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 279 712 496 678 700
EUR 27 34 947 000 000
JPY 11 362 600 000 000
USD 7 14 350 000 000
CHF 4 2 530 000 000
CNY 1 3 000 000 000
municipal
PLN 78 3 837 639 000
EUR 1 55 000 000
corporate
PLN 726 76 128 295 272
EUR 75 11 174 375 110
USD 4 2 301 000 000
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
PKO Bank Polski, 0.75% 25jul2021, EUR - International bonds XS1650147660 0.75% 750 000 000  EUR 07/18/2017 07/25/2021
TAURON, 2.375% 5jul2027, EUR - International bonds XS1577960203 2.375% 500 000 000  EUR 06/28/2017 07/05/2027
PKO Bank Hipoteczny, 0.625% 24jan2023, EUR - International bonds XS1588411188 0.625% 500 000 000  EUR 03/23/2017 01/24/2023
Poland, 1.375% 22oct2027, EUR - International bonds XS1584894650 1.375% 1 000 000 000  EUR 03/16/2017 10/22/2027
Poland, 2.375% 18jan2036, EUR - International bonds XS1346201889 2.375% 2 000 000 000  EUR 03/16/2017 01/18/2036
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

Cbonds Bond Market Indices

Daily indices

Type: 07/26/2017 07/25/2017 07/24/2017 07/21/2017 07/20/2017 07/19/2017 07/18/2017
Euro-Cbonds Sovereign Poland
Euro-Cbonds Sovereign Poland  151.23 151.28 151.38 151.25 151.18 151.08 151.07
Euro-Cbonds Sovereign Poland PI 105.65 105.70 105.78 105.73 105.69 105.63 105.64
Euro-Cbonds Sovereign Poland D 1 574.00 1 575.00 1 576.00 1 575.00 1 576.00 1 576.00 1 577.00
Euro-Cbonds Sovereign Poland YTM 2.62 2.61 2.59 2.61 2.62 2.63 2.63
Euro-Cbonds Sovereign Poland YTM eff 2.64 2.63 2.61 2.63 2.64 2.65 2.65
Euro-Cbonds Sovereign Poland (EUR)
Euro-Cbonds Sovereign Poland EUR  156.89 156.94 156.96 156.87 156.68 156.67 156.55
Euro-Cbonds Sovereign Poland EUR PI 116.95 117.00 117.03 116.99 116.85 116.85 116.77
Euro-Cbonds Sovereign Poland EUR D 2 245.00 2 248.00 2 248.00 2 251.00 2 250.00 2 250.00 2 250.00
Euro-Cbonds Sovereign Poland EUR YTM 1.10 1.09 1.09 1.09 1.11 1.12 1.13
Euro-Cbonds Sovereign Poland EUR YTM eff 1.10 1.09 1.09 1.09 1.11 1.12 1.13
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World Bond Market Indicators

Monthly indices

Type Jun 2017 May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016
EU Long-term interest rates
Poland, % 3.19 3.35 3.42 3.66 3.81 3.68 3.54
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World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Polish international bonds, USD bln 65.000 65.000 64.900 65.900 64.100 63.000 64.600
BIS net issues of international-bond market of emerging countries
International-bond net issue of Poland, USD bln 0.800 3.100 1.300 3.200 -1.000 -0.300 0.700

Emerging Markets International Bonds

Monthly indices

Type Jun 2017 May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016
Eastern Europe International Bonds Markets
Poland Eurobonds, USD bln 74.355 72.986 71.778 71.305 71.615 73.097 71.566
Poland’s sovereign eurobonds, USD bln 60.673 60.049 58.966 58.416 58.670 59.414 58.266
Poland’s sovereign EUR eurobonds, USD bln 39.918 39.272 38.061 37.274 37.561 38.280 37.335
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 2.639 2.613 2.542 2.775 2.768 2.811 2.731
Poland’s sovereign JPY eurobonds, USD bln 3.224 3.274 3.478 3.482 3.454 3.437 3.318
Poland’s corporate eurobonds, USD bln 13.619 12.876 12.752 12.831 12.887 13.624 13.243
Poland’s municipal eurobonds, USD bln 0.063 0.062 0.060 0.059 0.058 0.059 0.058
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Currencies

Daily indices

Type: 07/27/2017 07/26/2017 07/25/2017 07/24/2017 07/21/2017 07/20/2017 07/19/2017
Exchange Rates (Emerging Markets)
CHF/PLN  3.8116 3.8404 3.8548 3.8489 3.8195 3.8276 3.8256
CNY/PLN  0.5397 0.5427 0.5409 0.5392 0.5365 0.5417 0.5402
EUR/PLN  4.2650 4.2611 4.2559 4.2413 4.2311 4.2117 4.2057
GBP/PLN  4.7774 4.7722 4.7589 4.7421 4.7190 4.7593 4.7530
JPY/PLN  0.0327 0.0328 0.0328 0.0329 0.0325 0.0326 0.0326
RUB/PLN  0.0612 0.0611 0.0610 0.0609 0.0616 0.0619 0.0617
UAH/PLN  0.1404 0.1415 0.1412 0.1410 0.1402 0.1412 0.1406
USD/PLN  3.6366 3.6661 3.6519 3.6395 3.6320 3.6604 3.6486
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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: 07/26/2017 07/25/2017 07/24/2017 07/21/2017 07/20/2017 07/19/2017 07/18/2017
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: 07/13/2017 07/12/2017 07/11/2017 07/10/2017 07/07/2017 07/06/2017 07/05/2017
Stock market (Eastern Europe)
WIG20 (Poland)  2 350.83 2 341.54 2 297.73 2 300.66 2 295.82 2 300.74 2 307.49
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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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150 000
issues: local and international bonds
170
countries
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150 000
issues: local and international bonds
170
countries
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