Bonds sold out in April. MF confirms data
The Ministry of Finance has confirmed data on the sale of Treasury bonds, which in April was the highest since the summer of last year. The greatest interest from investors last month was enjoyed by three-year bonds with a fixed interest rate, which is not surprising, because the market was preparing for a May interest rate cut.
The sale of retail bonds in April 2025 amounted to PLN 7.366 billion compared to PLN 5.491 billion in March - the Ministry of Finance reported in a press release. As added, the most frequently purchased instruments were 3-year bonds - TOS (49% share in the sales structure), individual buyers allocated PLN 3.586 billion for their purchase, and 1-year - ROR (24%) with sales at the level of PLN 1.790 billion.
There was also a lot of interest in 4-year bonds – COI (with an 11% share in sales). Next, savers chose 10-year bonds – EDO (8%), 2-year bonds – DOR (5%), and 3-month bonds – OTS (2%).
Since the beginning of the year, retail bond sales have totaled approximately PLN 24.7 billion. This confirms the initial calculations we published on Bankier.pl at the beginning of May .
In accordance with the Treasury bond sale offer of the Ministry of Finance published on 24 April, from 1 May the interest rate on fixed-coupon three-year securities (to 5.75%), four-year and ten-year inflation-indexed bonds (to 6.10 and 6.35% respectively), as well as six-year and twelve-year family bonds (to 6.30 and 6.60%) was reduced by 0.2%.
The interest rate on three-month fixed-rate bonds (3 per cent) and on one- and two-year variable-rate securities (5.75 per cent and 5.90 per cent, respectively, in the first monthly interest period) remained unchanged.
- The interest rate adjustment in May is aimed at adjusting the offer of savings bonds to current market conditions. This involves a small reduction in the interest rate on bonds with a maturity of 3 years and above. At the same time, we have maintained attractive margins in subsequent interest periods for all offered variable-rate bonds and preferences for the retail segment over the wholesale market - wrote Jurand Drop, Deputy Minister of Finance, in an official MF statement at the time.
The Ministry of Finance decided not to wait for the expected reduction in interest rates at the National Bank of Poland and lowered the interest rate on retail treasury bonds in advance. This is probably not the last such move this year.
In the coming months, we can expect a further decline in interest rates on treasury bonds, which will be influenced by NBP interest rate cuts and falling inflation.
BPL:JM/PAP:pat/ana/
bankier.pl
