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 277 738 160 760 000
EUR 27 34 947 000 000
JPY 12 387 600 000 000
USD 8 14 450 000 000
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 733 77 597 040 588
EUR 72 10 207 554 110
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
BEST, FRN 21jun2022, PLN (R4) - Domestic bonds 5.1% 60 000 000  PLN 06/21/2017 06/21/2022
Poland, 2.1% 1may2019, PLN (DOS0519) - Domestic bonds PL0000109898 2.1% 1 000 000 000  PLN 05/31/2017 05/01/2019
Poland, FRN 1may2020, PLN (TOZ0520) - Domestic bonds PL0000109922 2% 500 000 000  PLN 05/31/2017 05/01/2020
Poland, FRN 1may2021, PLN (COI0521) - Domestic bonds PL0000109906 2.4% 500 000 000  PLN 05/31/2017 05/01/2021
Poland, FRN 1may2027, PLN (EDO0527) - Domestic bonds PL0000109914 2.7% 500 000 000  PLN 05/31/2017 05/01/2027
Poland, FRN 1may2023, PLN (ROS0523) - Domestic bonds PL0000109930 2.8% 500 000 000  PLN 05/31/2017 05/01/2023
Poland, FRN 1may2029, PLN (ROD0529) - Domestic bonds PL0000109948 3.2% 500 000 000  PLN 05/31/2017 05/01/2029
GETIN NOBLE BANK, FRN 31may2024, PLN (PP6-VII) - Domestic bonds 6.3% 40 000 000  PLN 05/31/2017 05/31/2024
J.W. Construction Holding, FRN 29may2020, PLN (JWC0520) - Domestic bonds 6m WIBOR + margin 70 000 000  PLN 05/29/2017 05/29/2020
Kleba Invest, 7% 26may2019, PLN (A1) - Domestic bonds 7% 5 000 000  PLN 05/26/2017 05/26/2019

Cbonds Bond Market Indices

Daily indices

Type: 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/12/2017 05/11/2017
Euro-Cbonds Sovereign Poland
Euro-Cbonds Sovereign Poland  149.56 149.47 149.42 149.35 149.30 149.14 149.05
Euro-Cbonds Sovereign Poland PI 105.31 105.26 105.24 105.20 105.18 105.11 105.06
Euro-Cbonds Sovereign Poland D 1 622.00 1 623.00 1 623.00 1 624.00 1 626.00 1 628.00 1 629.00
Euro-Cbonds Sovereign Poland YTM 2.76 2.77 2.78 2.79 2.79 2.81 2.82
Euro-Cbonds Sovereign Poland YTM eff 2.78 2.79 2.80 2.81 2.81 2.83 2.84
Euro-Cbonds Sovereign Poland (EUR)
Euro-Cbonds Sovereign Poland EUR  156.13 156.11 156.10 156.07 156.05 155.99 155.93
Euro-Cbonds Sovereign Poland EUR PI 117.02 117.02 117.01 117.01 117.00 116.98 116.94
Euro-Cbonds Sovereign Poland EUR D 2 245.00 2 246.00 2 247.00 2 247.00 2 248.00 2 250.00 2 251.00
Euro-Cbonds Sovereign Poland EUR YTM 1.12 1.12 1.12 1.13 1.13 1.13 1.14
Euro-Cbonds Sovereign Poland EUR YTM eff 1.12 1.12 1.12 1.13 1.13 1.13 1.14
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Exchange Bond Indices

Daily indices

Type: 05/22/2017 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/12/2017
TBSP Index
Treasury BondSpot Poland Index  1 717.71 1 717.53 1 717.21 1 717.76 1 715.69 1 715.88 1 717.81
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World Bond Market Indicators

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
EU Long-term interest rates
Poland, % 3.42 3.66 3.81 3.68 3.54 3.41 3.01
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World Bond market statistics

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
Domestic government bond market (Eastern Europe)
Polish govt Bonds outst., EUR bln (without Bills) 202.16 201.87 195.21 191.12 187.21 183.90 192.02
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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

