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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. Lead manager(s) collects orders, by contacting directly with potential investors, for bonds of a given issue. On that basis the 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:

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


Euro Medium Term Programme
EMTN​_2019.pdf 0.93MB

-   Shelf on the US market,

-   Shelf on the Japanese market.

Documentation concerning issue of Green Bonds:


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 December 2016:


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

Documentation concerning Green Bonds issued in February 2018:


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
Information on the publication of the document
Last updated on:
08.10.2019 09:40 Konrad Gmurkowski
First published on:
14.03.2019 11:13 Konrad Gmurkowski