Structure of investors
In May, the debt in domestic TS increased by PLN 9.4bn and amounted to PLN 1 041.1bn. This was the result of an increase in debt towards all three groups of investors: domestic banks (including the NBP) by PLN 6.4bn (to PLN 540.1 billion), domestic non-bank investors by PLN 1.6bn (to PLN 368.5 billion) and non-residents by PLN 1.4bn (to PLN 132.5 billion). As a result, the share of domestic banks (including the NBP) in the domestic TS debt increased to 51.9% from 51.7% in April (50.6% at the end of December 2023), while the share of domestic non-banking investors diminished to 35.4% from 35.6% (35.8% at the end of December 2023). However, the share of non-residents in the domestic TS debt did not change in comparison to the previous month and amounted to 12.7% (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 May 2024 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Banks | 532 724,71 | 0,00 | 532 724,71 | |
Foreign investors* | 132 511,58 | 0,00 | 132 511,58 | |
Insurance funds | 64 352,21 | 0,00 | 64 352,21 | |
Pension funds | 15 775,39 | 0,00 | 15 775,39 | |
Investment funds | 59 629,72 | 0,00 | 59 629,72 | |
Households** | 125 288,53 | 0,00 | 125 288,53 | |
Non-financial corporations** | 5 684,05 | 0,00 | 5 684,05 | |
General government institutions | Total | 95 496,97 | 0,00 | 95 496,97 |
Including MoF | 7 335,00 | 0,00 | 7 335,00 | |
Others | 9 657,43 | 0,00 | 9 657,43 | |
Total | 1 041 120,60 | 0,00 | 1 041 120,60 |
(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 May 2024 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Banks | Total | 540 059,71 | 0,00 | 540 059,71 |
Including MoF | 7 335,00 | 0,00 | 7 335,00 | |
Foreign investors* | 132 511,58 | 0,00 | 132 511,58 | |
Insurance funds | 64 352,21 | 0,00 | 64 352,21 | |
Pension funds | 15 775,39 | 0,00 | 15 775,39 | |
Investment funds | 59 629,72 | 0,00 | 59 629,72 | |
Households** | 125 288,53 | 0,00 | 125 288,53 | |
Non-financial corporations** | 5 684,05 | 0,00 | 5 684,05 | |
General government institutions** | 88 161,97 | 0,00 | 88 161,97 | |
Others | 9 657,43 | 0,00 | 9 657,43 | |
Total | 1 041 120,60 | 0,00 | 1 041 120,60 |
* 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 - 28.06.2024
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 May 2024
Institutional distribution of non-residents holdings in Treasury securities issued on the local market at the end of May 2024 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Banks | 4 833,69 | 0,00 | 4 833,69 | |
Central banks | 20 221,75 | 0,00 | 20 221,75 | |
Public institutions | 1 241,59 | 0,00 | 1 241,59 | |
Insurance funds | 2 005,25 | 0,00 | 2 005,25 | |
Pension funds | 17 271,99 | 0,00 | 17 271,99 | |
Investment funds | 17 348,08 | 0,00 | 17 348,08 | |
Hedge funds | 1 403,51 | 0,00 | 1 403,51 | |
Households** | 429,78 | 0,00 | 429,78 | |
Non-financial corporations** | 836,19 | 0,00 | 836,19 | |
Others | 15 833,24 | 0,00 | 15 833,24 | |
Total | 81 425,05 | 0,00 | 81 425,05 | |
Omnibus accounts*** | 51 086,54 | 0,00 | 51 086,54 | |
Non-residents total | 132 511,58 | 0,00 | 132 511,58 |
Geographical distribution of non-residents holdings in Treasury securities issued on the local market at the end of May 2024
Geographical distribution of non-residents holdings in Treasury securities issued on the local market at the end of May 2024 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Europe - eurozone | 28 487,07 | 0,00 | 28 487,07 | |
Europe - EU non-eurozone | 2 659,46 | 0,00 | 2 659,46 | |
Europe - non-EU | 5 587,04 | 0,00 | 5 587,04 | |
Africa | 29,99 | 0,00 | 29,99 | |
South America (incl. Caribbean) | 623,03 | 0,00 | 623,03 | |
North America | 6 331,38 | 0,00 | 6 331,38 | |
Australia and Oceania | 424,33 | 0,00 | 424,33 | |
Asia (excl. Middle East) | 34 230,70 | 0,00 | 34 230,70 | |
Middle East | 3 052,06 | 0,00 | 3 052,06 | |
Total | 81 425,05 | 0,00 | 81 425,05 | |
Omnibus accounts*** | 51 086,54 | 0,00 | 51 086,54 | |
Non-residents total | 132 511,58 | 0,00 | 132 511,58 |
*** 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 May 2024
Geographical distribution of central banks holdings in Treasury securities issued on the local market at the end of May 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 | 24,96 | 0,00 | 24,96 | |
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) | 17 683,40 | 0,00 | 17 683,40 | |
Middle East | 2 506,03 | 0,00 | 2 506,03 | |
Total | 20 221,75 | 0,00 | 20 221,75 |
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 | |
02.05.2024 | 130 121,61 | 0,00 | 130 121,61 |
06.05.2024 | 130 648,18 | 0,00 | 130 648,18 |
07.05.2024 | 130 511,10 | 0,00 | 130 511,10 |
08.05.2024 | 129 299,94 | 0,00 | 129 299,94 |
09.05.2024 | 130 217,79 | 0,00 | 130 217,79 |
10.05.2024 | 129 830,42 | 0,00 | 129 830,42 |
13.05.2024 | 129 793,55 | 0,00 | 129 793,55 |
14.05.2024 | 129 364,81 | 0,00 | 129 364,81 |
15.05.2024 | 129 340,82 | 0,00 | 129 340,82 |
16.05.2024 | 129 313,20 | 0,00 | 129 313,20 |
17.05.2024 | 129 885,41 | 0,00 | 129 885,41 |
20.05.2024 | 130 414,17 | 0,00 | 130 414,17 |
21.05.2024 | 129 818,10 | 0,00 | 129 818,10 |
22.05.2024 | 130 065,31 | 0,00 | 130 065,31 |
23.05.2024 | 129 981,69 | 0,00 | 129 981,69 |
24.05.2024 | 130 193,66 | 0,00 | 130 193,66 |
27.05.2024 | 132 257,42 | 0,00 | 132 257,42 |
28.05.2024 | 131 837,56 | 0,00 | 131 837,56 |
29.05.2024 | 131 843,89 | 0,00 | 131 843,89 |
31.05.2024 | 132 136,77 | 0,00 | 132 136,77 |
Historical data are available in the file nierezydenci.xls
Last update - 28.06.2024
Materials
Nominal T-bonds and T-bills outstandingPortfele05.xls 0.56MB Nominal T-bonds outstanding by series
Portfele_po_seriach05.xls 2.41MB Nominal T-bonds outstanding held by non-residents by series
Portfele_nierezydentow_po_seriach05.xls 2.35MB Institutional and geographical distribution of non-residents' holdings in Treasury Securities
Struktura_nierezydentow05.xlsm 0.46MB Non-residents' holdings in marketable Treasury Securities
Nierezydenci_05.xls 0.47MB Non-residents' holdings in Treasury Securities by countries
Nierezydenci_kraje05.xlsx 0.26MB
- Last updated on:
- 28.06.2024 14:59 Anna Czarnecka
- First published on:
- 31.07.2019 15:02 Anna Czarnecka