On January 9th The Ministry of Finance successfully began the process of financing this year's borrowing needs of the state budget by placing 5- and 10-year benchmark bonds on the euro market with a total nominal value of EUR 3.0bn.

Investors once again confirmed their huge interest in Polish euro-denominated bonds, reporting a total demand in the amount exceeding EUR 9.3bn.

The 5-year bond with nominal amount EUR 1.5bn maturing on January 16, 2030 was priced at the level of 60 basis points over mid-swap rate, yielding 3.018% with annual coupon of 3.000%.

The 10-year bond with nominal amount EUR 1.5bn. maturing on January 16, 2035 was priced at the level of 110 basis points over mid-swap rate, yielding 3.631% with annual coupon of 3.625%.

The issue was executed under Republic of Poland’s Euro Medium Term Note (EMTN) Programme. The lead managers on the transaction were Citigroup Global Markets Europe AG, J.P. Morgan SE and Société Générale.