Citigroup, the US investment bank, today led Poland's first exchangeable bond with the sale of a stake in Bank Handlowy w Warsawie, the Polish Bank. The issue increased in size from $400m (€308m) to $436.5m.

The bond was designed to reduce Citibank's stake in the Polish bank. Citibank, Citigroup's commercial banking unit, owns 89.3% of Bank Handlowy but is legally required to reduce its holding to 75%. Citigroup is sole bookrunner on the issue.