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 274 724 892 340 000
EUR 28 36 947 000 000
JPY 12 387 600 000 000
USD 8 14 450 000 000
CHF 5 2 780 000 000
CNY 1 3 000 000 000
municipal
PLN 77 3 637 639 000
EUR 1 55 000 000
corporate
PLN 696 77 046 232 488
EUR 70 11 046 534 110
USD 5 2 502 000 000
CZK 2 830 000 000
CNY 1 250 000 000
CHF 1 200 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
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) ***
Rating Agency RAEX (Expert RA) *** Foriegn curr. scale ***
Rating Agency RAEX (Expert RA) *** Local curr. scale ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Poland, 1.375% 22oct2027, EUR - International bonds XS1584894650 1.375% 1 000 000 000  EUR 03/16/2017 10/22/2027
Play Topco, 0% 15sep2022, EUR (2003D) - International bonds XS1533916885 0% <br> 5.375% Pay-In-Kind 500 000 000  EUR 03/13/2017 09/15/2022
Energa, 2.125% 7mar2027, EUR - International bonds XS1575640054 2.125% 300 000 000  EUR 02/28/2017 03/07/2027
Poland, 0.5% 20dec2021, EUR - International bonds XS1536786939 0.5% 750 000 000  EUR 12/12/2016 12/20/2021
Poland, 0% 7nov2018, EUR (730D) - International bonds XS1514045613 0% 250 000 000  EUR 10/27/2016 11/07/2018
BGK, 2% 3nov2036, EUR - International bonds XS1514171914 2% 100 000 000  EUR 10/27/2016 11/03/2036
Poland, 1% 25oct2028, EUR - International bonds XS1508566392 1% 750 000 000  EUR 10/18/2016 10/25/2028
Poland, 2% 25oct2046, EUR - International bonds XS1508566558 2% 500 000 000  EUR 10/18/2016 10/25/2046
PKO Bank Hipoteczny, 0.125% 24jun2022, EUR (ABS) - International bonds XS1508351357 0.125% 500 000 000  EUR 10/17/2016 06/24/2022
BGK, 1.75% 6may2026, EUR - International bonds XS1403619411 1.75% 700 000 000  EUR 10/14/2016 05/06/2026

Cbonds Bond Market Indices

Daily indices

Type: 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017
Euro-Cbonds Sovereign Poland
Euro-Cbonds Sovereign Poland  147.49 147.24 147.04 146.79 146.74 146.27 146.26
Euro-Cbonds Sovereign Poland PI 104.56 104.40 104.27 104.13 104.10 103.78 103.78
Euro-Cbonds Sovereign Poland D 1 658.00 1 658.00 1 658.00 1 660.00 1 658.00 1 657.00 1 658.00
Euro-Cbonds Sovereign Poland YTM 2.97 3.00 3.03 3.06 3.07 3.13 3.14
Euro-Cbonds Sovereign Poland YTM eff 2.99 3.03 3.05 3.09 3.09 3.16 3.16
Euro-Cbonds Sovereign Poland (EUR)
Euro-Cbonds Sovereign Poland EUR  155.29 155.27 155.28 155.31 155.28 155.45 155.43
Euro-Cbonds Sovereign Poland EUR PI 116.93 116.92 116.94 117.00 116.98 117.13 117.12
Euro-Cbonds Sovereign Poland EUR D 2 286.00 2 288.00 2 289.00 2 292.00 2 244.00 2 248.00 2 249.00
Euro-Cbonds Sovereign Poland EUR YTM 1.19 1.19 1.19 1.18 1.15 1.14 1.14
Euro-Cbonds Sovereign Poland EUR YTM eff 1.19 1.19 1.19 1.18 1.15 1.14 1.14
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World Bond Market Indicators

Monthly indices

Type Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016
EU Long-term interest rates
Poland, % 3.81 3.68 3.54 3.41 3.01 2.85 2.71
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World Bond market statistics

Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of emerging countries
Polish international bonds, USD bln 65.000 64.900 65.900 64.100 63.000 64.600 63.900
BIS net issues of international-bond market of emerging countries
International-bond net issue of Poland, USD bln 3.100 1.300 3.200 -1.000 -0.300 0.700 0.200

