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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 245 757 824 035 700
EUR 28 35 947 000 000
JPY 10 306 600 000 000
USD 7 14 350 000 000
CHF 4 2 530 000 000
CNY 1 3 000 000 000
municipal
PLN 80 3 304 639 000
EUR 1 55 000 000
corporate
PLN 715 82 335 392 772
EUR 72 12 459 282 010
USD 2 1 385 000 000
CZK 2 671 000 000
CHF 2 600 000 000
CNY 1 250 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
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 ***
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) ***
Expert RA *** Foreign curr. scale ***
Expert RA *** Local curr. scale ***
National Rating Agency *** Global scale ***
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
mBank Hipoteczny, 1.073% 5mar2025, EUR - International bonds XS1812878889 1.073% 300 000 000  EUR 04/19/2018 03/05/2025
Pekao Leasing, 0% 15oct2018, PLN (185D) - Domestic bonds 0% 150 000 000  PLN 04/13/2018 10/15/2018
Pekao Leasing, FRN 15apr2019, PLN - Domestic bonds 3m WIBOR + 0.45% 10 000 000  PLN 04/13/2018 04/15/2019
Bank Zachodni WBK, FRN 5apr2028, PLN - Domestic bonds PLBZ00000275 6m WIBOR + 1.6% 1 000 000 000  PLN 04/05/2018 04/05/2028
Robyg, FRN 29mar2023, PLN (PA) - Domestic bonds PLROBYG00255 6m WIBOR + 2.7% 300 000 000  PLN 03/29/2018 03/29/2023
MCI.PrivateVentures FIZ, FRN 29mar2023, CZK - International bonds CZ0000001003 6M PRIBOR + 3.8% 171 000 000  CZK 03/29/2018 03/29/2023
Benefit Partners, FRN 29mar2022, PLN (C) - Domestic bonds 3m WIBOR + 4% 15 000 000  PLN 03/29/2018 03/29/2022
KREDYT INKASO, 5.6% 28mar2022, PLN (PA02) - Domestic bonds 5.6% 30 000 000  PLN 03/28/2018 03/28/2022
ZM Henryk Kania, FRN 29mar2021, PLN (H) - Domestic bonds 3m WIBOR + 5.25% 86 200 000  PLN 03/28/2018 03/29/2021
Pekao Leasing, FRN 27mar2020, PLN - Domestic bonds 1M WIBOR + 0.7% 200 000 000  PLN 03/27/2018 03/27/2020

Cbonds Bond Market Indices

Daily indices

Type: 04/18/2018 04/17/2018 04/16/2018 04/13/2018 04/12/2018 04/11/2018 04/10/2018
Euro-Cbonds Sovereign Poland
Euro-Cbonds Sovereign Poland  151.04 151.03 151.01 151.00 151.02 151.08 151.06
Euro-Cbonds Sovereign Poland PI 102.23 102.23 102.23 102.26 102.29 102.34 102.35
Euro-Cbonds Sovereign Poland D 1 386.00 1 387.00 1 388.00 1 391.00 1 392.00 1 393.00 1 394.00
Euro-Cbonds Sovereign Poland YTM 3.17 3.17 3.17 3.16 3.16 3.14 3.14
Euro-Cbonds Sovereign Poland YTM eff 3.19 3.19 3.19 3.19 3.18 3.17 3.17
Euro-Cbonds Sovereign Poland (EUR)
Euro-Cbonds Sovereign Poland EUR  158.37 158.33 158.29 158.24 158.22 158.26 158.25
Euro-Cbonds Sovereign Poland EUR PI 115.63 115.61 115.59 115.58 115.57 115.61 115.61
Euro-Cbonds Sovereign Poland EUR D 2 172.00 2 173.00 2 173.00 2 162.00 2 164.00 2 165.00 2 166.00
Euro-Cbonds Sovereign Poland EUR YTM 1.06 1.06 1.07 1.07 1.08 1.07 1.07
Euro-Cbonds Sovereign Poland EUR YTM eff 1.06 1.06 1.07 1.07 1.08 1.07 1.07
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Exchange Bond Indices

Daily indices

Type: 04/19/2018 04/18/2018 04/17/2018 04/16/2018 04/13/2018 04/12/2018 04/11/2018
TBSP Index
Treasury BondSpot Poland Index  1 792.49 1 794.31 1 792.03 1 790.31 1 793.27 1 796.79 1 796.02
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World Bond Market Indicators

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
EU Long-term interest rates
Poland, %  3.27 3.39 3.32 3.27 3.39 3.38 3.26
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World Bond market statistics

