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Poland: bonds

The Ministry of Finance of Poland is responsible for new government bond issues on behalf of the State Treasury. Polish sovereign debt market is the most developed in CEE region. According 2012 statistics the total amount of outstanding local bonds were USD 170.8 billion, while the outstanding eurobonds cost USD 64 billion.

Local government bond market has two main directions of retail bonds, which are dedicated for private investors, and T-bonds and T-bills, which serves for institutional investors purposes. Every month there are four series of retail bonds on 2, 3, 4 and 10 years to maturity date. Ministry of Finance organizes auctions of coupon T-bonds and zero-coupon T-bills. The eurobonds are nominated mainly in EUR, JPY and USD.

The main liquidity on a public debt market is concentrated on two trade systems of Catalyst bond market: BondSpot, dedicated for institutional investors, and Warsaw Stock Exchange, where private investors are involved.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
PLN 268 753 375 761 300
EUR 27 33 997 000 000
JPY 9 256 600 000 000
USD 6 10 850 000 000
CNY 1 3 000 000 000
CHF 1 500 000 000
municipal
PLN 92 3 437 369 000
corporate
PLN 617 78 784 550 772
EUR 62 12 110 328 900
CHF 3 705 000 000
USD 2 1 385 000 000
CZK 2 870 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Scope Ratings *** Issuer Rating ***
Scope Ratings *** Issuer Rating (foreign currency) ***
Scope Ratings *** Senior Unsecured Debt Rating ***
Scope Ratings *** Senior Unsecured Debt Rating (foreign currency) ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Fitch Ratings *** National Scale (Poland) ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
Registration required. Please log in or fill in the registration form.

Latest bond issues

issue ISIN coupon volume end of placement maturity date
mBank , 1.0183% 4oct2024, CHF - International bonds CH0467182454 1.0183% 125 000 000  CHF 04/02/2019 10/04/2024
Poland, 1% 7mar2029, EUR - International bonds XS1958534528 1% 1 500 000 000  EUR 02/28/2019 03/07/2029
Poland, 2% 8mar2049, EUR - International bonds XS1960361720 2% 500 000 000  EUR 02/28/2019 03/08/2049
PKO Bank Hipoteczny, 0.25% 23nov2021, EUR - International bonds XS1935261013 0.25% 500 000 000  EUR 01/21/2019 11/23/2021
Santander Bank Polska, 0.75% 20sep2021, EUR - International bonds XS1849525057 0.75% 500 000 000  EUR 09/11/2018 09/20/2021
mBank , 1.058% 5sep2022, EUR - International bonds XS1876097715 1.058% 500 000 000  EUR 08/29/2018 09/05/2022
Bank Gospodarstwa Krajowego, 1.375% 1jun2025, EUR - International bonds XS1829259008 1.375% 500 000 000  EUR 05/23/2018 06/01/2025
Bank Gospodarstwa Krajowego, 2% 1jun2030, EUR - International bonds XS1829261087 2% 500 000 000  EUR 05/23/2018 06/01/2030
mBank , 0.565% 7jun2022, CHF - International bonds CH0418609613 0.565% 180 000 000  CHF 05/23/2018 06/07/2022
mBank Hipoteczny, 1.073% 5mar2025, EUR - International bonds XS1812878889 1.073% 300 000 000  EUR 04/19/2018 03/05/2025

Свалка

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI Global Poland 133 138 137 146 140 140 141
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Stocks indices

Daily indices

Type: 09/27/2018 09/26/2018 09/25/2018 09/24/2018 09/21/2018 09/20/2018 09/19/2018
Stock market (Eastern Europe)
[1533] WIG20 (Poland)  2 315.07 2 304.45 2 290.19 2 280.60 2 257.47 2 258.63 2 259.10
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Forex

Daily indices

Type: 07/17/2019 07/16/2019 07/15/2019 07/12/2019 07/11/2019 07/10/2019 07/09/2019
FOREX rates
[3365] CHF/PLN  3.8434 3.8475 3.8512 3.8397 3.8406 3.8410 3.8282
[3375] CNY/PLN  0.5531 0.5507 0.5505 0.5508 0.5514 0.5531 0.5528
[3363] EUR/PLN  4.2644 4.2582 4.2673 4.2669 4.2682 4.2729 4.2637
[3367] GBP/PLN  4.7175 4.7214 4.7515 4.7513 4.7453 4.7508 4.7475
[3369] JPY/PLN  0.0351 0.0351 0.0351 0.0350 0.0350 0.0349 0.0350
[3371] RUB/PLN  0.0605 0.0603 0.0603 0.0601 0.0601 0.0597 0.0596
[3373] UAH/PLN  0.1471 0.1462 0.1471 0.1471 0.1468 0.1479 0.1494
[1457] USD/PLN  3.7981 3.7992 3.7842 3.7893 3.7915 3.7905 3.8092
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Credit Default Swaps (CDS)

