General assumptions:

1. in the first quarter of 2021 T-bond auctions are planned according to the announced yearly issuance calendar,
2. offer of T-bonds on the domestic market will depend on the budget and market situation as well as the consultations with investors,
3. possible auctions of Treasury bills will be held within the confines of the State budget liquidity management,
4. foreign financing will be determined by the situation on the international financial market and the domestic market as well as by budget conditions,
5. the announced plan may be modified subject to the market situation.

 

1. Offer of T-bonds on the domestic market:

• sale auctions:

between four and five auctions, total supply PLN 25.0-35.0 bn, the structure of the sold T-bonds will be subject to the market situation,

• switch auctions:

in January auction is not planned, up to two auctions possible in February and/or March (subject to the budget and market situation) – securities offered to repurchase would be T-bonds maturing in 2021.

2. Offer of T-bills

Detailed information on the offer of T-bills will be presented in the monthly issuance plans.

3. Foreign financing:

• possible issuance of bonds on the international markets,
• loans from International Financial Institutions up to EUR 0.2 bn,
• possible loans from EU within instrument for temporary support to mitigate unemployment risks in an emergency (SURE).