TBSP — Treasury BondSpot Poland

What is TBSP?

TBSP (Treasury BondSpot Poland) is a regulated wholesale market for treasury bonds in Poland, operated by BondSpot — part of the GPW Group. This is where banks, funds, and financial institutions trade Polish treasury bonds in large packages.

How does TBSP work?

TBSP trades treasury bonds issued by the Ministry of Finance — both fixed and variable rate bonds. The minimum transaction value is high (usually 100,000 PLN nominal), which is why this market is mainly intended for institutional investors.

Market participants:

• Commercial banks
• Investment and pension funds
• Insurance companies
• Market makers (providing liquidity)

TBSP Index

The TBSP index is a benchmark for the Polish treasury bond market. It tracks returns from a basket of fixed-rate treasury bonds listed on Treasury BondSpot Poland.

What it's used for:

• Benchmark for bond funds
• Measure of Polish debt market condition
• Reference point for investors

Several ETFs and index funds in Poland replicate the TBSP index, e.g., Beta ETF TBSP — the simplest way for an individual investor to gain exposure to the wholesale bond market.

TBSP vs Catalyst — what's the difference?

• TBSP — wholesale market, large transactions, treasury bonds only, institutional participants
• Catalyst — GPW retail market, smaller transactions, treasury and corporate bonds, available to anyone with a brokerage account

How Freenance can help

If you invest in bond ETFs that replicate the TBSP index or directly in treasury bonds, Freenance tracks their value in your portfolio. You'll see how the safe part of your portfolio affects your Runway and overall asset allocation.

👉 Track bonds with Freenance — freenance.io