Emerging Markets International Bonds

Monthly indices

Type Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016
Eastern Europe International Bonds Markets
Poland Eurobonds, USD bln 71.615 73.097 71.566 71.340 73.693 72.493 71.572
Poland’s sovereign eurobonds, USD bln 58.670 59.414 58.266 57.518 59.463 59.136 58.296
Poland’s sovereign EUR eurobonds, USD bln 37.561 38.280 37.335 36.506 37.825 37.304 37.032
Poland’s sovereign USD eurobonds, USD bln 14.450 14.450 14.450 14.450 14.450 14.450 14.450
Poland’s sovereign CHF eurobonds, USD bln 2.768 2.811 2.731 2.735 2.810 2.862 2.826
Poland’s sovereign JPY eurobonds, USD bln 3.454 3.437 3.318 3.392 3.936 4.070 3.987
Poland’s corporate eurobonds, USD bln 12.887 13.624 13.243 13.763 14.169 13.295 13.214
Poland’s municipal eurobonds, USD bln 0.058 0.059 0.058 0.058 0.060 0.062 0.061
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Currencies

Daily indices

Type: 03/23/2017 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017
Exchange Rates (Emerging Markets)
CHF/PLN  3.9922 4.0001 3.9670 3.9876 4.0122 4.0320 4.0310
CNY/PLN  0.5763 0.5769 0.5734 0.5765 0.5780 0.5838 0.5881
EUR/PLN  4.2750 4.2855 4.2635 4.2821 4.3013 4.3165 4.3208
GBP/PLN  4.9577 4.9518 4.9201 4.9415 4.9466 4.9377 4.9610
JPY/PLN  0.0358 0.0357 0.0351 0.0353 0.0353 0.0355 0.0355
RUB/PLN  0.0690 0.0687 0.0691 0.0692 0.0691 0.0695 0.0689
UAH/PLN  0.1462 0.1474 0.1470 0.1481 0.1483 0.1493 0.1513
USD/PLN  3.9687 3.9651 3.9577 3.9702 3.9843 3.9991 4.0256
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Money market

Daily indices

Type: 03/30/2015 03/27/2015 03/26/2015 03/25/2015 03/24/2015 03/23/2015 03/20/2015
IRS PLN 
IRS PLN 1Y Act/Act Qtly vs 3M WIBOR bid * * * * * * *
IRS PLN 1Y Act/Act Qtly vs 3M WIBOR ask * * * * * * *
IRS PLN 1Y Act/Act Qtly vs 3M WIBOR mid * * * * * * *
IRS PLN 1Y Act/Act Ann vs 6M WIBOR bid * * * * * * *
IRS PLN 1Y Act/Act Ann vs 6M WIBOR ask * * * * * * *
IRS PLN 1Y Act/Act Ann vs 6M WIBOR mid * * * * * * *
IRS PLN 2Y Act/Act Ann vs 6M WIBOR bid * * * * * * *
IRS PLN 2Y Act/Act Ann vs 6M WIBOR ask * * * * * * *
IRS PLN 2Y Act/Act Ann vs 6M WIBOR mid * * * * * * *
