The ministry of finance has sold Treasury bonds of series PS0718 (maturing in July of 2018) worth of PLN 2.69bn and series DS 1023 (maturing in October of 2023) notes worth of PLN 2.12bn (in total: PLN 4.81bn, or EUR 1.14bn) at a non-cash switching auction, buying back in exchange notes maturing in the next few months for combined value of PLN 4.53bn, according to the ministry's release.
In particular, it bought back bonds of series PS0414 (maturing in April of 2014) for PLN 3.54bn and of series OK0714 (maturing in July of 2014) worth of PLN 0.99bn.
The average yield of the "shorter" bonds was 3.622-3625% vs. market-expected yield of 3.63%, while of the "longer" notes - 4.312% vs. 4.33%, respectively.
At the previous non-cash T-bond switching auction in December, the ministry of finance sold bonds maturing in 2016 and 2019 totalling PLN 2.62bn.
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