Instruments

The Minister of Finance on behalf of the State Treasury issues the following types of securities:

Treasury Bonds defined as securities offered for sale on domestic and foreign markets, bearing interest in the form of a interest or discount coupon
Treasury Bills defined as short-term securities offered for sale on the domestic primary market at a discount and redeemed at the nominal value at maturity

All wholesale Treasury Bonds and Treasury Bills denominated in PLN are traded on MTS Poland.

They include: PFI – Polish Fixed Rate Bonds with maturities of 5,10 and 20 years. The coupon is paid annually on actual/actual convention.
PFL– Polish Floating Rate Bonds are issued with maturities of 10 with annually paid coupon, which is calculated taking into consideration the profitability of 52-week Treasury Bills. Yield is determined on actual/actual convention. PFL also includes treasury bonds with maturities of 3 and 7 years with coupon paid quarterly and semi-annually. The coupon is based on 3M and 6M WIBOR respectively. They day count convention is determined on 365/366 formula.
PZC– Polish Zero Coupon Bonds are currently issued with maturities of 2 years. They are issued at a discount with actual/actual convention.
PTB– Polish Treasury Bills are zero coupon instruments auctioned once a week in multiple-price auction system. They are issued at a discount from par with the 52-week maturities.
PFX– Polish Inflation Linked Bonds are currently issued with maturity of 12 years. The fixed coupon is paid annually on indexed (inflation linked) principal. The day count convention is determined on actual/actual formula.