The ministry of finance has sold PLN 3.01bn at the main auction and another PLN 1.01 at a non-cash supplementary auction in bonds of series PS0718 (maturing in July of 2018) and DS1023 (maturing in October of 2023), or EUR 0.96bn, vs. the combined value of supply at PLN 3.0-5.0bn.
It sold the shorter note at yield of 3.88% (vs. 3.69% at the January auction), while the market expected it at above 4.54% (vs. 4.34% in January). Market expectations were above 3.85% and 4.53-4.54%, respectively.
Analysts estimate that after this auction, the ministry of finance has secured around 60% of this year's state budget borrowing needs (totalling around PLN 132.5bn, or EUR 31.8bn). However, they note that the ministry failed to sell its entire offer as investors were asking for higher yields.
Still, the size of demand shows that Polish Treasury papers are still popular, while the zloty's strengthening shortly prior to the auction suggests that a significant part of buyers came from abroad.
As of February, Polish privately-owned open pension funds (OFEs) are forbidden to invest in Treasury debt instruments.
Alior Bank will pay out a dividend of PLN570mn (€122mn) from the profit generated in 2023, the Warsaw-listed lender said on February 28. The payout is in line with recommendations of the Polish ... more
The European Bank for Reconstruction and Development (EBRD) invested €20mn in debut Eurobonds issued by the state-controlled Bank Pekao, the second-largest Polish lender by assets, the EBRD said on ... more
PKO Bank Polski, along with three other banks, has entered into a consortium agreement with Great Wind, a subsidiary of the Polsat Plus Group, a media and entertainment company, to finance the ... more