IRS PLN 3Y Act/Act Ann vs 6M WIBOR bid * * * * * * *
IRS PLN 3Y Act/Act Ann vs 6M WIBOR ask * * * * * * *
IRS PLN 3Y Act/Act Ann vs 6M WIBOR mid * * * * * * *
IRS PLN 4Y Act/Act Ann vs 6M WIBOR bid * * * * * * *
IRS PLN 4Y Act/Act Ann vs 6M WIBOR ask * * * * * * *
IRS PLN 4Y Act/Act Ann vs 6M WIBOR mid * * * * * * *
IRS PLN 5Y Act/Act Ann vs 6M WIBOR bid * * * * * * *
IRS PLN 5Y Act/Act Ann vs 6M WIBOR ask * * * * * * *
IRS PLN 5Y Act/Act Ann vs 6M WIBOR mid * * * * * * *
IRS PLN 6Y Act/Act Ann vs 6M WIBOR bid * * * * * * *
IRS PLN 6Y Act/Act Ann vs 6M WIBOR ask * * * * * * *
IRS PLN 6Y Act/Act Ann vs 6M WIBOR mid * * * * * * *
IRS PLN 7Y Act/Act Ann vs 6M WIBOR bid * * * * * * *
IRS PLN 7Y Act/Act Ann vs 6M WIBOR ask * * * * * * *
IRS PLN 7Y Act/Act Ann vs 6M WIBOR mid * * * * * * *
IRS PLN 8Y Act/Act Ann vs 6M WIBOR bid * * * * * * *
IRS PLN 8Y Act/Act Ann vs 6M WIBOR ask * * * * * * *
IRS PLN 8Y Act/Act Ann vs 6M WIBOR mid * * * * * * *
IRS PLN 9Y Act/Act Ann vs 6M WIBOR bid * * * * * * *
IRS PLN 9Y Act/Act Ann vs 6M WIBOR ask * * * * * * *
IRS PLN 9Y Act/Act Ann vs 6M WIBOR mid * * * * * * *
IRS PLN 10Y Act/Act Ann vs 6M WIBOR bid * * * * * * *
IRS PLN 10Y Act/Act Ann vs 6M WIBOR ask * * * * * * *
IRS PLN 10Y Act/Act Ann vs 6M WIBOR mid * * * * * * *
IRS PLN 12Y Actual/365 Ann vs 6M WIBOR bid * * * * * * *
IRS PLN 12Y Actual/365 Ann vs 6M WIBOR ask * * * * * * *
IRS PLN 12Y Actual/365 Ann vs 6M WIBOR mid * * * * * * *
IRS PLN 15Y Act/Act Ann vs 6M WIBOR bid * * * * * * *
IRS PLN 15Y Act/Act Ann vs 6M WIBOR ask * * * * * * *
IRS PLN 15Y Act/Act Ann vs 6M WIBOR mid * * * * * * *
IRS PLN 20Y Actual/365 Ann vs 6M WIBOR bid * * * * * * *
IRS PLN 20Y Actual/365 Ann vs 6M WIBOR ask * * * * * * *
IRS PLN 20Y Actual/365 Ann vs 6M WIBOR mid * * * * * * *
IRS PLN 25Y Actual/365 Ann vs 6M WIBOR bid * * * * * * *
IRS PLN 25Y Actual/365 Ann vs 6M WIBOR ask * * * * * * *
IRS PLN 25Y Actual/365 Ann vs 6M WIBOR mid * * * * * * *
IRS PLN 30Y Actual/365 Ann vs 6M WIBOR bid * * * * * * *
IRS PLN 30Y Actual/365 Ann vs 6M WIBOR ask * * * * * * *
IRS PLN 30Y Actual/365 Ann vs 6M WIBOR mid * * * * * * *
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Periodic indices