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Domestic government bond market (Eastern Europe)
Polish govt Bonds outst., EUR bln (without Bills) 173.41 177.88 176.31 208.23 205.98 200.72 197.94
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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: 04/09/2018 04/06/2018 04/05/2018 04/04/2018 04/03/2018 04/02/2018 03/30/2018
Turnover of financial market segments (Poland)
Governement bond turnover on Warsaw SE, PLN ths 234.81 286.44 762.06 80.79 834.40 0.00 0.00
Number of deals with government bonds on Warsaw SE 20 22 21 12 46 0 0
Number of government bond issues traded on Warsaw SE 10 10 8 8 15 0 0
Corporate bond turnover on Warsaw SE, PLN ths 7 957.16 5 038.65 7 297.45 7 667.94 7 621.65 0.00 0.00
Number of deals with corporate bonds on Warsaw SE 482 453 581 712 806 0 0
Number of corporate bond issues traded on Warsaw SE 118 105 117 126 118 0 0
Municipal bond turnover on Warsaw SE, PLN ths 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Number of deals with municipal bonds on Warsaw SE 0 0 0 0 0 0 0
Number of municipal bond issues traded on Warsaw SE 0 0 0 0 0 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 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Turnover of financial market segments (Poland)
Governement bond turnover on Warsaw SE, PLN mln 27.30 51.68 26.77 22.16 16.16 48.94 29.94
Corporate bond turnover on Warsaw SE, PLN mln 112.92 136.85 227.48 58.48 102.82 100.68 128.81
Municipal bond turnover on Warsaw SE, PLN mln 0.00 0.00 0.00 0.00 0.00   0.03
Corporate bond turnover on BondSpot, PLN mln 0.00 0.00 0.00 0.00 0.00 0.00  
Corporate bond market (Poland)
Corporate bonds outst., Poland, PLN mln 82 032.34 79 866.95 82 444.91 83 811.95 82 053.99 79 252.27 78 548.95
Financial inst. bonds outst., Poland, PLN mln 59 163.26 57 198.51 59 661.88 60 643.88 59 967.83 56 247.84 55 608.31
Non-financial inst. bonds outst., Poland, PLN mln 22 625.78 22 308.66 22 666.27 23 087.02 21 550.84 21 975.28 22 512.03
Mortgage bonds outst., Poland, PLN mln 7 726.60 7 726.60 7 734.10 7 716.10 7 816.10 6 669.80 5 679.80
Cooperative bonds outst., Poland, PLN mln 519.90 519.90 605.09 605.09 605.09 605.09 605.09
New issues of corporate bonds, Poland, PLN mln 2 126.52 370.30 0.00 1 910.30 65.00 1 007.00 59.38
New issues of financial inst. bonds, Poland, PLN mln 1 652.15 285.00 200.00 1 145.07 40.00 567.00 4.38
New issues of non-financial inst. bonds, Poland, PLN mln 474.37 85.30 20.00 765.23 25.00 440.00 52.00
New issues of mortgage bonds, Poland, PLN mln 0.00 0.00 0.00 50.00 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 760 763 772 781 774 782 782
Number of financial inst. bonds issues , outst., Poland 420 416 422 425 423 421 418
Number of non-financial inst. bonds issues, outst., Poland 337 332 344 348 335 349 354
Number of mortgage bonds issues, outst., Poland 50 50 51 50 50 48 47
Number of cooperative bonds issues, outst., Poland 33 33 34 34 34 34 34
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Periodic indices

Type: Current value Change Last update
Government bond market (Poland)
Treasury bonds outst., Poland, PLN mln 729 781.12 -13375.06 30.03.2018
New issues of treasury bonds, Poland, PLN mln 0.00 -4402 30.03.2018
Number of treasury bonds issues, outst., Poland 249 -4 30.03.2018
Municipal bond market (Poland)
Municipal bonds outst., Poland, PLN mln 3 303.24 -261 30.03.2018
New issues of municipal bonds, Poland, PLN mln 0.00 0 30.03.2018
Number of municipal bonds issues, outst., Poland 80 1 30.03.2018

Emerging Markets International Bonds

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Eastern Europe International Bonds Markets
Poland Eurobonds, USD bln 80.580 79.403 79.162 76.661 76.139 75.868 75.866
Poland’s sovereign eurobonds, USD bln 64.656 64.227 63.743 62.096 61.695 61.244 61.934
Poland’s sovereign EUR eurobonds, USD bln 44.291 43.850 43.388 41.967 41.594 40.716 41.300
Poland’s sovereign USD eurobonds, USD bln 14.350 14.350 14.350 14.350 14.350 14.350 14.350
Poland’s sovereign CHF eurobonds, USD bln 2.653 2.679 2.717 2.596 2.572 2.536 2.612
Poland’s sovereign JPY eurobonds, USD bln 2.885 2.874 2.810 2.722 2.726 3.190 3.221
Poland’s corporate eurobonds, USD bln 15.856 15.109 15.351 14.500 14.378 14.560 13.867
Poland’s municipal eurobonds, USD bln 0.068 0.067 0.068 0.066 0.065 0.064 0.065
Eastern Europe International Bonds Markets (adjusted for amortization)
International bonds of Poland, USD bln 79.469 78.292 79.292 75.935 75.874 75.141 74.726
Corporate international bonds of Poland, USD bln 15.856 15.109 15.351 14.884 14.763 14.483 13.377
Sovereign international bonds of Poland, USD bln 63.545 63.116 63.873 60.984 61.045 60.594 61.284
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Currencies

