WARSAW: Poland is likely to issue euro- and yuan-denominated bonds next year and will consider new markets only if they offer advantageous terms, Deputy Finance Minister Piotr Nowak.
He said the ministry plans to hold three roadshows in the coming months - in Latin America in October, Middle East in November and in the United States in December.
Nowak also said that Poland aims to lower the share of foreign debt in total debt to 30 percent from the current 34 percent, but added that this does not necessarily mean that this must take place within one or two years.
"The first in line (next year) may be an issue in euros, this is a natural direction for us," Nowak told Reuters. In four of the last six years, Poland has kicked off its annual foreign bond issuance with a euro-denominated bond issue in early January.
"We plan to issue the second tranche of yuan-denominated bonds next year. The size would be the same as this year, that is three billion yuan. We are open regarding maturity, but most likely it would also by three years," Nowak said.
In August, Poland became the first European government to sell sovereign debt denominated in yuan on China's interbank bond market, pricing the three billion yuan issue at 3.4 percent.
"I don't think that we will consider issuing debt in Japan or Switzerland next year, but I don't want to say 'no'. We may consider it, depending on market conditions," Nowak said.
He said that Poland may also consider new markets for issuing its debt, but he said these would have to be cost-efficient.
Comments
Comments are closed for this article.