The National Working Group on Benchmark Reform announces that on November 21, 2025, the Ministry of Finance conducted the first pilot issuance of treasury bonds linked to the POLSTR benchmark during a sale auction. The total allocation amounted to PLN 1.48 billion against a bid-to-cover ratio reflecting PLN 1.9 billion in aggregate demand. Through the additional sale facility, investors acquired bonds with a nominal value of PLN 0.4 billion. As of November 26, 2025, the bonds will be listed on the Treasury BondSpot Poland (TBSP) market as well as on the regulated markets of BondSpot and the Warsaw Stock Exchange (GPW).

This issuance delivers a key milestone of the Benchmark Reform Roadmap in Poland and confirms full alignment with the objectives and timeline adopted by the NWG. The coupon structure of the new bonds is based on a compounded rate, calculated separately for each business day within the interest period, in accordance with the recommended conventions for benchmark usage.

The issuance provides strong momentum for the broader financial market to adopt the POLSTR benchmark and promotes the new standard across market participants.