The evolution of the Polish government bond market
https://doi.org/10.3326/pse.45.1.5 | Published online: March 9, 2021 Table 1
Current structure of Polish public debt (billions of PLN, as of December 31st 2019)
Figure 1
Timing of switching auctions – distribution as % of original maturity Notes: The brackets in the horizontal axis denote the time when switching auctions are performed, i.e. [96-98) groups all instances when bonds were repurchased when at least 96%, but no more than 98% of their original maturity elapsed. Source: Own elaboration based on MoF data. Figure 2
Distribution of the amount of bonds repurchased at maturity (in %) Notes: The brackets in the horizontal axis denote the total share of bond issue’s nominal value repurchased on all switching when the bond was subject to repurchases, e.g. [50, 60) groups all instances when at least 50% of total nominal value, but no more than 60% was repurchased – conversely, for this group 40-50% of the bond’s nominal value was redeemed at maturity. Source: Own elaboration based on MoF data. Figure 3
General government consolidated debt as percentage of GDP, historical data Figure 4
Number of Treasury bond (left panel) and Treasury bill (right panel) issues outstanding Figure 5
Distribution of outstanding PLN-denominated debt by maturity (in %) Figure 6
Number of outstanding PLN-denominated bond issues by maturity Figure 7
Average size of a PLN-denominated bond issue (millions of PLN, 2015 prices) Figure 8
Value (left panel, bn PLN) and share (right panel, % of total) of banks and non-residents debt holdings Figure 9
Average duration (left panel) and average maturity (right panel) of bond holdings (in years) Notes: Average duration calculated only for fixed-rate and zero-coupon bonds of OK, PS, DS and WS series; average maturity was calculated for all PLN-denominated bond series. Source: Own elaborations based on MoF data. Table 1 Current structure of Polish public debt (billions of PLN, as of December 31st 2019) DISPLAY Table Figure 1 Timing of switching auctions – distribution as % of original maturity DISPLAY Figure Figure 2 Distribution of the amount of bonds repurchased at maturity (in %) DISPLAY Figure Figure 3 General government consolidated debt as percentage of GDP, historical data DISPLAY Figure Figure 4 Number of Treasury bond (left panel) and Treasury bill (right panel) issues outstanding DISPLAY Figure Figure 5 Distribution of outstanding PLN-denominated debt by maturity (in %) DISPLAY Figure Figure 6 Number of outstanding PLN-denominated bond issues by maturity DISPLAY Figure Figure 7 Average size of a PLN-denominated bond issue (millions of PLN, 2015 prices) DISPLAY Figure Figure 8 Value (left panel, bn PLN) and share (right panel, % of total) of banks and non-residents debt holdings DISPLAY Figure Figure 9 Average duration (left panel) and average maturity (right panel) of bond holdings (in years) DISPLAY Figure |
March, 2021 I/2021 |
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