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Continuing to ride the emerging market bond rally while it lasts, and with a €1bn bond issue already away in the first fortnight of the year, Poland hopes to have raised half of its targeted borrowing for 2013 in the first quarter, an official confirmed on January 16.

"We would like to have completed at least 50% of the whole year's needs by the end of the first quarter," said Anna Suszynska, deputy director in Poland's public debt department, according to EuroWeek Emerging Markets. The next funding move from Warsaw in international currencies is likely to be on the private placement side, she added.

With high global liquidity helping push yields in CEE to record lows, Poland has been racing to take advantage. At almost €12bn, the country's total issuance in 2012 trailed only China's $30bn among emerging market peers, according to data compiled by Bloomberg. Following the sale of a €1bn six-year benchmark last week, Warsaw has already raised one third of its PLN145bn domestic and international funding requirement for the year, Suszynska claims.

Late last year, Piotr Marczak, head of the Polish finance ministry's debt department, posed the original prediction that the country would have collected 50% of its full year borrowing target by the end of March. "If investors will want to buy our bonds early next year we will meet this demand," he offered magnanimously.

"We might consider some private placements in the near future, the most probable option would be longer term papers denominated in euros," said Suszynska. "Public deals are possible in the more distant future."

The issuer wants to build on investor work done last year, where its international deals included its first retail-targeted Samurai since July 2011, a dual-tranche Swiss franc print, and several heavily oversubscribed euro and dollar trades. It also wants to woo investors such as central banks.

"In our latest deal 26% went to central banks from Asia, Europe and Middle East," said Suszynska. "This year we want to further increase the participation of stable, long-term investors, including those from our more traditional investors' locations like Europe and US, and also those from Asia, Middle East and other."