The Ministry of Finance and BGK plan to issue bonds worth 90 billion zł in Q4 2026

MF and BGK reveal debt issuance plans for Q4 2026

The Ministry of Finance and Bank Gospodarstwa Krajowego have published the schedule for debt supply for the last three months of 2026. For the market, this is important information because it shows when the state will be looking for funding and how large the bond offer may be in the coming weeks.

The finance ministry plans six to seven auctions of Treasury bond sales in Q4, meaning securities through which the state borrows money from investors. Total supply is expected to range from 60 to 90 mld zł. The final issuance structure will depend on market conditions.

One or two exchange auctions are also planned for the same period. Bonds maturing in 2026 and 2027 may be bought back as part of these operations. The ministry also notes that the number of Treasury bill auctions and their supply will depend on borrowing needs, the results of bond sales on the domestic market and the scale of capital raised abroad.

For foreign funding, the MF is considering public bond issues on external markets, loans from international financial institutions and loans under the RRF, or Recovery Fund. Details on Treasury bills are to be published in the monthly SPW supply plans.

In October, the finance ministry has scheduled three bond sale auctions. They will take place on 14 October, 22 October and 28 October, with supply of 7-12 mld zł, 8-14 mld zł and 7-12 mld zł, respectively. The auctions are expected to feature mainly the OK0129, PS1031, NZ0332 and DS0436 series, although the MF does not rule out other securities as well.

No bond exchange auctions are planned for October. In addition, a sale auction of 51-week Treasury bills will take place on 2 October, with expected supply of 2 to 4 mld zł. At the same time, BGK, which finances the COVID-19 Countermeasure Fund, plans four bond sale auctions in Q4, as well as one exchange auction on 15 October. The bank’s schedule may change depending on market conditions and the fund’s needs.