Type: Current value Change Last update
Central Banks Rates
Reference Rate (Poland), %  1.50 -0.5 04.03.2015

Credit Risk Indicators

Daily indices

Type: 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017
CDS Interactive Data 
CDS 6M Poland * * * * * * *
CDS 1Y Poland * * * * * * *
CDS 2Y Poland * * * * * * *
CDS 3Y Poland * * * * * * *
CDS 4Y Poland * * * * * * *
CDS 5Y Poland * * * * * * *
CDS 7Y Poland * * * * * * *
CDS 10Y Poland * * * * * * *
CDS 15Y Poland * * * * * * *
CDS 20Y Poland * * * * * * *
CDS 30Y Poland * * * * * * *
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Stock market (World)

Daily indices

Type: 03/23/2017 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017
Stock market (Eastern Europe)
WIG20 (Poland)  2 235.33 2 223.84 2 252.57 2 281.45 2 296.97 2 283.70 2 229.87
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JP Morgan

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 (publication was suspended since 30.10.2013) 
EMBI Global Poland * * * * * * *
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Poland, 0% 8may2018, CHF (1096D)   CHF 05/08/2018 03/22/2017 ***.** -*.* 03/22/2017 ***.* -*.**
Poland, 0.5% 20dec2021, EUR   EUR 12/20/2021 03/22/2017 ***.** *.** 03/22/2017 ***.** *.**
Poland, 0.67% 15nov2018, JPY   JPY 11/15/2018 03/22/2017 ***.*** *.** 03/22/2017 ***.**** *.**
Poland, 0.875% 10may2027, EUR   EUR 05/10/2027 03/22/2017 ** *.* 03/22/2017 **.** *.**
Poland, 0.875% 14oct2021, EUR   EUR 10/14/2021 03/22/2017 ***.* *.* 03/22/2017 ***.** *.**
Poland, 1% 17sep2021, CHF   CHF 09/17/2021 03/22/2017 ***.** *.** 03/22/2017 ***.** -*.**
Poland, 1% 25oct2028, EUR   EUR 10/25/2028 03/22/2017 ** *.** 03/22/2017 **.** *.**
Poland, 1.05% 8nov2017, JPY   JPY 11/08/2017 03/22/2017 ***.**** *.** 03/22/2017 ***.**** *.**
Poland, 1.375% 22oct2027, EUR   EUR 10/22/2027 03/22/2017 **.** *.** 03/22/2017 **.* *.**
Poland, 1.5% 19jan2026, EUR   EUR 01/19/2026 03/22/2017 ***.** *.** 03/22/2017 ***.** *.**
Poland, 1.5% 9sep2025, EUR   EUR 09/09/2025 03/22/2017 ***.** *.** 03/22/2017 ***.** *.**
Poland, 1.625% 15jan2019, EUR   EUR 01/15/2019 03/22/2017 ***.* -*.** 03/22/2017 ***.** -*.**
Poland, 2% 25oct2046, EUR   EUR 10/25/2046 03/22/2017 **.** *.** 03/22/2017 **.** *.**
Poland, 2.240% 18feb2021, JPY   JPY 02/18/2021 03/22/2017 ***.**** *.** 03/22/2017 ***.**** *.**
Poland, 2.250% 15may2018, CHF   CHF 05/15/2018 03/22/2017 ***.** -*.** 03/22/2017 ***.** -*.**
Poland, 2.375% 18jan2036, EUR   EUR 01/18/2036 03/22/2017 ***.** *.** 03/22/2017 ***.** *.**
Poland, 2.620% 13nov2026, JPY   JPY 11/13/2026 03/22/2017 ***.**** *.** 03/22/2017 ***.**** *.**
Poland, 2.810% 16nov2037, JPY   JPY 11/16/2037 03/22/2017 ***.**** *.** 03/22/2017 ***.**** *.**
Poland, 3% 15jan2024, EUR   EUR 01/15/2024 03/22/2017 ***.** *.* 03/22/2017 ***.** *.**
Poland, 3.0% 17mar2023, USD   USD 03/17/2023 03/22/2017 **.** *.** 03/22/2017 **.** *.**
Poland, 3.0% 26jan2026, JPY   JPY 01/26/2026 03/22/2017 ***.**** *.** 03/22/2017 ***.**** *.**
Poland, 3.220% 4aug2034, JPY   JPY 08/04/2034 03/22/2017 ***.**** *.** 03/22/2017 ***.**** *.*
Poland, 3.25% 6apr2026, USD   USD 04/06/2026 03/22/2017 **.* *.** 03/22/2017 ** *.**
Poland, 3.250% 15may2019, CHF   CHF 05/15/2019 03/22/2017 ***.** -*.* 03/22/2017 ***.** -*.**
Poland, 3.375% 9jul2024, EUR   EUR 07/09/2024 03/22/2017 ***.** *.** 03/22/2017 ***.** *.**
Poland, 3.625% 21apr2017, CHF   CHF 04/21/2017 03/22/2017 ***.* -*.* 03/22/2017 ***.** -*.**
Poland, 3.750% 19jan2023, EUR   EUR 01/19/2023 03/22/2017 ***.** *.** 03/22/2017 ***.* *.**
