Piotr Marczak News
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The zloty headed for its weakest close in almost two weeks as concern for Europe’s recovery overshadowed praise from Moody’s Investors Service for meeting Polish borrowing needs in advance.
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The zloty gained for a second day, erasing earlier declines, as the reopening of banks in Cyprus eased concern that debt crisis would worsen in the euro area, the consumer of more than half of Poland’s exports.
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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.
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Poland plans to sell the most domestic bonds this year in June as demand from international investors remains “large,” the Finance Ministry said today.
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Poland sold a record amount of domestic bonds at an auction today and borrowing costs dropped to all-time lows as investors bet that the central bank will keep cutting interest rates to bolster the economy.
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The zloty had its worst month since May and yields on benchmark 10-year bonds increased the most in 16 months in January as Poland’s economic growth decelerated.
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Poland met 88 percent of this year’s 193.5 billion zloty of borrowing needs at the end of September, Piotr Marczak, the head of Finance Ministry’s debt department, wrote in a e-mailed response to questions from Bloomberg News.
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Poland will reduce sales of domestic bonds in the third quarter after record issuance in the first half of the year as concern that Europe’s fiscal situation is worsening drives yields higher.
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Poland has financed all of its borrowing needs for this year after selling $2 billion in dollar-denominated bonds yesterday and an inflow of 440 million euros ($622 million) in credit from the European Investment Bank today, said Piotr Marczak, head of the ministry’s debt management department, in an e-mailed statement.
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Poland is prepared to “flexibly’ adjust its debt sales to market conditions for a “long time” and is in a “relatively good situation” even with the Greek crisis, Piotr Marczak , the head of the Finance Ministry’s public debt department, was quoted as saying by Parkiet newspaper.
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