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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 268 710 828 629 500
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 76 3 834 839 000
EUR 1 55 000 000
corporate
PLN 725 77 491 650 772
EUR 73 11 179 655 110
USD 2 1 636 000 000
CZK 2 830 000 000
CHF 2 600 000 000
CNY 1 250 000 000

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) *** Foreign curr. scale ***
Rating Agency RAEX (Expert RA) *** Local curr. scale ***
National Rating Agency *** Global scale ***
Registration required. Please log in or fill in the registration form.

Latest bond issues

issue ISIN coupon volume end of placement maturity date
PKO Bank Polski, 0.3% 2nov2021, CHF - International bonds CH0385997074 0.3% 400 000 000  CHF 10/19/2017 11/02/2021
Echo Investment, FRN 11oct2022, PLN (F) - Domestic bonds PLECHPS00233 6m WIBOR + 2.9% 125 000 000  PLN 10/11/2017 10/11/2022
PKN ORLEN, FRN 19sep2021, PLN (A) - Domestic bonds PLPKN0000158 6m WIBOR + 1% 200 000 000  PLN 10/06/2017 09/19/2021
MCI.PrivateVentures FIZ, FRN 2oct2020, PLN (P1A) - Domestic bonds 6m WIBOR + 3.5% 30 000 000  PLN 10/03/2017 10/02/2020
Aforti Holding, 7.5% 30sep2019, PLN (N41) - Domestic bonds 7.5% 985 000  PLN 09/29/2017 09/30/2019
Aforti Holding, 7.5% 30sep2019, PLN (N40) - Domestic bonds 7.5% 644 000  PLN 09/28/2017 09/30/2019
Aforti Holding, 7.5% 30sep2019, PLN (N39) - Domestic bonds 7.5% 763 000  PLN 09/28/2017 09/30/2019
Aforti Holding, 7.5% 23sep2019, PLN (N38) - Domestic bonds 7.5% 951 000  PLN 09/21/2017 09/23/2019
PKO Bank Hipoteczny, 0.75% 27aug2024, EUR - International bonds XS1690669574 0.75% 500 000 000  EUR 09/20/2017 08/27/2024
Aforti Holding, 7.5% 16sep2019, PLN (N37) - Domestic bonds 7.5% 580 000  PLN 09/14/2017 09/16/2019

Cbonds Bond Market Indices

Daily indices

Type: 10/18/2017 10/17/2017 10/16/2017 10/13/2017 10/12/2017 10/11/2017 10/10/2017
Euro-Cbonds Sovereign Poland
Euro-Cbonds Sovereign Poland  152.90 152.91 152.87 152.79 152.73 152.69 152.66
Euro-Cbonds Sovereign Poland PI 105.78 105.81 105.79 105.78 105.74 105.73 105.72
Euro-Cbonds Sovereign Poland D 1 509.00 1 511.00 1 511.00 1 514.00 1 515.00 1 516.00 1 517.00
Euro-Cbonds Sovereign Poland YTM 2.50 2.49 2.50 2.51 2.52 2.52 2.52
Euro-Cbonds Sovereign Poland YTM eff 2.52 2.51 2.52 2.52 2.54 2.54 2.54
Euro-Cbonds Sovereign Poland (EUR)
Euro-Cbonds Sovereign Poland EUR  158.34 158.36 158.33 158.21 158.19 158.07 158.18
Euro-Cbonds Sovereign Poland EUR PI 117.26 117.29 117.28 117.21 117.21 117.13 117.22
Euro-Cbonds Sovereign Poland EUR D 2 167.00 2 168.00 2 168.00 2 167.00 2 168.00 2 168.00 2 170.00
Euro-Cbonds Sovereign Poland EUR YTM 0.98 0.98 0.98 0.99 0.99 1.00 0.99
Euro-Cbonds Sovereign Poland EUR YTM eff 0.98 0.98 0.98 0.99 0.99 1.00 0.99
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Exchange Bond Indices

Daily indices

Type: 10/19/2017 10/18/2017 10/17/2017 10/16/2017 10/13/2017 10/12/2017 10/11/2017
TBSP Index
Treasury BondSpot Poland Index  1 745.17 1 743.81 1 744.85 1 745.82 1 744.20 1 740.25 1 738.82
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World Bond Market Indicators

Monthly indices

Type Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017 Apr 2017 Mar 2017
EU Long-term interest rates
Poland, % 3.26 3.33 3.30 3.19 3.35 3.42 3.66
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World Bond market statistics

Monthly indices

Type Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017 Apr 2017 Mar 2017
Domestic government bond market (Eastern Europe)
Polish govt Bonds outst., EUR bln (without Bills) 197.94 196.29 197.01 205.34 206.27 202.16 201.87
Number of new government bond issues, Poland 9 9 6 15 7 5 8
New issues of government bonds, Poland, EUR bln 3.13 2.97 0.12 2.76 2.74 3.30 3.51
New issues of government bonds, Poland, USD mln 3 730.95 3 508.76 136.43 3 090.13 3 062.22 3 579.85 3 713.31
Domestic corporate bond market (Eastern Europe) (without bills)
Polish corporate bonds outst., EUR bln 18.96 19.32 18.79 19.21 19.47 19.39 19.17
New issues of corporate bonds, Poland, USD mln 0.00 0.00 0.00 0.00 0.00 0.00 0.00
New issues of corporate bonds, Poland (fin. sector), USD mln 0.00 0.00 0.00 0.00 0.00 0.00 0.00
New issues of corporate bonds, Poland (non-fin. sector), USD mln 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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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

