International banks inevitably capture a large share of international debt issuance from Poland, notably the sovereign and large commercial banks. But Trigon remains a national success story in investment banking as a purely Polish and private-sector player. It has a large local team that includes one of the country’s most extensive equity research capabilities.
AfE 2024
This year Trigon detailed six inbound and outbound M&A deals as well as 14 equity capital market transactions, as equity issuance slowly returned to health. The firm also points to nine leveraged finance and debt capital market roles.
Among the deals that it considers most notable was a role as adviser and tender-offer agent to betting and gaming company Entain on the preparation and execution of a Zl3.8 billion public tender offer for Polish sports betting company STS Holding.
Trigon, in addition, was joint bookrunner on the Zl505 million secondary public offer of footwear firm CCC, the largest transaction of its kind in Poland in 2023. It was also sole global coordinator and bookrunner on the Zl134 million capital increase and placement of stock in gaming company People Can Fly for Korean game producer and publisher Krafton.
On the debt side, it was sole financial adviser to Cyfrowy Polsat, the country’s largest media and telecommunications group and a longstanding client, on senior facilities worth Zl10.6 billion. And it was global coordinator and sole offering agent to Cyfrowy Polsat on an Zl820 million 6.5-year sustainability-linked bond.
Other debt-financing work at Trigon includes acting as sole financial adviser to consumer-goods wholesale retailer Eurocash on senior financing facilities worth Zl1 billion, among many other deals.