Lombard loans on the Warsaw.
Private credit against Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie)-listed shares — pledged, not sold.
A Lombard loan against Warsaw-listed shares is credit secured by a pledge of equity listed on the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie). The holder pledges the shares, draws cash against a fraction of their market value, retains ownership and dividends subject to structuring, and recovers the position on repayment.
- Facilities are arranged against equity listed on the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie) (GPW), Warsaw.
- The pledge preserves ownership, dividends, and the upside for the holder.
- Loan-to-value is set per line; funded in PLN or cross-currency.
- Structured under KNF, with disclosure from 5%.
The venue
The largest equity venue in Central and Eastern Europe, with a substantial state-owned-enterprise listing footprint. Free-float and government-stake characteristics are central to eligibility analysis for institutional positions.
Regulator and disclosure
The Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie) operates under Komisja Nadzoru Finansowego (KNF). Polish Act on Public Offering: voting-rights notifications required at 5%, 10%, 15%, 20%, 25%, 33%, 50%, 75%, 90%. A pledge over a substantial line is arranged with that reporting regime in view, so that the facility is both discreet and compliant, and so that positions near a control or takeover threshold are not disturbed.
Structuring a facility here
Lombard facilities against Warsaw-listed shares are typically arranged for a tenor of twelve to thirty-six months, funded in PLN or another currency on a cross-currency basis, with the collateral held by a qualified custodian under bankruptcy-remote arrangements. Non-recourse, limited-recourse, and full-recourse structures are available; the choice interacts with the loan-to-value and the spread.
| Exchange | Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie) (GPW) |
|---|---|
| City · Country | Warsaw · Poland |
| Regulator | Komisja Nadzoru Finansowego (KNF) |
| Disclosure | From 5% |
| Principal indices | WIG20, WIG40, WIG-Total |
| Segments | Main Market; NewConnect (growth) |
| Currency · Tenor | PLN · 12–36 months |
| Recourse | Non-recourse / limited-recourse / full-recourse |
Financing a position listed on the Warsaw?
Request terms →See also the country overview: Lombard loans in Poland.
Other exchanges in the region.
On this market, specifically.
Liquidity and the index
Warsaw is the largest exchange in Central and Eastern Europe, with the WIG20 large caps heading a main market that also runs the NewConnect growth board. A defining feature is the weight of state-owned enterprises, where a large government stake reduces the free float genuinely available to trade — a point that matters directly when sizing a Lombard loan against a holding in such a name. In the more liquid, widely-held constituents we can advance against a substantial position with room to hedge; in thinner or state-influenced lines we take a more cautious advance rate accordingly.
Structuring notes
Settlement runs through KDPW, the Polish central securities depository, so a Lombard credit against Warsaw-listed equity is documented locally while the shares stay in the client's ownership, dividends and votes retained. The structuring question here is often free float: where the state or a founder holds a dominant block, a private client's stake may still be sizeable relative to what trades, so we set the advance rate to real liquidity and watch the disclosure thresholds. Documentation follows Polish law on disclosure and takeovers, and the facility is drawn to preserve the client's control of the position.