Polish economy continues to enjoy full trust of foreign markets - Rostowski
March 21, 2013
Finance Minister and deputy PM Jacek Rostowski
The results of the Wednesday auction of two- and five-year T-bonds testify to the fact that foreign investors fully trust the Polish economy, Poland’s Finance Minister Jacek Rostowski wrote on Twitter on Wednesday.
“Despite the Cyprus crisis our two- and five-year T-bonds were sold at the lowest yields in history. This is proof that markets still have full trust in the Polish economy,” Rostowski said.
Also, the Finance Ministry's public debt department head Piotr Marczak said the results of Wednesday’s auction testify to the fact that Poland still enjoys the status of a regional safe haven.
"The auction confirmed investors' assessment of Poland as a regional safe haven," Marczak said.
Faced with a high level of demand, "large accumulation of offers and proposed prices," the ministry decided to sell bonds above the initial supply range and refrain from holding a top-up auction, Marczak added.
Earlier on Wednesday Poland sold PLN 3.05 billion in 2Y zero-coupon papers and PLN 5.03 billion in fixed-rate 5Y papers, significantly above the PLN 4-6 billion supply range, with total demand hitting PLN 11.2 billion. The auction priced 2Y paper to yield 3.170% and the 5Y paper to yield 3.432%.