Registered Bonds issue

Registered Bonds issue

Registered Bonds issue

The Ministry of Finance priced on 13 February 2014 a 20-year EUR denominated Registered Bonds under German law for a nominal amount of EUR 300 million, the settlement will be on 27 February. The bond maturing on 27 February 2034 yields 3.272 percent, which is 78.5 basis points over mid-swap rate. The price amounts to 100 percent and in a result its coupon is 3.272 percent.

This transaction allowed Poland to obtain a long-term funding (20-year) significantly below the cost of a potential public offering in that segment (current secondary market quotation of Polish bonds denominated in EUR with a half shorter maturity is about 90 basis points over the mid-swap rate).

The Registered Bonds were allocated to long-term investors from Germany representing insurance companies (88 percent.) and pensions funds (12 percent.).

The transaction was managed by HSBC Trinkaus.