Poland sells record-high amount of EUR 2.9bn in T-bonds at auction

By bne IntelliNews October 23, 2013

The ministry of finance has sold a total of PLN 12.02bn (EUR 2.9bn) of Treasury bonds at an auction, with demand totalling PLN 16.49bn. It stressed that both the sale and demand was the highest in history. Its offer amounted to PLN 8.0-12.0bn.
The ministry sold notes of the following series: OK0116 (maturing in January of 2016) worth of PLN 4.84bn, IZ0823 (maturing in August of 2023) to the tune of PLN 5.76bn and DS1023 (maturing in October of 2023) for PLN 1.42bn. The yield was: 3.065%, 2.178% and 4.302%, respectively.
The auction meant that the government's 2013 borrowing needs have been realised in full, according to the ministry's public debt department director Piotr Marczak. In line with the schedule, there will be three more T-bond auctions till the end of the year - he stressed that they will serve to pre-finance the 2014 budget borrowing needs.
While presenting its T-bond auctions schedule for Q4, the ministry said that after September, it has secured 91% of this year's state budget borrowing needs (according to the amended 2013 budget law), while the successful completion of the two auctions planned for October would allow it to reach 100%. At the first auction this month, the ministry sold PLN 3.1bn in five-year T-bonds.

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