Monday, November 10, 2008

Finance ministry to offer up to PLN 1.5bn in bonds at switch auction.

Source: IntelliNews - Poland Today

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Finance ministry to offer up to PLN 1.5bn in bonds at switch auction. The finance ministry is to offer on Wednesday (Nov 12) Treasury bonds maturing in December 2008 (OK1208) as well as notes maturing in January 2009 (DZ0109), worth a total of PLN 1.5bn. In exchange, it will offer notes maturing in July 2010 (OK0710) and April 2014 (PS0414). In October, the ministry sold Treasury bonds maturing in October 2017 (DS1017) worth PLN 655mn at a switch auction, purchasing back notes maturing in maturing in December 2008 (OK1208) for PLN 620mn. The main concept of the switching operation is a buy-back of one bond issue (source bond) before its maturity, in which the settlement is made by issuing another bond (destination bond) to the holder of the security. The switching is thus a non-cash operation. ISB

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Finance ministry to offer up to PLN 1.5bn in bonds at switch auction.

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