Polish Bond Market statistics

Daily indices

Type: 10/18/2017 10/17/2017 10/16/2017 10/13/2017 10/12/2017 10/11/2017 10/10/2017
Turnover of financial market segments (Poland)
Governement bond turnover on Warsaw SE, PLN ths 255.63 962.94 482.66 182.33 188.79 641.59 1 748.54
Number of deals with government bonds on Warsaw SE 17 16 28 7 11 19 33
Number of government bond issues traded on Warsaw SE 10 8 11 4 5 8 12
Corporate bond turnover on Warsaw SE, PLN ths 7 041.92 5 491.98 5 466.34 2 940.18 6 246.76 3 692.68 4 524.85
Number of deals with corporate bonds on Warsaw SE 283 302 264 272 285 261 235
Number of corporate bond issues traded on Warsaw SE 96 91 84 96 100 91 69
Municipal bond turnover on Warsaw SE, PLN ths 0.00 0.00 0.00 0.00 11.76 0.00 0.00
Number of deals with municipal bonds on Warsaw SE 0 0 0 0 1 0 0
Number of municipal bond issues traded on Warsaw SE 0 0 0 0 1 0 0
Corporate bond turnover on BondSpot, PLN ths 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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Monthly indices

Type Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017 Apr 2017 Mar 2017
Turnover of financial market segments (Poland)
Governement bond turnover on Warsaw SE, PLN mln 29.94   7.76 25.45 25.46 23.19 39.94
Corporate bond turnover on Warsaw SE, PLN mln 128.81   30.77 87.87 86.93 75.59 80.23
Municipal bond turnover on Warsaw SE, PLN mln 0.03 0.00 0.00 0.54 0.00 0.52 0.06
Corporate bond turnover on BondSpot, PLN mln     5.56 2.57 131.96 6.70 35.81
Corporate bond market (Poland)
Corporate bonds outst., Poland, PLN mln 78 496.95 79 175.90 76 834.11 78 036.83 78 275.33 78 871.10 78 084.54
Financial inst. bonds outst., Poland, PLN mln 55 583.31 55 933.77 53 671.10 54 704.13 51 994.10 52 030.11 51 197.41
Non-financial inst. bonds outst., Poland, PLN mln 22 498.62 23 070.33 23 077.01 23 044.81 23 102.12 26 487.63 26 634.29
Mortgage bonds outst., Poland, PLN mln 5 629.80 5 629.80 5 629.80 5 629.80 5 564.80 5 565.37 5 265.37
Cooperative bonds outst., Poland, PLN mln 605.09 605.09 605.09 605.09 605.09 605.09 565.09
New issues of corporate bonds, Poland, PLN mln 7.38 2 885.08 113.20 3 210.22 1 749.32 1 182.91 968.24
New issues of financial inst. bonds, Poland, PLN mln 4.38 2 780.00 0.00 2 889.72 1 468.34 1 049.26 477.79
New issues of non-financial inst. bonds, Poland, PLN mln 0.00 105.08 113.20 319.50 280.97 133.64 490.45
New issues of mortgage bonds, Poland, PLN mln 0.00 0.00 0.00 265.00 0.00 500.00 0.00
New issues of cooperative bonds, Poland, PLN mln 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Number of corporate bonds issues, outst., Poland 781 776 774 790 789 781 755
Number of financial inst. bonds issues , outst., Poland 417 407 404 412 404 398 381
Number of non-financial inst. bonds issues, outst., Poland 357 367 366 366 360 368 365
Number of mortgage bonds issues, outst., Poland 46 46 46 46 46 46 46
Number of cooperative bonds issues, outst., Poland 34 34 34 34 34 34 32
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Periodic indices

Type: Current value Change Last update
Government bond market (Poland)
Treasury bonds outst., Poland, PLN mln 852 961.48 16401.91 29.09.2017
New issues of treasury bonds, Poland, PLN mln 0.00 -4907.03 29.09.2017
Number of treasury bonds issues, outst., Poland 272 -4 29.09.2017
Municipal bond market (Poland)
Municipal bonds outst., Poland, PLN mln 3 819.44 -0.8 29.09.2017
New issues of municipal bonds, Poland, PLN mln 0.00 0 29.09.2017
Number of municipal bonds issues, outst., Poland 76 -1 29.09.2017

