Structure of investors
In February, the debt in domestic TS increased by PLN 21.6bn and amounted to PLN 1 016.0bn. This was the result of an increase in debt towards all three groups of investors: domestic banks (including the NBP) by PLN 14.7bn (to PLN 518.1 billion), to domestic non-bank investors by PLN 5.6bn (to PLN 364.5 billion) and to non-residents by PLN 1.3bn (PLN 133.4 billion). As a result, the share of domestic banks (including the NBP) in the domestic TS debt increased to 51.0% from 50.6% in January (50.6% at the end of December 2023), while the share of domestic non-banking investors dropped to 35.9% from 36.1% in the previous month (35.8% at the end of December 2023). However, the share of non-residents in the domestic TS debt decreased to 13.1% from 13.3% in January (13.6% at the end of December 2023).
(A) The face value of Treasury Securities used as collateral of state budget deposits in commercial banks is presented in "Ministry of Finance" subcategory (within "General government institutions" category) and thus is deducted from the banking sector category.
Nominal T-bonds and T-bills outstanding at the end of February 2024 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Banks | 518 095,98 | 0,00 | 518 095,98 | |
Foreign investors* | 133 435,09 | 0,00 | 133 435,09 | |
Insurance funds | 64 872,78 | 0,00 | 64 872,78 | |
Pension funds | 14 755,86 | 0,00 | 14 755,86 | |
Investment funds | 60 652,42 | 0,00 | 60 652,42 | |
Households** | 118 097,80 | 0,00 | 118 097,80 | |
Non-financial corporations** | 5 683,42 | 0,00 | 5 683,42 | |
General government institutions | Total | 91 924,15 | 0,00 | 91 924,15 |
Including MoF | 0,00 | 0,00 | 0,00 | |
Others | 8 506,26 | 0,00 | 8 506,26 | |
Total | 1 016 023,76 | 0,00 | 1 016 023,76 |
(B) The face value of Treasury Securities used as collateral of state budget deposits in commercial banks was retained within "Banks" category and thus is not presented in "General government institutions" category.
Nominal T-bonds and T-bills outstanding at the end of February 2024 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Banks | Total | 518 095,98 | 0,00 | 518 095,98 |
Including MoF | 0,00 | 0,00 | 0,00 | |
Foreign investors* | 133 435,09 | 0,00 | 133 435,09 | |
Insurance funds | 64 872,78 | 0,00 | 64 872,78 | |
Pension funds | 14 755,86 | 0,00 | 14 755,86 | |
Investment funds | 60 652,42 | 0,00 | 60 652,42 | |
Households** | 118 097,80 | 0,00 | 118 097,80 | |
Non-financial corporations** | 5 683,42 | 0,00 | 5 683,42 | |
General government institutions** | 91 924,15 | 0,00 | 91 924,15 | |
Others | 8 506,26 | 0,00 | 8 506,26 | |
Total | 1 016 023,76 | 0,00 | 1 016 023,76 |
* The face value of Treasury securities located on Omnibus accounts (a form of securities register designed for non-residents) at the end of the month is included in “Foreign investors” category.
** As of September 2020, the category "households" replaced the existing category "individuals" and the category "non-financial corporations" replaced the category "non-financial entities". Domestic investors have been extended by category "General government institutions". The scope of entities included in these categories is described in the Regulation of the Minister of Finance of 8 June 2020.
Historical data are available in the file portfele.xls
Last update - 31.03.2024
Detailed information on institutional and geographical distribution of non-residents holdings is available in the following tables and in the attached files: Struktura_nierezydentów.xlsm, Nierezydenci_kraje.xlsx, Portfele_nierezydentów_po_seriach.xls. Additionally, a new category “omnibus accounts” was distinguished among foreign entities due to the fact that there is no possibility to identify investors entitled to securities registered on these accounts.
