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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 260 737 214 587 300
EUR 27 33 997 000 000
JPY 9 256 600 000 000
USD 7 14 350 000 000
CNY 1 3 000 000 000
CHF 1 500 000 000
municipal
PLN 88 3 427 869 000
EUR 1 55 000 000
corporate
PLN 622 70 660 741 772
EUR 63 13 450 888 900
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
Poland, 2.25 25oct2024 (PS1024) - Domestic bonds PL0000111720 2.25% 2 048 339 000  PLN 05/09/2019 10/25/2024
PEKAO BANK HIPOTECZNY, FRN 29oct2024, PLN (LZ-II-18) - Domestic bonds PLBPHHP00242 3m EURIBOR + 0.6% 50 000 000  EUR 04/29/2019 10/29/2024
Vantage Development, FRN 25oct2022, PLN (T) - Domestic bonds PLVTGDL00176 6m WIBOR + 4.7% 45 373 000  PLN 04/25/2019 10/25/2022
Echo Investment, FRN 11oct2023, PLN - Domestic bonds 6m WIBOR + 4.25% 100 000 000  PLN 04/11/2019 10/11/2023
mBank, 1.0183% 4oct2024, CHF - International bonds CH0467182454 1.0183% 125 000 000  CHF 04/02/2019 10/04/2024
Pekao Leasing, 0% 1apr2020, PLN (028, 366D) - Domestic bonds PLPEKAL00012 0% 60 000 000  PLN 04/01/2019 04/01/2020
Wechta Inwestycje, FRN 28mar2022, PLN (C) - Domestic bonds 3M WIBOR + margin 4 000 000  PLN 03/29/2019 03/28/2022
Ghelamco Invest, FRN 28mar2022, PLN (PL) - Domestic bonds PLGHLMC00396 6m WIBOR + 4.5% 50 000 000  PLN 03/28/2019 03/28/2022
KRUK, FRN 27mar2025, PLN (AE) - Domestic bonds 3m WIBOR + 4% 115 000 000  PLN 03/27/2019 03/27/2025
Europejski Fundusz Leasingowy, FRN 23aug2021, PLN (836) - Domestic bonds 1m WIBOR + 1.05% 64 000 000  PLN 03/26/2019 08/23/2021

Свалка

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Corporate bonds outst., Poland, PLN mln           70 984.28 71 558.20
Financial inst. bonds outst., Poland, PLN mln 51 198.91 52 723.10 52 905.22 52 187.39 51 391.76 51 370.61 50 764.55
Non-financial inst. bonds outst., Poland, PLN mln 19 170.59 19 216.98 19 197.46 19 343.24 20 567.65 20 585.79 20 608.67
Mortgage bonds outst., Poland, PLN mln           10 020.11 10 019.05
Cooperative bonds outst., Poland, PLN mln           358.30 358.30
show other indices

Periodic indices

Type: Current value Change Last update
Treasury bonds outst., Poland, PLN mln 716 063.00 -1789.75 30.04.2019
Municipal bonds outst., Poland, PLN mln 3 426.47 55 30.04.2019

Forex

Daily indices

Type: 05/21/2019 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019
FOREX rates
[3365] CHF/PLN  3.8235 3.8189 3.8196 3.7952 3.8244 3.8042 3.7949
[3375] CNY/PLN  0.5585 0.5575 0.5574 0.5562 0.5595 0.5565 0.5570
[3363] EUR/PLN  4.3055 4.2995 4.3072 4.2929 4.3128 4.3085 4.3029
[3367] GBP/PLN  4.9038 4.9117 4.9273 4.9112 4.9661 4.9631 4.9840
[3369] JPY/PLN  0.0351 0.0350 0.0352 0.0349 0.0352 0.0350 0.0349
[3371] RUB/PLN  0.0598 0.0597 0.0597 0.0594 0.0594 0.0586 0.0586
[3373] UAH/PLN  0.1480 0.1474 0.1462 0.1451 0.1460 0.1462 0.1467
[1457] USD/PLN  3.8593 3.8506 3.8589 3.8522 3.8397 3.8433 3.8331
show other indices

BIS

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS international bonds outstanding volume
[10363] Polish international bonds, USD bln 76.100 75.400 80.400 76.900 71.300 67.800 65.000
BIS new international bonds volume
[10583] International-bond net issue of Poland, USD bln 1.100 -1.700 1.800 4.700 1.900 -0.500 0.800

