- PLN benchmarks
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- PLN – benchmark programme
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In 2016, EIB inaugurated its PLN benchmark issuance programme in order to support its lending operations in Poland.
EIB PLN Benchmark bonds are:
- issued off EIB’s EMTN Programme,
- with minimum sizes for new lines of PLN 1bn and taps of PLN 500m,
- in fixed or floating rate (6M WIBOR) format,
- listed on both the Luxembourg and the Warsaw Stock Exchange,
- settled internationally (Euroclear and Clearstream) and locally (Central Securities Depository of Poland - KDPW),
- compatible with the National Bank of Poland’s repo criteria,
- exempt under the Polish Act of 2016 on Taxation of Certain Financial Institutions, such that financial institutions included in the Act may lower their tax base by deducting their holdings of EIB bonds, and
- eligible investment instruments for Polish open pension funds (OFEs).
EIB’s PLN fixed-rate yield benchmark bonds have been issued with maturities between 2021 and 2026, and some of the issues have already been increased with a view to reaching the minimum target size of PLN 4bn.
Typically, and in line with secondary market trading levels, EIB PLN benchmark bonds offer a small yield pick-up over Polish Government debt. The bonds’ liquidity is supported by the EIB’s partner banks and, on an exceptional basis, by EIB in the context of buy-backs.
The EIB’s PLN funding team monitors the liquidity of the EIB’s zloty benchmark bonds on the basis of regular turnover statistics provided by the EIB’s partner banks who are active in the primary and secondary zloty markets. These reports, which are generated on a
quarterly and annual basis, can be accessed here.
A list of outstanding PLN benchmarks is available.
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