Daily indices

Type: 07/17/2019 07/16/2019 07/15/2019 07/14/2019 07/12/2019 07/11/2019 07/10/2019
CDS Poland
[23571] CDS Poland 5Y 63.6000 63.1000 62.4000 62.4000 59.1000 63.4000 62.8000
[13605] CDS 6M Poland 17.7000 17.8500 17.7000   19.3500 19.5000 19.0500
[13667] CDS 1Y Poland 21.4300 21.6100 21.4100   23.3700 23.5400 22.9900
[13729] CDS 2Y Poland 28.4200 28.5600 28.4700   29.8500 30.0700 29.3600
[13791] CDS 3Y Poland 36.6200 36.7000 36.7900   37.1600 37.4400 36.5500
[13853] CDS 4Y Poland 48.5500 48.4400 48.1200   48.4100 48.7800 47.6200
[13915] CDS 5Y Poland 62.0100 61.6900 60.7200   61.2800 61.7700 60.3100
[13977] CDS 7Y Poland 84.0900 84.5500 85.3700   81.7100 82.6100 83.9300
[14039] CDS 10Y Poland 97.5200 98.1500 99.3000   94.3600 95.4000 96.9900
[14101] CDS 15Y Poland 108.7400 109.4200 110.6600   105.3400 106.4100 108.0600
[14163] CDS 20Y Poland 113.9000 114.5900 115.8200   110.5100 111.5700 113.1900
[14225] CDS 30Y Poland 119.1700 119.8300 120.9900   115.9200 116.9400 118.4800
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BIS

Quarterly indices

Type: I 2019 III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017
BIS international bonds outstanding volume
[10363] Polish international bonds, USD bln 74.800 76.100 75.400 80.400 76.900 71.300 67.800
BIS new international bonds volume
[10583] International-bond net issue of Poland, USD bln 1.000 1.100 -1.700 1.800 4.700 1.900 -0.500

International bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Eastern Europe international bonds outstanding volume
[21135] International bonds of Poland, USD bln 68.660 70.542 71.702 72.097 70.565 70.918 72.849
[21169] Corporate international bonds of Poland, USD bln 15.780 16.196 16.271 16.620 16.829 16.917 16.924
[21203] Sovereign international bonds of Poland, USD bln 52.880 54.285 55.369 55.415 53.673 53.938 55.862
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Central banks rates

Periodic indices

Type: Current value Change Last update
Eastern Europe central banks rates
[1552] Reference Rate (Poland), %  1.50 -0.5 04.03.2015

Default probability (based on CDS)

Daily indices

Type: 07/17/2019 07/16/2019 07/15/2019 07/12/2019 07/11/2019 07/10/2019 07/09/2019
Default Probability Poland (Interactive Data)
[20361] 6M Default Probability Poland 0.1000 0.1000 0.1000 0.1100 0.1200 0.1100 0.1200
[20423] 1Y Default Probability Poland 0.2700 0.2700 0.2700 0.3000 0.3000 0.2900 0.3000
[20485] 2Y Default Probability Poland 0.7400 0.7400 0.7400 0.7800 0.7900 0.7700 0.7800
[20547] 3Y Default Probability Poland 1.4500 1.4500 1.4500 1.4700 1.4800 1.4500 1.4600
[20609] 4Y Default Probability Poland 2.5700 2.5700 2.5500 2.5700 2.5900 2.5300 2.5600
[20671] 5Y Default Probability Poland 4.1200 4.1000 4.0400 4.0800 4.1200 4.0200 4.0600
[20733] 7Y Default Probability Poland 7.7900 7.8500 7.9300 7.5900 7.6800 7.8100 7.4100
[20795] 10Y Default Probability Poland 12.6900 12.7800 12.9300 12.3100 12.4500 12.6500 12.0300
[20857] 15Y Default Probability Poland 20.4800 20.6300 20.8400 19.9300 20.1200 20.4000 19.5400
[20919] 20Y Default Probability Poland 27.5200 27.6900 27.9500 26.8500 27.0800 27.4000 26.4000
[20981] 30Y Default Probability Poland 39.9200 40.1300 40.4100 39.1600 39.4300 39.7900 38.6500
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Interest Rate Swaps (IRS)