Domestic bonds outstanding volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Eastern Europe domestic bonds outstanding volume
[13107] Polish corporate bonds outst., USD bln 19.346 19.665 20.046 20.432 20.128 20.002 19.980
[13141] Polish corporate bonds outst. (fin. sector), USD bln 13.943 14.287 14.544 14.563 14.291 14.186 14.187
[13175] Polish corporate bonds outst. (non-fin. sector), USD bln 5.390 5.360 5.504 5.861 5.838 5.816 5.793
[12801] Polish corporate bonds outst., EUR bln 17.262 17.547 17.588 17.795 17.550 17.615 17.570
[12315] Polish municipal bonds outst., USD bln 0.895 0.893 0.893 0.900 0.895 0.884 0.878
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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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GDP

Yearly indices

Type: 2017 2016 2015 2014
Government debt-to-GDP (Eastern Europe)
[15353] Government Debt to GDP(Poland) 50.60 54.10 51.10 50.50

Credit Default Swaps (CDS)

Daily indices

Type: 05/21/2019 05/20/2019 05/19/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019
CDS Poland
[23571] CDS Poland 5Y 67.0000 66.5000 66.5000 66.0000 64.9000 65.1000 65.1000
[13605] CDS 6M Poland 20.0800 19.8600   19.7200 19.7100 19.7100 19.7000
[13667] CDS 1Y Poland 24.1600 23.9000   23.7500 23.7400 23.7300 23.7300
[13729] CDS 2Y Poland 31.0900 30.7700   30.5900 30.5800 30.5800 30.5900
[13791] CDS 3Y Poland 38.8700 38.4700   38.2600 38.2600 38.2600 38.2700
[13853] CDS 4Y Poland 50.8700 50.3500   50.0800 50.0900 50.0900 50.1100
[13915] CDS 5Y Poland 64.6700 64.0200   63.6900 63.7100 63.7000 63.7200
[13977] CDS 7Y Poland 83.9000 82.9400   82.6600 82.7800 82.8400 83.1700
[14039] CDS 10Y Poland 97.0800 96.0400   96.0000 95.9000 95.9800 96.3800
[14101] CDS 15Y Poland 108.1200 107.1000   107.2100 106.9900 107.0800 107.4900
[14163] CDS 20Y Poland 113.2300 112.2500   112.4000 112.1600 112.2400 112.6500
[14225] CDS 30Y Poland 118.4200 117.5200   117.6900 117.4400 117.5100 117.9000
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Interest rates

Daily indices

Type: 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019 05/10/2019
WIBID
[3345] WIBID ON 1.33 1.36 1.48 1.51 1.50 1.40 1.28
[3347] WIBID TN 1.33 1.35 1.41 1.51 1.50 1.40 1.28
[3349] WIBID 1W 1.39 1.40 1.40 1.43 1.42 1.39 1.36
[3351] WIBID 2W 1.40 1.40 1.40 1.40 1.40 1.39 1.37
[3353] WIBID 1M 1.44 1.44 1.44 1.44 1.44 1.44 1.44
[3355] WIBID 3M 1.52 1.52 1.52 1.52 1.52 1.52 1.52
[3357] WIBID 6M 1.59 1.59 1.59 1.59 1.59 1.59 1.59
[3359] WIBID 9M 1.61 1.61 1.61 1.61 1.61 1.61 1.61
[3361] WIBID 1Y 1.67 1.67 1.67 1.67 1.67 1.67 1.67
WIBOR
[3327] WIBOR ON 1.61 1.64 1.78 1.81 1.80 1.69 1.56
[3331] WIBOR 1W 1.59 1.60 1.60 1.63 1.62 1.59 1.55
[3335] WIBOR 1M 1.64 1.64 1.64 1.64 1.64 1.64 1.64
[3337] WIBOR 3M 1.72 1.72 1.72 1.72 1.72 1.72 1.72
[3339] WIBOR 6M 1.79 1.79 1.79 1.79 1.79 1.79 1.79
[3343] WIBOR 1Y 1.87 1.87 1.87 1.87 1.87 1.87 1.87
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Stock exchanges and market participants indices (archive)

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
JP Morgan
[3109] EMBI Global Poland 133 138 137 146 140 140 141
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International bonds outstanding volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Eastern Europe international bonds outstanding volume
[21135] International bonds of Poland, USD bln 71.702 72.097 70.565 70.918 72.849 72.339 73.114
[21169] Corporate international bonds of Poland, USD bln 16.271 16.620 16.829 16.917 16.924 16.733 16.741
[21203] Sovereign international bonds of Poland, USD bln 55.369 55.415 53.673 53.938 55.862 55.544 56.311
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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

