Poland re-enters the U.S. dollar bond market with the launch of three bond issuance tranches

Investing.com – Poland is issuing three tranches of U.S.-dollar-denominated bonds, marking the country’s return to the international bond market since the outbreak of the Iran war.

The Polish government is selling 5-year, 10-year, and 30-year benchmark bonds. According to people familiar with the matter, the initial price range for the 5-year bonds is about 95 basis points above U.S. Treasuries, while the pricing range for the 30-year bonds is around 160 basis points.

The Polish Ministry of Finance confirmed it has hired Citigroup, Goldman Sachs, JPMorgan Chase, and Société Générale as bookrunners. The ministry said the transaction depends on market conditions.

This move follows Poland’s issuance of €3.25 billion ($3.76 billion) of euro-denominated bonds in January and ¥211.6 billion ($1.3 billion) of Samurai bonds in February. The country plans to issue foreign-currency bonds equivalent to €10 billion to €12 billion this year.

Poland’s last issuance of U.S.-dollar-denominated bonds was in February 2025, when it sold $5.5 billion of 5-year and 10-year notes. The yield on existing notes due in 2035 is 5.11%, above 4.72% before the outbreak of the war, but below last month’s 5.23% peak.

Poland holds investment-grade credit ratings with all three major rating agencies, but the outlook is negative. The country recently cut fuel taxes to prevent a spike in oil prices from reigniting domestic inflation pressures, and it reduced the supply of local-currency bond auctions in the previous month.

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