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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:

-   Supplement for Euro Medium Term Note Programme,

-   Euro Medium Term Note Programme (EMTN) on euro and Swiss franc markets, as well as Japanese yen private placement bonds,

-   Shelf on the US market,

-   Shelf on the Japanese market.

Documentation concerning issue of green bonds:

Materials

Green Bond Framework
Green​_Bond​_Framework.pdf 0.27MB Second Party Opinion by Sustainalytics
Second​_Party​_Opinion.pdf 0.72MB

Documentation concerning green bonds issued in March 2019:

Materials

Green Bonds Report on the Use of Proceeds - final
Green​_Bond​_Report​_on​_the​_Use​_of​_Proceeds​_Final​_3​_emisja.pdf 1.82MB Green Bond Report on the Use of Proceeds - update
Green​_Bond​_Report​_on​_the​_Use​_of​_Proceeds​_Update​_3​_emisja.pdf 1.66MB Green Bond Report on the Use of Proceeds
Green​_Bond​_Report​_on​_the​_Use​_of​_Proceeds​_3​_emisja.pdf 1.47MB Annual Compliance Review by Sustainalytics
Annual​_Compliance​_Review​_by​_Sustainalytics​_3​_emisja.pdf 0.22MB

Documentation concerning green bonds issued in February 2018:

Materials

Moody's Green Bond Assessment - report on February 2018 issuance
Moody's​_Green​_Bond​_Assessment​_-​_raport​_dotyczący​_emisji​_z​_lutego​_2018​_r.pdf 1.39MB Green Bond Report on the Use of Proceeds
Green​_Bond​_Report​_on​_the​_Use​_of​_Proceeds​_2​_emisja.pdf 3.89MB Annual Compliance Review by Sustainalytics
Sustainalytics​_Review​_2​_emisja.pdf 0.18MB

Documentation concerning green bonds issued in December 2016:

Materials

Green Bond Report on the Use of Proceeds
Green​_Bond​_Report​_on​_the​_Use​_of​_Proceeds.pdf 4.91MB Annual Compliance Review by Sustainalytics
Annual​_Compliance​_Review​_by​_Sustainalytics.pdf 0.78MB Moody's Green Bond Assessment - press release
Moody's​_Green​_Bond​_Assessment​_-​_komunikat​_prasowy​_.pdf 0.11MB Moody's Green Bond Assessment - report on December 2016 issuance
Moody's​_Green​_Bond​_Assessment​_-​_raport​_dotyczący​_emisji​_z​_grudnia​_2016​_r.pdf 1.39MB Moody's Green Bond Assessment - 2019 update
Moody's​_Green​_Bond​_Assessment​_-​_2019​_update.pdf 1.31MB 
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