Polish Bond Market statistics

Daily indices

Type: 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/12/2017 05/11/2017
Turnover of financial market segments (Poland)
Governement bond turnover on Treasure BondSpot Poland, PLN ths 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Number of deals with government bonds on Treasure BondSpot Poland 0 0 0 0 0 0 0
Number of government bond issues traded on Treasure BondSpot Poland 0 0 0 0 0 0 0
Governement bond turnover on Warsaw SE, PLN ths 1 185.52 816.74 1 824.51 1 672.20 532.82 1 049.12 2 402.60
Number of deals with government bonds on Warsaw SE 21 36 33 47 24 27 40
Number of government bond issues traded on Warsaw SE 10 16 12 15 17 11 15
Corporate bond turnover on Warsaw SE, PLN ths 3 382.07 6 259.53 4 022.78 5 193.36 3 400.21 5 079.39 4 976.75
Number of deals with corporate bonds on Warsaw SE 245 336 338 267 261 286 268
Number of corporate bond issues traded on Warsaw SE 82 110 102 80 100 86 94
Municipal bond turnover on Warsaw SE, PLN ths 0.00 0.00 0.00 1.13 0.00 0.00 0.00
Number of deals with municipal bonds on Warsaw SE 0 0 0 1 0 0 0
Number of municipal bond issues traded on Warsaw SE 0 0 0 1 0 0 0
Corporate bond turnover on BondSpot, PLN ths 0.00 726.23 0.00 204.66 0.00 0.00 0.00
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Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
Turnover of financial market segments (Poland)
Government bond turnover on Treasure BondSpot Poland, PLN mln 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Governement bond turnover on Warsaw SE, PLN mln 23.19 39.94 23.70 26.55 28.82 31.90 18.02
Corporate bond turnover on Warsaw SE, PLN mln 75.59 80.23 90.17 94.10 87.18 91.08 81.76
Municipal bond turnover on Warsaw SE, PLN mln 0.52 0.06 0.04 0.21 0.16 0.04 0.08
Corporate bond turnover on BondSpot, PLN mln 6.70 35.81 14.23 5.52 29.99 11.35 14.59
Corporate bond market (Poland)
Corporate bonds outst., Poland, PLN mln 78 846.10 78 084.54 78 065.65 76 609.51 75 851.81 81 465.55 81 538.21
Financial inst. bonds outst., Poland, PLN mln 52 005.11 51 197.41 51 649.80 50 618.67 50 275.70 50 732.72 50 492.40
Non-financial inst. bonds outst., Poland, PLN mln 26 774.85 26 634.29 26 318.35 25 679.78 25 555.59 26 517.64 30 278.67
Mortgage bonds outst., Poland, PLN mln 5 565.37 5 265.37 5 265.37 5 240.47 5 240.47 5 315.47 5 367.47
Cooperative bonds outst., Poland, PLN mln 605.09 565.09 566.69 566.69 566.69 568.69 568.69
New issues of corporate bonds, Poland, PLN mln 1 182.91 968.24 1 744.51 728.42 1 197.15 432.12 1 585.30
New issues of financial inst. bonds, Poland, PLN mln 1 049.26 477.79 1 638.80 642.00 399.10 222.12 941.02
New issues of non-financial inst. bonds, Poland, PLN mln 133.64 490.45 105.71 326.42 798.05 210.00 644.28
New issues of mortgage bonds, Poland, PLN mln 500.00 0.00 24.90 0.00 0.00 48.00 50.00
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 780 755 732 698 679 690 706
Number of financial inst. bonds issues , outst., Poland 397 381 379 370 353 352 351
Number of non-financial inst. bonds issues, outst., Poland 374 365 344 320 322 321 340
Number of mortgage bonds issues, outst., Poland 46 46 46 45 45 46 45
Number of cooperative bonds issues, outst., Poland 34 32 33 33 33 34 34
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Periodic indices

