Poland has returned to the dollar-denominated sovereign debt market with a three-tranche offering, marking its first dollar issue since the outbreak of war in Iran. The government is marketing benchmark notes with maturities of 5, 10 and 30 years.
Initial pricing talk for the shorter-dated bond sits around 95 basis points over comparable U.S. Treasuries, while the longest-dated tranche is being pitched at about 160 basis points, according to a person familiar with the matter. The finance ministry confirmed the appointment of Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Societe Generale SA as bookrunners for the operation.
The ministry said the transaction will go ahead only if market conditions are favourable, underlining that the deal is contingent on developments in investor demand and broader market dynamics.
The dollar sale follows a series of foreign-currency transactions earlier this year. In January the government sold c3.25 billion in euro-denominated bonds while in February it tapped the Samurai market for a5211.6 billion. Officials plan to issue the equivalent of c10 billion to c12 billion in foreign bonds over the course of the year.
Poland last issued dollar bonds in February 2025, when it raised $5.5 billion through five- and 10-year notes. Existing sovereign paper maturing in 2035 carries a yield of 5.11% at present, up from 4.72% immediately before the outbreak of war but still below last month s peak of 5.23%.
Credit-rating agencies currently assign Poland investment-grade scores with negative outlooks. In response to recent energy-market moves, the government cut taxes on fuels to mitigate the risk that higher oil prices would rekindle domestic inflation pressures. Separately, authorities reduced the supply of local-currency bonds at auctions last month.
Details on final pricing, allocation and the timing of the syndication remain dependent on market feedback and will be confirmed by the finance ministry and the appointed banks as the bookbuild progresses.