Issues
Issues of foreign bonds are arranged by reputable investment banks active on the international market.
The Minister of Finance appoints a lead manager (or lead managers) whose basic duty is to place the bonds on the market. The lead manager(s) collects orders for bonds of a given issue by contacting directly potential investors. On that basis bonds are priced, i.e. the spread above the benchmark yield (or swap rate) is fixed. The spread reflects the level of risk connected with investing in securities of a given issuer.
The majority of transactions is launched under existing issuance programmes:
- Euro Medium Term Note Programme (EMTN) on euro and Swiss franc markets, as well as Japanese yen private placement bonds,
- Shelf on the Japanese market.
Documentation concerning issue of green bonds can be found under section Green Bonds