Structure of investors
In April the debt in domestic TS increased by PLN 9.3bn and amounted to PLN 1,294.3bn. This was the result of an increase in debt towards both domestic banks (including the NBP) and domestic non-bank investors by PLN 1.3bn (to PLN 672.8 billion) and by PLN 10.0bn (to PLN 462.9 billion), respectively, and a decrease in debt toward non-residents by PLN 1.9bn (to PLN 158.6 billion). As a result, the share of domestic banks (including the NBP) decreased slightly to 52.0% from 52.3% in March (51.0% at the end of December 2024), while the share of domestic non-banking investors in the domestic TS debt increased to 35.8% from 35.2% in the previous month (36.4% at the end of December 2024). However, the share of non-residents in the domestic TS debt diminished to 12.3% compared to 12.5% in March (12.7% at the end of December 2024).
(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 April 2025 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Banks | 646 368,95 | 18 361,29 | 664 730,24 | |
Foreign investors* | 158 499,09 | 137,05 | 158 636,14 | |
Insurance funds | 69 408,03 | 709,55 | 70 117,58 | |
Pension funds | 22 607,11 | 30,50 | 22 637,61 | |
Investment funds | 80 230,65 | 109,00 | 80 339,65 | |
Households** | 160 353,65 | 0,00 | 160 353,65 | |
Non-financial corporations** | 6 482,87 | 74,93 | 6 557,80 | |
General government institutions | Total | 120 207,91 | 1 150,00 | 121 357,91 |
Including MoF | 8 020,00 | 0,00 | 8 020,00 | |
Others | 9 075,11 | 486,88 | 9 561,99 | |
Total | 1 273 233,37 | 21 059,20 | 1 294 292,57 |
(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 April 2025 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Banks | Total | 654 388,95 | 18 361,29 | 672 750,24 |
Including MoF | 8 020,00 | 0,00 | 8 020,00 | |
Foreign investors* | 158 499,09 | 137,05 | 158 636,14 | |
Insurance funds | 69 408,03 | 709,55 | 70 117,58 | |
Pension funds | 22 607,11 | 30,50 | 22 637,61 | |
Investment funds | 80 230,65 | 109,00 | 80 339,65 | |
Households** | 160 353,65 | 0,00 | 160 353,65 | |
Non-financial corporations** | 6 482,87 | 74,93 | 6 557,80 | |
General government institutions** | 112 187,91 | 1 150,00 | 113 337,91 | |
Others | 9 075,11 | 486,88 | 9 561,99 | |
Total | 1 273 233,37 | 21 059,20 | 1 294 292,57 |
* 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 - 30.05.2025
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 April 2025
Institutional distribution of non-residents holdings in Treasury securities issued on the local market at the end of April 2025 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Banks | 8 767,79 | 37,05 | 8 804,84 | |
Central banks | 20 909,73 | 0,00 | 20 909,73 | |
Public institutions | 2 335,95 | 0,00 | 2 335,95 | |
Insurance funds | 2 635,88 | 0,00 | 2 635,88 | |
Pension funds | 17 593,61 | 0,00 | 17 593,61 | |
Investment funds | 22 315,62 | 50,00 | 22 365,62 | |
Hedge funds | 1 303,50 | 0,00 | 1 303,50 | |
Households** | 536,03 | 0,00 | 536,03 | |
Non-financial corporations** | 1 308,26 | 0,00 | 1 308,26 | |
Others | 17 516,94 | 0,00 | 17 516,94 | |
Total | 95 223,30 | 87,05 | 95 310,35 | |
Omnibus accounts*** | 63 275,79 | 50,00 | 63 325,79 | |
Non-residents total | 158 499,09 | 137,05 | 158 636,14 |
Geographical distribution of non-residents holdings in Treasury securities issued on the local market at the end of April 2025
