4:16 28 November 2025
Poland plans new issuance
Poland is laying the groundwork for another major foreign-currency bond sale. The Finance Ministry says it will return to international markets in early 2026, targeting euro and dollar investors and potentially revisiting Japan, last tapped in 2024.
Demand remains solid, according to public-debt director Karol Czarnecki, who told Bloomberg that Poland should be able to place additional tranches without difficulty. Foreign issuance has totaled about €10.8 billion this year, with €10–12 billion planned for 2026.
Rising borrowing needs—driven by a budget deficit of 6.9% of GDP and higher defense spending linked to the war in Ukraine—are pushing the government to rely more on external financing. While investor discussions have become tougher, Poland is still viewed as a dependable issuer.
Market conditions help: 10-year złoty yields have fallen to 5.2%, their lowest since mid-year, supported by easing inflation and low German Bund yields. But risks remain, with Fitch and Moody’s warning that further fiscal loosening could pressure Poland’s rating and the IMF urging tighter budget discipline.
