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T-bills and T-bonds

TS (T-bonds and T-bills) offered at auctions held by the National Bank of Poland are dedicated for the institutional investor groups and are commonly called "wholesale" instruments. They fulfil the basic role in meeting the State Budget borrowing requirements. Relatively high face value of the securities offered at auctions (PLN 1,000 for a T-bond and PLN 10,000 for a T-bill) is a feature of the wholesale market of the TS. The direct access to auctions is limited to Treasury Securities Dealers and Bank Gospodarstwa Krajowego (state owned bank). Investors that have no such status can place their bids through an entity that is a direct participant of an auction. Basic characteristic of wholesale TS is presented in the table below.

 Auction calendars    Auction procedures
Auction calendars contain auction dates, settlement dates, T-bills and T-bonds auction results and archive calendars.
 		 All T-bond and T-bill sale auctions are carried out in uniform price formula.
 Transactions database    Letters of issue
The file allows to search transactions on Treasury securities (among others: auctions results, sales value, buy-back value, prices, yields) thanks to the "Autofilter" function. Transaction database contains module that calculates outstanding on the selected date.
 		 Detailed conditions of a particular TS issue i.e.: maturity date, type of coupon, maximum value of the issue and its currency are determined in the Letters of Issue published by the Minister of Finance.
 Coupons    Calculators
Treasury securities' coupon rates and interest in particular coupon periods. Calculator of accrued interest for selected T-bond series. Calculator of accrued interest and inflation coefficients of inflation linked T-bonds.
 
 Indexation coefficients    Fixing
Current indexation coefficients and accrued interest for inflation linked T-bonds IZ0823. Quotations of Treasury securities on selected date.

 

 

 

 

 

Information on the publication of the document
Last updated on:
17.09.2021 15:13 Rafał Borucki
First published on:
28.12.2018 14:08 Kamila Gers
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