General assumptions:

1. 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. 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:

eight auctions, total supply PLN 55.0-75.0 bn, the structure of the sold T-bonds will be subject to the market situation,

• switch auctions:

one auction - securities offered to repurchase would be T-bonds maturing in 2025.

2. Offer of T-bills

The number of auctions and supply of T-bills will result from the State budget borrowing requirements, results of T-bonds auctions on the domestic market and the level of foreign financing.

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,
• possible loans from International Financial Institutions up to EUR 0.5 bn.