Emerging Markets International Bonds

Monthly indices

Type Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017 Apr 2017 Mar 2017
Eastern Europe International Bonds Markets
Poland Eurobonds, USD bln 75.866 76.430 76.085 74.355 72.986 71.778 71.305
Poland’s sovereign eurobonds, USD bln 61.934 62.338 62.062 60.673 60.049 58.966 58.416
Poland’s sovereign EUR eurobonds, USD bln 41.300 41.596 41.363 39.918 39.272 38.061 37.274
Poland’s sovereign USD eurobonds, USD bln 14.350 14.350 14.350 14.450 14.450 14.450 14.450
Poland’s sovereign CHF eurobonds, USD bln 2.612 2.639 2.615 2.639 2.613 2.542 2.775
Poland’s sovereign JPY eurobonds, USD bln 3.221 3.298 3.288 3.224 3.274 3.478 3.482
Poland’s corporate eurobonds, USD bln 13.867 14.026 13.958 13.619 12.876 12.752 12.831
Poland’s municipal eurobonds, USD bln 0.065 0.065 0.065 0.063 0.062 0.060 0.059
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Currencies

Daily indices

Type: 10/19/2017 10/18/2017 10/17/2017 10/16/2017 10/13/2017 10/12/2017 10/11/2017
Exchange Rates (Emerging Markets)
CHF/PLN  3.6695 3.6733 3.6796 3.6914 3.6927 3.6969 3.7144
CNY/PLN  0.5417 0.5438 0.5435 0.5463 0.5470 0.5465 0.5502
EUR/PLN  4.2381 4.2293 4.2313 4.2449 4.2603 4.2705 4.2836
GBP/PLN  4.7208 4.7392 4.7709 4.7889 4.7909 4.7635 4.7803
JPY/PLN  0.0319 0.0320 0.0321 0.0322 0.0321 0.0321 0.0323
RUB/PLN  0.0624 0.0628 0.0627 0.0629 0.0625 0.0624 0.0626
UAH/PLN  0.1354 0.1363 0.1359 0.1358 0.1358 0.1353 0.1366
USD/PLN  3.5820 3.5886 3.5974 3.5906 3.5950 3.6064 3.6013
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Interbank market

Daily indices

Type: 10/18/2017 10/17/2017 10/16/2017 10/13/2017 10/12/2017 10/11/2017 10/10/2017
WIBID
WIBID ON 1.42 1.47 1.37 1.32 1.31 1.32 1.31
WIBID TN 1.42 1.46 1.37 1.32 1.32 1.32 1.31
WIBID 1W 1.42 1.42 1.40 1.40 1.40 1.40 1.40
WIBID 2W 1.42 1.42 1.42 1.42 1.42 1.42 1.42
WIBID 1M 1.46 1.46 1.46 1.46 1.46 1.46 1.46
WIBID 3M 1.53 1.53 1.53 1.53 1.53 1.53 1.53
WIBID 6M 1.61 1.61 1.61 1.61 1.61 1.61 1.61
WIBID 9M 1.63 1.63 1.63 1.63 1.63 1.63 1.63
WIBID 1Y 1.65 1.65 1.65 1.65 1.65 1.65 1.65
WIBOR
WIBOR ON 1.69 1.77 1.63 1.59 1.58 1.58 1.57
WIBOR TN 1.69 1.76 1.63 1.59 1.58 1.58 1.58
WIBOR 1W 1.62 1.62 1.60 1.60 1.60 1.60 1.60
WIBOR 2W 1.62 1.62 1.62 1.62 1.62 1.62 1.62
WIBOR 1M 1.66 1.66 1.66 1.66 1.66 1.66 1.66
WIBOR 3M 1.73 1.73 1.73 1.73 1.73 1.73 1.73
WIBOR 6M 1.81 1.81 1.81 1.81 1.81 1.81 1.81
WIBOR 9M 1.83 1.83 1.83 1.83 1.83 1.83 1.83
WIBOR 1Y 1.85 1.85 1.85 1.85 1.85 1.85 1.85
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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: 10/19/2017 10/18/2017 10/17/2017 10/16/2017 10/13/2017 10/12/2017 10/11/2017
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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mBank

Daily indices

Type: 10/18/2017 10/17/2017 10/16/2017 10/13/2017 10/12/2017 10/11/2017 10/10/2017
mBank Polish Corporate Bond Index
mBank Polish Corporate Bond Index  127.58 127.44 127.46 127.48 127.41 127.22 127.29
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Macroeconomic Indicators (World economy)

Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
International Reserves
Poland International Reserves, USD bln 114.392 111.919 110.267 100.532 97.447 100.813 104.061
External Debt
Poland Gross External Debt, USD bln   352.418 344.933 340.515 329.445 343.301 341.560
Poland Government External Debt, USD bln   137.831 133.937 133.544 136.382 137.809 134.822
Poland Corporate External Debt, USD bln   214.587 210.996 206.000 193.063 197.882 197.891

Stock market (World)

Daily indices

Type: 10/19/2017 10/18/2017 10/17/2017 10/16/2017 10/13/2017 10/12/2017 07/13/2017
Stock market (Eastern Europe)
WIG20 (Poland)  2 467.49 2 502.34 2 514.36 2 534.52 2 528.16 2 537.69 2 350.83
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