PL: Table of treasury bonds rates
Table shows retail treasury bonds available in Poland.

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Polish treasury bonds#

Bond typeFull bond nameInterest rate in the first period (annual)Interest rate in next periods (annual)Maturity (time to redeption)Frequency of interest paymentsCost of early redemption (no more than total accumulated or payed interests)
OTSSavings Three-month Equal Percentage3%3%3 monthsOne payment on redemption dayInterest loss
RORAnnual Reference Savings5.25%NBP reference rate1 yearPer 1 month0.5 PLN per one bond
DORBiennial Savings Reference5.5%NBP reference rate + 0.25%2 yearsPer 1 month0.7 PLN per one bond
TOZThree-Year Savings Floating Percentage5.5%WIBOR6M3 yearsPer 6 months0.7 PLN per one bond
COIIndexed Four-Year Savings5.5%Inflation + 1%4 yearsPer 1 year0.7 PLN per one bond
EDORetirement Ten-Year Savings5.75%Inflation + 1.25%10 yearsOne payment on redemption day2 PLN per one bond
ROSFamily Savings Six-year5.7%Inflation + 1.5%6 yearsOne payment on redemption day0.7 PLN per one bond
RODFamily Savings Twelve Years6%Inflation + 1.75%12 yearsOne payment on redemption day2 PLN per one bond

Some facts#

  • In the market economy politicians do not have direct access to money issued by the Central Bank (in Poland: Narodowy Bank Polski, NBP).
    ⚠ Note:In the 90s (after the political system of Poland was changed to a democratic and a market economy was introduced), the financing of public debt by the Central Bank was forbidden. This way (learnings from the hyperinflation of the late 1980s) politicians could not directly issue the money. From that moment, the National Bank of Poland became an independent institution and politicians had to obtain money indirectly from the market. According to some economists and lawyers, this rule was bypassed for the first time in 2020. Then then National Bank of Poland purchased the bonds issued by PFR and BGK on an ongoing basis (both PFR and BKG are controlled by the government). At that time, the ruling party was Law and Justice and the president of the Central Bank was Adam Glapiński.
  • To finance public spending the government needs to raise funds from citizens in the form of taxes.
  • If the government spends more than it has obtained from taxes we deal with the so-called budget deficit.
  • To balance the budget against the deficit the government needs to borrow the missing amount by issuing bonds.
  • Natural persons may purchase retail treasury bonds of Poland directly on the Ministry of Finance website.
  • Polish treasury bonds can be divided according to the method of determining their interest rates into:
    • fixed interest rate - the interest rate is known in advance and does not change over time,
    • variable interest rate - the interest rate is known in advance only for the first interest period, next periods are calculated as the sum of the selected indicator (depending on the bond it may be WIBOR6M, reference rate of NBP, inflation rate) and the margin known in advance.
  • Bonds have a predetermined period for which we lend money to the government, e.g. for the EDO series it is 10 years. However, in the case of retail bonds, we can use the early redemption option.
  • Retail treasury bonds guarantee no nominal loss. If we decide to an early redemption, we will be charged an additional fee, but it can't exceed the sum of all interest (paid in all periods jointly).

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