Poland, 3.750% 29mar2017, EUR   EUR 03/29/2017 03/22/2017 ***.** -*.* 03/22/2017 ***.* -*.*
Poland, 4% 22jan2024, USD   USD 01/22/2024 03/22/2017 ***.*** *.** 03/22/2017 ***.** *.**
Poland, 4.0% 23mar2021, EUR   EUR 03/23/2021 03/22/2017 ***.*** *.** 03/22/2017 ***.* *.**
Poland, 4.20% 15apr2020, EUR   EUR 04/15/2020 03/22/2017 ***.** *.** 03/22/2017 ***.* *.**
Poland, 4.250% 20jul2055, EUR   EUR 07/20/2055 03/22/2017 ***.**** *.** 03/22/2017 ***.**** *.**
Poland, 4.450% 2feb2035, EUR   EUR 02/02/2035 03/22/2017 ***.*** *.** 03/22/2017 ***.*** *.**
Poland, 4.50% 18jan2022, EUR   EUR 01/18/2022 03/22/2017 ***.*** *.** 03/22/2017 ***.** *.**
Poland, 4.675% 15oct2019, EUR   EUR 10/15/2019 03/22/2017 ***.** -*.* 03/22/2017 ***.** -*.*
Poland, 5.0% 23mar2022, USD   USD 03/23/2022 03/22/2017 ***.** *.** 03/22/2017 ***.** *.**
Poland, 5.125% 15oct2024, EUR   EUR 10/15/2024 03/22/2017 ***.**** *.* 03/22/2017 ***.**** *.**
Poland, 5.125% 21apr2021, USD   USD 04/21/2021 03/22/2017 ***.*** *.* 03/22/2017 ***.** *.**
Poland, 5.250% 20jan2025, EUR   EUR 01/20/2025 03/22/2017 ***.** *.** 03/22/2017 ***.** *.**
Poland, 5.408% 19oct2035, USD   USD 10/19/2035 03/22/2017 ***.**** *.** 03/22/2017 ***.**** *.**
Poland, 5.625% 20jun2018, EUR   EUR 06/20/2018 03/22/2017 ***.** -*.** 03/22/2017 ***.** -*.**
Poland, 6.375% 15jul2019, USD   USD 07/15/2019 03/22/2017 ***.** *.** 03/22/2017 ***.** *.**
Poland, 7.750% 1jul2017, USD   USD 07/01/2017 03/22/2017 ***.**** *.** 03/22/2017 ***.**** *.**
BGK, 1.75% 6may2026, EUR   EUR 05/06/2026 03/22/2017 ***.* *.** 03/22/2017 ***.* *.**
CEDC, 10% 30apr2018, USD (Conv.)   USD 04/30/2018 03/22/2017 ** ***.** 03/22/2017 ** ***.**
Cognor, 7.5% 1feb2020, EUR   EUR 02/01/2020 03/22/2017 **.** **.** 03/22/2017 **.** **.**
Energa, 2.125% 7mar2027, EUR   EUR 03/07/2027 03/22/2017 **.** *.* 03/22/2017 **.** *.**
Energa, 3.25% 19mar2020, EUR   EUR 03/19/2020 03/22/2017 ***.* *.** 03/22/2017 ***.** *.*
mBank, 1.398% 26sep2020, EUR   EUR 09/26/2020 03/22/2017 ***.** *.** 03/22/2017 ***.** *.**
mBank, 2% 26nov2021, EUR   EUR 11/26/2021 03/22/2017 ***.** *.** 03/22/2017 ***.** *.**
mBank, 2.375% 1apr2019, EUR   EUR 04/01/2019 03/22/2017 ***.** *.** 03/22/2017 ***.** *.*
mBank, 2.5% 8oct2018, CHF   CHF 10/08/2018 03/22/2017 ***.* *.* 03/22/2017 ***.** *.**
PGE Polska Grupa Energetyczna, 1.625% 9jun2019, EUR   EUR 06/09/2019 03/22/2017 ***.* *.** 03/22/2017 ***.* *.**
PKN ORLEN, 2.5% 30jun2021, EUR   EUR 06/30/2021 03/22/2017 ***.** *.** 03/22/2017 ***.** *.**
PKN ORLEN, 2.5% 7jun2023, EUR   EUR 06/07/2023 03/22/2017 ***.* *.** 03/22/2017 ***.** *.**
PKO Bank Hipoteczny, 0.125% 24jun2022, EUR (ABS)   EUR 06/24/2022 03/22/2017 **.** *.** 03/22/2017 *
PKO Bank Polski, 2.324% 23jan2019, EUR   EUR 01/23/2019 03/22/2017 ***.** *.** 03/22/2017 ***.*** *.**
PKO Bank Polski, 4.63% 26sep2022, USD   USD 09/26/2022 03/22/2017 ***.* *.** 03/22/2017 ***.* *.**
Play Finance 2, 5.25% 1feb2019, EUR   EUR 02/01/2019 03/22/2017 ***.** *.** 03/22/2017 ***.** *.**
Play Finance 2, 6.5% 1aug2019, EUR   EUR 08/01/2019 03/22/2017 ***.* *.** 03/22/2017 ***.* *.**
Play Topco, 0% 15sep2022, EUR (2003D)   EUR 09/15/2022 03/22/2017 **.** * 03/22/2017 ***.** -*.**
Play Topco, 7.75% 28feb2020, EUR   EUR 02/28/2020 03/22/2017 *** *.* 03/22/2017 ***.** *.**
PZU, 1.375% 3jul2019, EUR   EUR 07/03/2019 03/22/2017 ***.** *.** 03/22/2017 ***.** *.**
Synthos, 4% 30sep2021, EUR   EUR 09/30/2021 03/22/2017 ***.** *.** 03/22/2017 ***.** *.**
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