BGK to issue €500 mln debt on foreign markets

State-owned lender Bank Gospodarstwa Krajowego (BGK) will issue 10-year bonds on foreign markets this year, the government’s press office said on Tuesday. The face value of the issue will be €500 million. The Polish government approved a guarantee for BGK’s bonds the same day, for a total sum of €700 million. The securities will be issued as part of a eurobond program. The €500 million tranche will be the first stage of the scheme. Funds raised thanks to the guarantee will be used to finance the construction of national roads and motorways, the press office also said.