Inflation

Monthly indices

Type: Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018
Inflation (Eastern Europe)
[15713] Inflation Rate (Poland) 1.20 1.80 1.90 2.00 2.00 2.00 1.70
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Default probability (based on CDS)

Daily indices

Type: 05/21/2019 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019
Default Probability Poland (Interactive Data)
[20361] 6M Default Probability Poland 0.1600 0.1600 0.1600 0.1600 0.1600 0.1600 0.1600
[20423] 1Y Default Probability Poland 0.3500 0.3500 0.3500 0.3500 0.3500 0.3500 0.3600
[20485] 2Y Default Probability Poland 0.8700 0.8700 0.8600 0.8600 0.8700 0.8700 0.8700
[20547] 3Y Default Probability Poland 1.6200 1.6000 1.6000 1.6000 1.6000 1.6000 1.6100
[20609] 4Y Default Probability Poland 2.8000 2.7800 2.7700 2.7700 2.7700 2.7800 2.7900
[20671] 5Y Default Probability Poland 4.4400 4.4000 4.3800 4.3900 4.3900 4.3900 4.4200
[20733] 7Y Default Probability Poland 7.9700 7.8800 7.8600 7.8800 7.8800 7.9200 7.9900
[20795] 10Y Default Probability Poland 12.8600 12.7300 12.7400 12.7300 12.7400 12.8100 12.9600
[20857] 15Y Default Probability Poland 20.6600 20.4900 20.5200 20.4800 20.5000 20.5900 20.8400
[20919] 20Y Default Probability Poland 27.6900 27.4900 27.5400 27.4900 27.5000 27.6100 27.9200
[20981] 30Y Default Probability Poland 40.0800 39.8600 39.9200 39.8600 39.8600 39.9900 40.3500
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BondSpot Poland

Daily indices

Type: 05/21/2019 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019
TBSP Index
[3377] Treasury BondSpot Poland Index  1 850.86 1 851.07 1 851.30 1 851.22 1 854.21 1 852.95 1 853.55
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Historical yields (monthly)

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Yields for Western Europe long-term domestic bonds
[4305] Poland, %  2.76 2.75 2.69 2.78 2.94 3.19 3.22
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New domestic bonds volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Eastern Europe new domestic bonds volume
[13039] New issues of corporate bonds, Poland (fin. sector), EUR bln 0.064 0.043 0.551 0.270 0.084 0.008 0.679
[13073] New issues of corporate bonds, Poland (non-fin. sector), EUR bln 0.034 0.023 0.046 0.010 0.002 0.000 0.049
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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

Euro-Cbonds Sovereign

Daily indices

Type: 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019 05/10/2019
Euro-Cbonds Sovereign Poland
[3503] Euro-Cbonds Sovereign Poland  158.60 158.58 158.59 158.59 158.51 158.54 158.44
[3505] Euro-Cbonds Sovereign Poland PI 102.37 102.39 102.41 102.43 102.38 102.41 102.39
[3507] Euro-Cbonds Sovereign Poland D 1 280.00 1 283.00 1 284.00 1 285.00 1 286.00 1 287.00 1 290.00
[3509] Euro-Cbonds Sovereign Poland YTM 2.71 2.71 2.71 2.70 2.72 2.71 2.72
[3511] Euro-Cbonds Sovereign Poland YTM eff 2.73 2.73 2.72 2.72 2.73 2.73 2.74
[22489] Euro-Cbonds Sovereign Poland T-spread 47.41 47.49 47.07 49.16 48.10 47.87 43.81
Euro-Cbonds Sovereign Poland (EUR)
[3523] Euro-Cbonds Sovereign Poland EUR  163.32 163.31 163.33 163.32 163.25 163.15 163.05
[3525] Euro-Cbonds Sovereign Poland EUR PI 115.72 115.74 115.76 115.77 115.72 115.66 115.61
[3527] Euro-Cbonds Sovereign Poland EUR D 1 982.00 1 985.00 1 986.00 1 986.00 1 986.00 1 985.00 1 988.00
[3529] Euro-Cbonds Sovereign Poland EUR YTM 0.73 0.73 0.72 0.72 0.73 0.74 0.75
[3531] Euro-Cbonds Sovereign Poland EUR YTM eff 0.73 0.73 0.72 0.72 0.73 0.74 0.75
[22487] Euro-Cbonds Sovereign Poland EUR T-spread 60.62 62.06 59.66 60.40 58.88 60.23 60.67
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