publication
2025-11-14 10:52
Interest in retail bonds issued by the Ministry of Finance continues to grow. In October, Poles mainly chose three-year fixed-rate securities and one-year bonds based on the NBP reference rate.
In October 2025, the Ministry of Finance sold retail treasury bonds for nearly PLN 6.3 billion. This result is 5.7% lower than in September, but at the same time 6.1% higher than in October 2024. This is still a solid result considering the gradually decreasing interest rates on these securities.
Since May, the Monetary Policy Council has been intensively reducing interest rates, resuming the cycle of easing monetary policy in Poland after a break of almost a year and a half. Over the previous six months, NBP rates have already been reduced by 150 basis points. In November, the NBP reference rate is only 4.25% and therefore the Ministry of Finance decided to reduce the interest rate on retail treasury bonds by 25 basis points.
Therefore, we have a situation where, month by month, the securities offered by the Ministry of Finance are becoming less and less attractive, although they still offer interest rates that exceed the CPI inflation for the last 12 months.
– Customers perceive retail treasury bonds as a safe and attractive way to increase their savings. More and more often, they choose convenient and safe online shopping. In October, the value of funds deposited in our bonds once again exceeded PLN 6 billion (PLN 6.3 billion), most of which – 63% was bought online – comments Jurand Drop, Undersecretary of State at the Ministry of Finance.
Poles' bond preferences remained unchanged
Similarly to the previous months, in October the most frequently purchased bonds were short-term bonds (ROR) and three-year fixed-interest bonds (TOS). The share of the latter amounted to 40.5% of the total October sales of retail Treasury bonds. In turn, annual current accounts accounted for 32% of sales. Therefore, both types of bonds accounted for 72.5% of the total pool, which is slightly less than the 77% recorded in September.
However, the demand for “anti-inflation” securities was still poor. In October, 4-year bonds (COI), 10-year bonds (EDO) and family bonds (i.e. intended only for beneficiaries of the Family 800+ program) accounted for less than 20% of the offer sold. This is a level that we have been observing in the Ministry of Finance data for over a year. That is, from the moment when the fixed interest rate on 3-year bonds (as well as the variable interest rate on one-year and two-year securities) began to clearly exceed CPI inflation.
By comparison, in 2022-23, inflation-linked bonds accounted for more than half of retail bond purchases. This is a signal that investors in retail Treasury securities are less and less afraid of inflation. In October, CPI inflation was 2.8% and it was one of the lowest readings in the last 5 years.
– In October, Poles invested nearly PLN 6.3 billion in retail treasury instruments. The most frequently chosen three-year fixed-rate TOS bonds accounted for 41% of total October sales. 1-year bonds with variable interest rates based on the reference rate of the National Bank of Poland were also very popular, and their share in sales amounted to 32% – concluded Minister Jurand Drop.