Type: Current value Change Last update
Government bond market (Poland)
Treasury bonds outst., Poland, PLN mln 859 485.09 664.02 28.04.2017
New issues of treasury bonds, Poland, PLN mln 3 500.00 0 28.04.2017
Number of treasury bonds issues, outst., Poland 275 1 28.04.2017
Municipal bond market (Poland)
Municipal bonds outst., Poland, PLN mln 3 833.64 200 28.04.2017
New issues of municipal bonds, Poland, PLN mln 0.00 0 28.04.2017
Number of municipal bonds issues, outst., Poland 78 1 28.04.2017

Emerging Markets International Bonds

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
Eastern Europe International Bonds Markets
Poland Eurobonds, USD bln 71.778 71.305 71.615 73.097 71.566 71.340 73.693
Poland’s sovereign eurobonds, USD bln 58.966 58.416 58.670 59.414 58.266 57.518 59.463
Poland’s sovereign EUR eurobonds, USD bln 38.061 37.274 37.561 38.280 37.335 36.506 37.825
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 2.542 2.775 2.768 2.811 2.731 2.735 2.810
Poland’s sovereign JPY eurobonds, USD bln 3.478 3.482 3.454 3.437 3.318 3.392 3.936
Poland’s corporate eurobonds, USD bln 12.752 12.831 12.887 13.624 13.243 13.763 14.169
Poland’s municipal eurobonds, USD bln 0.060 0.059 0.058 0.059 0.058 0.058 0.060
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Currencies

Daily indices

Type: 05/22/2017 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/12/2017
Exchange Rates (Emerging Markets)
CHF/PLN  3.8502 3.8594 3.8678 3.8390 3.8296 3.8498 3.8534
CNY/PLN  0.5445 0.5476 0.5503 0.5486 0.5506 0.5576 0.5630
EUR/PLN  4.1907 4.2069 4.2200 4.1912 4.1902 4.2096 4.2200
GBP/PLN  4.8689 4.9054 4.9380 4.8928 4.8948 4.9735 4.9897
JPY/PLN  0.0337 0.0338 0.0342 0.0336 0.0334 0.0339 0.0342
RUB/PLN  0.0662 0.0661 0.0659 0.0666 0.0674 0.0681 0.0678
UAH/PLN  0.1424 0.1432 0.1437 0.1432 0.1435 0.1454 0.1467
USD/PLN  3.7373 3.7433 3.7951 3.7606 3.7639 3.8240 3.8614
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Interbank market

Daily indices

Type: 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/12/2017 05/11/2017
WIBID
WIBID ON 1.37 1.37 1.37 1.37 1.36 1.37 1.36
WIBID TN 1.37 1.37 1.37 1.36 1.36 1.37 1.37
WIBID 1W 1.40 1.40 1.40 1.40 1.40 1.40 1.40
WIBID 2W 1.43 1.43 1.43 1.43 1.43 1.43 1.43
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 1.63 1.64 1.64 1.64 1.62 1.63 1.62
WIBOR TN 1.63 1.64 1.64 1.63 1.62 1.63 1.62
WIBOR 1W 1.60 1.60 1.60 1.60 1.60 1.60 1.60
WIBOR 2W 1.63 1.63 1.63 1.63 1.63 1.63 1.63
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

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: 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/12/2017 05/11/2017
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: 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/12/2017 05/11/2017 05/10/2017
mBank Polish Corporate Bond Index
mBank Polish Corporate Bond Index  125.64 125.63 125.65 125.68 125.62 125.43 125.41
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Macroeconomic Indicators (World economy)

Monthly indices

Type Apr 2017 Mar 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Poland) 2.00 2.20
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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

Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Poland) 54.40 51.10 50.50

Stock market (World)

Daily indices

Type: 05/22/2017 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/12/2017
Stock market (Eastern Europe)
WIG20 (Poland)  2 343.13 2 328.70 2 295.14 2 302.21 2 340.34 2 377.15 2 368.50
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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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