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Zloty Bond Yields Rise as Poland Borrows More Than Planned

Yields on Polish government bonds rose for a third day after the Finance Ministry sold more bonds than it planned at an auction amid investor concern over how the euro area will cope with problems caused by Cyprus.

The yield on five-year bonds climbed five basis points to 3.485 percent, the highest in more than a week, at 2:52 p.m. in Warsaw after Poland sold 8.08 billion zloty in bonds due in 2015 and 2018. The target had been 6 billion zloty.

“It is not an easy market,” Esther Law, a strategist at Societe Generale SA in London, said in e-mailed comments today. “External factors are very uncertain and it’s difficult to know what’s going to happen at their next auction. If they can place as much as they can in the short end, why not?”

The ministry sold 5.03 billion zloty in bonds due in April 2018, which were priced to yield 3.432 percent, a record low for a government auction, with demand at 5.63 billion zloty. It also sold 3.05 billion zloty of notes maturing in July 2015 with the yield at 3.456 percent, also a record low.

The auction confirmed Poland’s position as a “regional safe haven,” Piotr Marczak, head of the Finance Ministry’s public debt department, said in an e-mailed statement.

The zloty appreciated as much as 0.4 percent before the auction as the European Central Bank pledged to provide liquidity to Cyprus, giving it time to renegotiate a financial rescue package. The currency last traded less than 0.1 percent stronger at 4.1635 per euro, after weakening 0.5 percent in the previous two days on concern that Cyprus’s bailout plan may trigger a return in the euro region’s crisis.

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