Poland sells EUR 1.2bn in 10-14-year T-bonds at auction

By bne IntelliNews June 6, 2014

The ministry of finance has sold a total of PLN 4.99bn (EUR 1.20bn) at the main auction of 10-, 11- and 14-year Treasury bonds. Demand totalled PLN 6.84bn (usually, it exceeds the offer 2-3 times, but the ministry said it was satisfied with demand this time as it offer long-term bonds only).

The ministry sold notes of series WZ0124 (maturing in January of 2024) worth of PLN 3.18bn (with demand of PLN 3.90bn), DS0725 (maturing in July of 2025) for PLN 1.69bn (with demand at PLN 2.74bn) and WS0428 (maturing in April of 2028) notes for PLN 0.12bn (with demand of PLN 0.20bn).

The yield was 3.82% in the case of the DS0725 paper (vs. expected 3.71-73%) and 3.96% in the case of the WS0428 bonds (vs. expected 3.95%), while the price for the WZ0124 notes was PLN 977.20.

Vice-minister of finance Wojciech Kowalczyk commented that the ministry is satisfied with the results, especially as the European Central Bank's decision to cut interest rates has already been discounted in the pricing of the auction.

All in all, the ministry has already financed over 90% of this year's state borrowing needs. According to earlier statements, the Jun 18 non-cash switching auction of Treasury papers should mark the beginning of pre-financing of the 2015 state borrowing needs.

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