WARSAW: The Polish government issued €1bn of bonds despite having no debt due in the currency this year and $1.83 billion owing in dollars. “It makes sense for Poland to switch to issuing in euros from dollars to take advantage of the ECB’s quantitative-easing force in markets,” Peter Attard Montalto, an emerging-market strategist at Nomura International in London, said by e-mail on Monday.
Investors scouring for positive interest rates have sent the yield on Poland’s euro-denominated bonds down to 202 basis points below the equivalent debt in dollars from an average of 174 in the past year. Poland has been buying back its dollar securities, including $401 million of notes that weren’t due until July and October.