Daily indices

Type: 07/16/2019 07/15/2019 07/12/2019 07/11/2019 07/10/2019 07/09/2019 07/08/2019
IRS PLN
[7999] IRS PLN 1Y Act/Act Ann vs 6M WIBOR mid 1.718 1.715 1.720 1.728 1.715 1.710 1.705
[8001] IRS PLN 2Y Act/Act Ann vs 6M WIBOR mid 1.745 1.740 1.750 1.738 1.715 1.705 1.705
[8003] IRS PLN 3Y Act/Act Ann vs 6M WIBOR mid 1.750 1.743 1.755 1.743 1.723 1.703 1.705
[8005] IRS PLN 4Y Act/Act Ann vs 6M WIBOR mid 1.790 1.780 1.800 1.788 1.763 1.735 1.735
[8007] IRS PLN 5Y Act/Act Ann vs 6M WIBOR mid 1.845 1.830 1.858 1.843 1.813 1.773 1.775
[8009] IRS PLN 6Y Act/Act Ann vs 6M WIBOR mid 1.898 1.883 1.910 1.890 1.858 1.810 1.815
[8011] IRS PLN 7Y Act/Act Ann vs 6M WIBOR mid 1.945 1.928 1.955 1.935 1.898 1.848 1.855
[8013] IRS PLN 8Y Act/Act Ann vs 6M WIBOR mid 1.990 1.970 1.998 1.978 1.938 1.885 1.895
[8015] IRS PLN 9Y Act/Act Ann vs 6M WIBOR mid 2.033 2.013 2.040 2.018 1.975 1.923 1.935
[8017] IRS PLN 10Y Act/Act Ann vs 6M WIBOR mid 2.073 2.053 2.080 2.053 2.013 1.963 1.975
[8019] IRS PLN 12Y Actual/365 Ann vs 6M WIBOR mid 2.153 2.133 2.160 2.133 2.088 2.048 2.060
[8021] IRS PLN 15Y Act/Act Ann vs 6M WIBOR mid 2.273 2.253 2.280 2.253 2.200 2.175 2.188
[8023] IRS PLN 20Y Actual/365 Ann vs 6M WIBOR mid 2.363 2.343 2.370 2.343 2.290 2.265 2.278
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Historical yields (monthly)

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Yields for Western Europe long-term domestic bonds
[4305] Poland 10Y Government Bond Yield  2.35 2.72 2.76 2.75 2.69 2.78 2.94
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Euro-Cbonds Sovereign

Daily indices

Type: 07/16/2019 07/15/2019 07/12/2019 07/11/2019 07/10/2019 07/09/2019 07/08/2019
Euro-Cbonds Sovereign Poland
[3503] Euro-Cbonds Sovereign Poland  161.49 161.49 161.40 161.61 161.70 161.84 162.01
[3505] Euro-Cbonds Sovereign Poland PI 103.62 103.63 103.60 103.75 103.82 103.92 104.04
[3507] Euro-Cbonds Sovereign Poland D 1 228.00 1 230.00 1 233.00 1 234.00 1 235.00 1 236.00 1 238.00
[3509] Euro-Cbonds Sovereign Poland YTM 2.30 2.30 2.31 2.27 2.25 2.23 2.20
[3511] Euro-Cbonds Sovereign Poland YTM eff 2.31 2.31 2.32 2.28 2.27 2.24 2.21
Euro-Cbonds Sovereign Poland (EUR)
[3523] Euro-Cbonds Sovereign Poland EUR  166.46 166.44 166.32 166.46 166.54 166.76 166.75
[3525] Euro-Cbonds Sovereign Poland EUR PI 117.47 117.46 117.40 117.51 117.58 117.74 117.74
[3527] Euro-Cbonds Sovereign Poland EUR D 2 175.00 2 176.00 2 177.00 2 181.00 2 182.00 2 184.00 2 180.00
[3529] Euro-Cbonds Sovereign Poland EUR YTM 0.47 0.47 0.48 0.47 0.46 0.44 0.44
[3531] Euro-Cbonds Sovereign Poland EUR YTM eff 0.47 0.47 0.48 0.47 0.46 0.44 0.44
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Eastern Europe new international bonds volume
[19649] Annual new issues of Poland corporate international bonds, USD bln 3.501 5.099 2.845 0.684 6.647
[19683] Annual new issues of Poland corporate international bonds, (financial sector) USD bln 3.501 3.295 2.006 0.465 2.679
[19717] Annual new issues of Poland corporate international bonds, (non-financial sector) USD bln 0.000 1.805 0.839 0.219 3.967
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