Polish Yield Drops Below Spain’s in Bond Sale on Budget Gap
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Poland sold its maximum offering of new 10-year bonds as a smaller-than-forecast budget deficit and slowing inflation pushed the government’s borrowing costs below those of higher-rated Spain for the first time on record.
The European Union member raised 3 billion zloty ($1.08 billion) from securities maturing in October 2021 at an average yield of 5.803 percent, the Finance Ministry said in an e-mailed statement. That compares with a 5.896 percent yield in a sale of Spain’s April 2021 debt today and with 6.215 percent at the last Polish auction of 10-year notes in January.