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Polish T-bonds seen "normalizing," no reason for rate council's concern - NBP head

July 04, 2013 | Cbonds

Poland's Treasuries give no reason for concern as recent yield increase has led to "a certain normalization" of the situation, NPB head Marek Belka told a news conference concluding the July sitting of the council. 

"We have recorded a capital outflow but not to the extent that could cause us any headache," Belka said, referring to the sell-off related to the announcement of gradual end of QE by US Fed. "T-bond yields have been rising but perhaps there has been a certain normalization. . . I see no reason for excessive concern here."
Meanwhile, Poland's monetary policy so far has resulted in "a normal yield curve of Polish Treasury papers," Belka said.
Poland's T-bonds suffered yield increases starting in early June alongside core market Treasuries, with the yield on the Polish 10Y benchmark paper rising from around 3% at the beginning of May to over 4.3% at end-June. The past days have brought a gentle strengthening to the level of 4.19% on Wednesday morning.


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