Michał Głowacki

Michał focuses on debt and equity capital markets transactions, with particular emphasis on debt capital markets. He advises issuers, arrangers, dealers, bookrunners and investors on the full range of capital markets aspects, including, among other matters, equity and debt offerings (domestic and cross-border, involving Polish and international financial institutions), green, sustainable and MREL offerings, mandatory reporting, regulatory proceedings, tender offers, managerial and incentive programs (including ESPP, SOP, RSU), financial regulatory matters, debt restructuring, corporate and public M&A transactions.

• Advised IPOPEMA Securities as arranger and dealer on a PLN 250 million bond programme established by Sobieski Towers, including innovative rollover, settlement and security structures spanning Poland, Belgium and Cyprus.
• Advised Bank Pekao and a consortium of international banks on the establishment, execution and update of Bank Pekao’s EUR 5 billion EMTN programme and the issuances under the programme (including among others Green, Senior Non-Preferred, Tier 2, Subordinated, Senior Preferred Notes issuances).
• Advised joint bookrunners on Bank Pekao’s inaugural EUR 500 million Tier 2 subordinated notes issuance under its EMTN programme, supporting a landmark cross-border MREL capital raising transaction.
• Advised Bank Pekao on PLN 750 million Senior Preferred Notes and Senior Non-Preferred Notes, the bank’s first MREL-compliant, issuances.
• Advised Europejski Fundusz Leasingowy, EFL Finance and Carefleet, together with a consortium of Polish banks, on the update of a PLN 4 billion bond programme and a PLN 300 million issuance.
• Advised Vaporjet, an Israel-based company, on a tender offer for and acquisition of all of Novita S.A. shares (market value approx. 40 mln USD), a Polish company listed on the primary market of the WSE. The transaction involved a complex legal structure and negotiations with Novita current and former shareholder.
• Advised Polski Holding Nieruchomości and a consortium of banks on establishing a PLN 1 billion bond issuance programme designed to support multiple future offerings and listings on Catalyst.
• Advised Kernel Holding, Ukraine’s largest producer and exporter of sunflower oil and a global leader, in connection with a tender offer by its largest shareholder, Namsen Limited, for the company’s Warsaw-listed shares. The tender offer resulted in transactions totaling PLN 559.6 million (about EUR 130 million).
• Advised GI Group on its acquisition and restructuring of Work Service S.A., including a public tender offer.
• Advised on the establishment and execution of all bond issue programs by European real estate developer Ghelamco.
• Advised Benefit S.A. and a consortium of banks on establishing and execution of the PLN 1 billion bond issuance programme and listing on the Catalyst.
• Advised a consortium of banks on the establishment of an issue program and rollover of existing bonds with a total value of PLN 2.67 billion (EUR 617.6 million) by media group Cyfrowy Polsat.
• Advised a consortium of banks on the establishment of an issue program and rollover of existing bonds with a total value of PLN 1 billion (EUR 230 million) by media group Cyfrowy Polsat.
• Advised Polish gas producer and distributor PGNiG on establishing a bond program with total value of PLN 5 billion (EUR 1.16 billion).
• Advised Kofola S.A. and its main shareholders on migration to Czech Republic, dual listing on the Prague and Warsaw Stock Exchange and secondary public offering in Czech Republic, Poland and potentially Slovakia. Complex legal structure including where Polish listed company migrated to Czech Republic by way of exchange offer for shares in the newly issued company for shares in existing listed company, followed by listing in Prague and Warsaw and planned secondary public offering.
• Advised Exal, as transaction counsel, on a bond issue by a Slovak manufacturing company, including setting up a comprehensive security package.
• Advised Total Specific Solution (TSS0, a leading European Vertical Market Software group, on the acquisition of Simple Group through a successful public tender offer intended to acquire all shares issued by Simple S.A. listed on the Warsaw Stock Exchange S.A.
• Advised Polish Stem Cells Bank (PBKM)/ Family Cord Group in the procedure of approval to trading of M series shares at the main market of the Warsaw Stock Exchange S.A.
• Advised Polska Grupa Farmaceutyczna S.A. on the negotiations, establishment and implementation of the bond issuance programme and listings on the Catalyst.
• Advised Matexi on the issue of multijurisdictionally secured bonds. The entire issue was covered by a single bondholder, an entity from PZU Group, Poland’s largest insurer.

• Band 2, Capital Markets: Debt, Chambers Global, ranked since 2016
• Band 2, Capital Markets: Debt, Chambers and Partners Europe, ranked since 2014
• Leading Partner, Capital Markets, Legal 500 EMEA, ranked since 2021
• Rising Star Partner, Poland Capital Markets, IFLR1000, ranked since 2017
• Nominated as Banking, Finance and Capital Markets Next Generation Partner, Legal 500 CEE Awards, 2026

• Warsaw Bar Association