Poland’s FinMin sells PLN5.9bn in new paper at switching auction

Poland’s Finance Ministry bought back PLN5.73bn of two series of bonds due in 2018 and one series in 2019 and sold PLN5.91bn of five series of existing bonds, according to the results of its Thurs. switching bond auction. The auction boosted coverage of the official PLN 181.7bn gross borrowing target to 63% from the 60% seen at end-June, the FinMin said separately. The switching auction marked the third time the ministry pre-financed its 2019 borrowing needs.

At the auction, the ministry redeemed early floating rate bonds due in 2019 (WZ0119) worth PLN1.62bn, five-year bonds (PS0718) worth PLN2.34bn, and two-year bonds (OK1018) worth PLN1.78bn. It sold PLN1.94bn of bonds due in 2028 (WS0428), PLN1.49bn of two-year bonds (OK0720), PLN1.21bn on five-year bonds (PS0123), PLN805m of floating rate bonds due in 2024 (WZ0524), and PLN460m of floating-rate bonds due in 2028 (WZ0528).

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