisition of listed companies, supporting with the preparation of tax effective structures, and handling securities law mandates. Its client roster is broad ranging, and encompasses issuers, underwriters, selling shareholders, and sponsors, in addition to arrangers, lead managers, originators, dealers, trustees, and depositaries.

SSW‘ ‘very knowledgeable and experienced capital markets team’ specialises in assisting companies in the gaming, IT, and new technologies industries with their IPO processes, in addition to handling corporate bonds. Wojciech Szczepaniak leads the team with expertise in capital markets regulations. Qualified in Poland, as well as England and Wales, Mateusz Chmielewski is another notable name in both the equity and debt capital markets spaces.

The ‘very experienced‘ capital markets team at act BSWW legal & tax frequently assists both domestic and international clients with debt issuances, equity offerings, and complex securities transactions, as well as regulatory compliance matters. Managing partner Piotr Wojnar heads up the ECM practice, which advises on capital raising and buyouts, while managing partner Piotr Smołuch spearheads the DCM team, which expertly handles bonds, loans, and private placements.

Domanski Zakrzewski Palinka is notable for its expertise in advising on bond issues surrounding infrastructure projects, in addition to providing support to start-ups and venture capital projects. Another significant element of the firm’s offering is its ability to handle transactions regarding debt instruments, as well as advising financial institutions on regulatory issues. Andrzej Foltyn, a securities and capital markets specialist, helms the practice. Rafał Grochowski is another key name, as is regulatory expert Magdalena Skowronska.

GESSEL Attorneys at Law is lauded for its ‘unmatched expertise in the area of Polish capital markets regulations’. IPO, SPF, FPO, and public offering mandates are also all within the strong capabilities of the team, which predominately advises Polish public companies, investment banks, and brokerage houses. Leszek Koziorowski and Krzysztof Marczuk jointly chair the department, and they are ably supported by senior associate Michał Wieliński, who is praised for his ‘deep understanding of the legal framework governing various types of Polish capital markets transactions’.

Gide Loyrette Nouel is well known for its work in the DCM space, advising issuers, investors, investment banks, and other financial institutions on debt securities. It is also highly adept in the ECM arena, supporting clients with IPOs, public take-overs, and share buy-backs, and is also noted for its expertise in compliance-related mandates. Paweł Grześkowiak heads up the practice. Dawid Van Kędzierski, who was promoted to counsel in April 2023, is lauded for his ‘deep understanding of the complex and evolving regulations and trends in this highly dynamic sector’.

The capital markets team at Linklaters sits within the firm’s wider wider corporate and M&A department, which is headed up by Daniel Cousens. Managing associate Szymon Renkiewicz chairs the ECM work. The practice frequently collaborates with the firm’s banking and finance team, led by Marta Domino, and its financial regulatory practice, headed up by Marcin Schulz, which handles DCM mandates. Regulatory work also forms a key part of the firm’s offering.

Rymarz Zdort Maruta's team was formed at the beginning of 2023 following the merger of Rymarz Zdort and Maruta Wachta. The practice has a strong focus on ECM mandates, covering Polish and international IPOs, secondary offerings and private placements, and rights issues and accelerated book-building processes. With a focus on ECM and securities regulatory mandates, Ewa Bober jointly leads the department alongside capital markets regulation specialist Filip Leśniak. Managing partner Paweł Zdort is another notable name in the practice.

WKB Lawyers‘ ECM team frequently advises clients on tender offers for the acquisition of majority stakes in listed companies, as well as take-private processes. The DCM side of the practice undertakes matters regarding bond issues and securitisations, in addition to routine legal services to stock exchange listed companies and investment firms conducting brokerage activity. Marta Midloch in Poznań and Agata Szczepańczyk-Piwek in Warsaw jointly lead the team.

CK LEGAL Chabasiewicz Kowalska i Wspólnicy advises on the reorganisations and transformations of companies and capital investors, and its client roster is broad ranging, spanning issuers, shareholders, banks, brokerage houses, and management and supervisory board members. The practice is jointly steered by founding partner Wojciech Chabasiewicz and senior associate Anita Gwóźdź, and the group is also adept at advising start-ups, and private equity and venture capital funds.

Deloitte Legal, Ostrowski, Gizicki i Wspólnicy sp.k. has a strong focus on ECM mandates, and its offering encompasses advice on IPOs, dual listings of companies on the Warsaw Stock Exchange, regulatory mandates, and buy-back programmes. Following the departure of Ryszard Manteuffel to CMS, Tomasz Ciećwierz has now assumed sole leadership of the department, which has recently seen particular activity in the biotech and life sciences sectors.

Piotr Zawiślak chairs the capital markets team at Hogan Lovells (Warszawa) LLP , which sits within the firm’s banking and finance department. It often advises arrangers, originators, and trustees on securitisation transactions, and debt restructuring is also a key part of the practice. On the ECM side, the group is active in assisting companies listed on stock exchanges, or those that are planning for listing, with their current activities, disclosure obligations, and corporate organisation.

Krzysztof Rożko i Wspólnicy Kancelaria has ‘outstanding expertise in capital markets law’ and frequently assists issuers with securities and public offerings, in addition to admission to stock market trading. The practice is jointly led by a trio comprising founding partner Krzysztof Rożko, Mariusz Bagiński and Tomasz Kamiński. Regulatory mandates are another area of expertise for the group, as well as crowdfunding.

MJH Moskwa, Jarmul, Haladyj i Partnerzy – Adwokaci i Radcowie Pr‘s capital markets practice is active in assisting clients with IPOs and SPOs, in addition to public M&A work and regulatory mandates. DCM advice is another area of strength for the group, where its expertise spans bond issuances for issuers and banks. Krzysztof Haładyj and Maciej Wróblewski co-lead the team, which also fields Paweł Cyganik, who was promoted to partner in June 2023.

Norton Rose Fulbright‘s capital markets team has particular expertise in assisting clients with international bond and notes offerings, especially high-yield bonds and Eurobonds, and it is often instructed by international issuers and underwriters. In team news, Tomasz Rogalski was promoted to partner in January 2023. The senior contacts in the practice are Grzegorz Dyczkowski and Agnieszka Braciszewska.

Olesinski & Wspolnicy acts for clients operating in various sectors, including the e-commerce, new technologies, food, and automotive industries. Key areas of work for the department include issues of shares - such as IPOs, SPOs, and private placements - bond issues, buy-back programmes, incentive programmes, and ESOPs, as well as regulatory mandates. ‘Experienced lawyer‘ Michał Bogacz spearheads the team alongside Magdalena Tyrakowska-Szymczak, and both are based in Wrocław. Cyryl Szudra is another name of note and ‘specialises in commercial law and capital markets law’.

Industries of note for the capital markets group at SMM Legal include energy, manufacturing, technology, and the public sector, and the team predominately assists banks and investment funds. Energy expert Maciej Mataczyński is lauded as an ‘exceptional lawyer’; he leads the team and is ably supported by Tomasz Jaranowski and Mateusz Stańczyk.