Daily indices

Type: 04/19/2018 04/18/2018 04/17/2018 04/16/2018 04/13/2018 04/12/2018 04/11/2018
Exchange Rates (Emerging Markets)
CHF/PLN  3.4777 3.4805 3.4921 3.5054 3.5214 3.5303 3.5340
CNY/PLN  0.5366 0.5363 0.5347 0.5358 0.5391 0.5398 0.5387
EUR/PLN  4.1665 4.1677 4.1582 4.1628 4.1769 4.1882 4.1911
GBP/PLN  4.7770 4.7861 4.8102 4.8047 4.8372 4.8022 4.8069
JPY/PLN  0.0314 0.0314 0.0314 0.0314 0.0315 0.0318 0.0317
RUB/PLN  0.0551 0.0548 0.0546 0.0541 0.0551 0.0545 0.0531
UAH/PLN  0.1285 0.1290 0.1287 0.1290 0.1294 0.1305 0.1306
USD/PLN  3.3748 3.3661 3.3643 3.3548 3.3775 3.3887 3.3834
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Interbank market

Daily indices

Type: 04/18/2018 04/17/2018 04/12/2018 04/11/2018 04/10/2018 04/09/2018 04/06/2018
WIBID
WIBID ON 1.45 1.77 1.30 1.31 1.30 1.31 1.31
WIBID TN 1.45 1.76 1.30 1.31 1.31 1.31 1.30
WIBID 1W 1.42 1.43 1.36 1.36 1.36 1.36 1.36
WIBID 2W 1.40 1.41 1.40 1.40 1.40 1.40 1.40
WIBID 1M 1.44 1.44 1.44 1.44 1.44 1.44 1.44
WIBID 3M 1.50 1.50 1.50 1.50 1.50 1.50 1.50
WIBID 6M 1.58 1.58 1.58 1.58 1.58 1.58 1.58
WIBID 9M 1.59 1.59 1.59 1.59 1.59 1.59 1.59
WIBID 1Y 1.62 1.62 1.62 1.62 1.62 1.62 1.62
WIBOR
WIBOR ON 1.74 2.07 1.59 1.59 1.59 1.59 1.59
WIBOR TN 1.75 2.06 1.59 1.59 1.59 1.59 1.58
WIBOR 1W 1.62 1.63 1.56 1.56 1.56 1.56 1.56
WIBOR 2W 1.60 1.61 1.60 1.60 1.60 1.60 1.60
WIBOR 1M 1.64 1.64 1.64 1.64 1.64 1.64 1.64
WIBOR 3M 1.70 1.70 1.70 1.70 1.70 1.70 1.70
WIBOR 6M 1.78 1.78 1.78 1.78 1.78 1.78 1.78
WIBOR 9M 1.79 1.79 1.79 1.79 1.79 1.79 1.79
WIBOR 1Y 1.82 1.82 1.82 1.82 1.82 1.82 1.82
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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: 04/19/2018 04/18/2018 04/17/2018 04/16/2018 04/13/2018 04/12/2018 04/11/2018
Default Probability
6M Default Probability Poland 0.0600 0.0600 0.0600 0.0600 0.0600 0.0600 0.0600
1Y Default Probability Poland 0.1100 0.1200 0.1100 0.1100 0.1200 0.1200 0.1200
2Y Default Probability Poland 0.3700 0.3700 0.3700 0.3700 0.3800 0.3800 0.3800
3Y Default Probability Poland 0.9200 0.9200 0.9100 0.9100 0.9300 0.9200 0.9300
4Y Default Probability Poland 1.9300 1.9500 1.9200 1.9200 1.9700 1.9500 1.9500
5Y Default Probability Poland 3.3500 3.3700 3.3200 3.3300 3.4100 3.3800 3.3800
7Y Default Probability Poland 6.7200 6.7500 6.6700 6.6800 6.8200 6.7600 6.7600
10Y Default Probability Poland 11.7500 11.8000 11.6700 11.6800 11.8900 11.8100 11.8000
15Y Default Probability Poland 20.4800 20.5600 20.3700 20.3900 20.6500 20.5600 20.5400
20Y Default Probability Poland 28.2900 28.3700 28.1500 28.1700 28.4700 28.3700 28.3400
30Y Default Probability Poland 41.7300 41.8200 41.5700 41.5900 41.9100 41.8300 41.7700
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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Macroeconomic Indicators (World economy)

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Poland) 1.30 1.40 1.90 2.10 2.50 2.10 2.20
Consumer Prices Indices (CPI, Global)
HICP Poland, Monthly rate of change, % 0.00 -0.40 0.20 0.20 0.40 0.40 0.20
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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 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Poland) 50.60 54.10 51.10 50.50

Stock market (World)

Daily indices

Type: 04/19/2018 04/18/2018 04/17/2018 04/16/2018 04/13/2018 04/12/2018 04/11/2018
Stock market (Eastern Europe)
WIG20 (Poland)  2 324.73 2 315.50 2 307.95 2 300.20 2 310.32 2 306.44 2 271.93
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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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