Institutional distribution of non-residents holdings in Treasury securities issued on the local market at the end of February 2024
Institutional distribution of non-residents holdings in Treasury securities issued on the local market at the end of February 2024 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Banks | 4 732,97 | 0,00 | 4 732,97 | |
Central banks | 19 620,25 | 0,00 | 19 620,25 | |
Public institutions | 1 143,51 | 0,00 | 1 143,51 | |
Insurance funds | 1 896,10 | 0,00 | 1 896,10 | |
Pension funds | 16 638,06 | 0,00 | 16 638,06 | |
Investment funds | 15 411,79 | 0,00 | 15 411,79 | |
Hedge funds | 1 239,53 | 0,00 | 1 239,53 | |
Households** | 414,86 | 0,00 | 414,86 | |
Non-financial corporations** | 770,12 | 0,00 | 770,12 | |
Others | 16 209,95 | 0,00 | 16 209,95 | |
Total | 78 077,13 | 0,00 | 78 077,13 | |
Omnibus accounts*** | 55 357,96 | 0,00 | 55 357,96 | |
Non-residents total | 133 435,09 | 0,00 | 133 435,09 |
Geographical distribution of non-residents holdings in Treasury securities issued on the local market at the end of February 2024
Geographical distribution of non-residents holdings in Treasury securities issued on the local market at the end of February 2024 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Europe - eurozone | 28 527,83 | 0,00 | 28 527,83 | |
Europe - EU non-eurozone | 2 644,45 | 0,00 | 2 644,45 | |
Europe - non-EU | 5 223,62 | 0,00 | 5 223,62 | |
Africa | 10,60 | 0,00 | 10,60 | |
South America (incl. Caribbean) | 574,85 | 0,00 | 574,85 | |
North America | 4 722,91 | 0,00 | 4 722,91 | |
Australia and Oceania | 174,11 | 0,00 | 174,11 | |
Asia (excl. Middle East) | 33 086,61 | 0,00 | 33 086,61 | |
Middle East | 3 112,15 | 0,00 | 3 112,15 | |
Total | 78 077,13 | 0,00 | 78 077,13 | |
Omnibus accounts*** | 55 357,96 | 0,00 | 55 357,96 | |
Non-residents total | 133 435,09 | 0,00 | 133 435,09 |
*** Omnibus accounts – accounts run by direct participants of the National Depository (KDPW) who are not holders of securities registered on these accounts. Introduction of omnibus accounts facilitated foreign investors access to Polish Treasury securities market. Due to the previous regulations holding separate account dedicated for operations on Polish market was required which formed cost and organizational barrier.
Geographical distribution of central banks holdings in Treasury securities issued on the local market at the end of February 2024
Geographical distribution of central banks holdings in Treasury securities issued on the local market at the end of February 2024 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Europe - eurozone | 0,00 | 0,00 | 0,00 | |
Europe - EU non-eurozone | 0,00 | 0,00 | 0,00 | |
Europe - non-EU | 0,00 | 0,00 | 0,00 | |
Africa | 0,00 | 0,00 | 0,00 | |
South America (incl. Caribbean) | 1,35 | 0,00 | 1,35 | |
North America | 0,00 | 0,00 | 0,00 | |
Australia and Oceania | 6,00 | 0,00 | 6,00 | |
Asia (excl. Middle East) | 16 940,63 | 0,00 | 16 940,63 | |
Middle East | 2 672,27 | 0,00 | 2 672,27 | |
Total | 19 620,25 | 0,00 | 19 620,25 |
Non-residents holdings in marketable T-bonds and T-bills
Day | Non-residents holdings in marketable T-bonds and T-bills* (PLN million) | ||
T-bonds | T-Bills | Total | |
01.02.2024 | 130 751,29 | 0,00 | 130 751,29 |
02.02.2024 | 131 161,63 | 0,00 | 131 161,63 |
05.02.2024 | 131 306,05 | 0,00 | 131 306,05 |
06.02.2024 | 131 301,59 | 0,00 | 131 301,59 |
07.02.2024 | 129 710,43 | 0,00 | 129 710,43 |
08.02.2024 | 129 992,23 | 0,00 | 129 992,23 |
09.02.2024 | 130 327,18 | 0,00 | 130 327,18 |
12.02.2024 | 129 900,48 | 0,00 | 129 900,48 |
13.02.2024 | 129 824,85 | 0,00 | 129 824,85 |
14.02.2024 | 130 403,22 | 0,00 | 130 403,22 |
15.02.2024 | 130 430,24 | 0,00 | 130 430,24 |
16.02.2024 | 128 994,50 | 0,00 | 128 994,50 |
19.02.2024 | 128 940,50 | 0,00 | 128 940,50 |
20.02.2024 | 127 819,29 | 0,00 | 127 819,29 |
21.02.2024 | 128 554,30 | 0,00 | 128 554,30 |
22.02.2024 | 127 629,05 | 0,00 | 127 629,05 |
23.02.2024 | 130 525,28 | 0,00 | 130 525,28 |
26.02.2024 | 129 572,75 | 0,00 | 129 572,75 |
27.02.2024 | 128 891,86 | 0,00 | 128 891,86 |
28.02.2024 | 129 598,78 | 0,00 | 129 598,78 |
29.02.2024 | 133 084,91 | 0,00 | 133 084,91 |
Historical data are available in the file nierezydenci.xls
Last update - 31.03.2024
Materials
Nominal T-bonds and T-bills outstandingPortfele02.xls 0.56MB Nominal T-bonds outstanding by series
Portfele_po_seriach02.xls 2.38MB Nominal T-bonds outstanding held by non-residents by series
Portfele_nierezydentow_po_seriach02.xls 2.31MB Institutional and geographical distribution of non-residents' holdings in Treasury Securities
Struktura_nierezydentow02.xlsm 0.46MB Non-residents' holdings in marketable Treasury Securities
Nierezydenci_02.xls 0.47MB Non-residents' holdings in Treasury Securities by countries
Nierezydenci_kraje02.xlsx 0.25MB
- Last updated on:
- 29.03.2024 12:00 Anna Czarnecka
- First published on:
- 31.07.2019 15:02 Anna Czarnecka