Geographical distribution of non-residents holdings in Treasury securities issued on the local market at the end of April 2025 (PLN million) | ||||
T-bonds | T-Bills | Total | ||
Europe - eurozone | 33 931,27 | 18,65 | 33 949,92 | |
Europe - EU non-eurozone | 2 469,33 | 50,00 | 2 519,33 | |
Europe - non-EU | 8 164,28 | 18,40 | 8 182,68 | |
Africa | 52,49 | 0,00 | 52,49 | |
South America (incl. Caribbean) | 897,92 | 0,00 | 897,92 | |
North America | 7 695,66 | 0,00 | 7 695,66 | |
Australia and Oceania | 1 197,99 | 0,00 | 1 197,99 | |
Asia (excl. Middle East) | 37 607,04 | 0,00 | 37 607,04 | |
Middle East | 3 207,32 | 0,00 | 3 207,32 | |
Total | 95 223,30 | 87,05 | 95 310,35 | |
Omnibus accounts*** | 63 275,79 | 50,00 | 63 325,79 | |
Non-residents total | 158 499,09 | 137,05 | 158 636,14 |
*** 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 April 2025
Geographical distribution of central banks holdings in Treasury securities issued on the local market at the end of April 2025 (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 | 27,59 | 0,00 | 27,59 | |
South America (incl. Caribbean) | 2,20 | 0,00 | 2,20 | |
North America | 0,00 | 0,00 | 0,00 | |
Australia and Oceania | 6,00 | 0,00 | 6,00 | |
Asia (excl. Middle East) | 18 290,06 | 0,00 | 18 290,06 | |
Middle East | 2 583,88 | 0,00 | 2 583,88 | |
Total | 20 909,73 | 0,00 | 20 909,73 |
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 | |
01.04.2025 | 163 012,43 | 172,05 | 163 184,48 |
02.04.2025 | 160 583,47 | 172,05 | 160 755,52 |
03.04.2025 | 160 608,00 | 172,05 | 160 780,05 |
04.04.2025 | 162 487,87 | 172,05 | 162 659,92 |
07.04.2025 | 161 589,39 | 172,05 | 161 761,44 |
08.04.2025 | 161 462,27 | 187,05 | 161 649,32 |
09.04.2025 | 161 872,40 | 137,05 | 162 009,45 |
10.04.2025 | 157 973,03 | 137,05 | 158 110,08 |
11.04.2025 | 160 305,78 | 137,05 | 160 442,83 |
14.04.2025 | 157 142,35 | 137,05 | 157 279,40 |
15.04.2025 | 155 672,11 | 137,05 | 155 809,16 |
16.04.2025 | 156 006,84 | 137,05 | 156 143,89 |
17.04.2025 | 157 260,01 | 137,05 | 157 397,06 |
18.04.2025 | 156 701,27 | 137,05 | 156 838,32 |
22.04.2025 | 157 668,14 | 137,05 | 157 805,19 |
23.04.2025 | 157 910,14 | 137,05 | 158 047,19 |
24.04.2025 | 156 833,91 | 137,05 | 156 970,96 |
25.04.2025 | 157 443,42 | 137,05 | 157 580,47 |
28.04.2025 | 158 421,81 | 137,05 | 158 558,86 |
29.04.2025 | 157 280,57 | 137,05 | 157 417,62 |
30.04.2025 | 158 016,86 | 137,05 | 158 153,91 |
Historical data are available in the file nierezydenci.xls
Last update - 30.05.2025
Materials
Nominal T-bonds and T-bills issued on the domestic marketPortfele04.xls 0.57MB Nominal T-bonds issued on the domestic market by series
Portfele_po_seriach04.xls 2.52MB Nominal T-bonds issued on the domestic market held by non-residents by series
Portfele_nierezydentow_po_seriach04.xls 2.50MB Institutional and geographical distribution of non-residents' holdings in Treasury Securities issued on the domestic market
Struktura_nierezydentow04.xlsm 0.47MB Non-residents' holdings in marketable T-bonds and T-bills
Nierezydenci_04.xls 0.49MB Non-residents' holdings in Treasury Securities issued on the domestic market by countries
Nierezydenci_kraje04.xlsx 0.29MB
- Last updated on:
- 30.05.2025 15:01 Anna Czarnecka
- First published on:
- 31.07.2019 15:02 Anna Czarnecka