How to read treasury bond tables — guide to Ministry of Finance offers
Practical guide to Polish treasury bonds from the Ministry of Finance. How to read tables, compare series and choose appropriate bonds.
9 min czytaniaWhat are Polish treasury bonds?
Treasury bonds are debt securities issued by the Polish State Treasury. By buying a bond, you lend money to the Polish state, and in return you receive interest. It's one of the safest savings tools available in Poland.
You buy retail bonds directly from obligacjeskarbowe.pl — without intermediaries and commissions.
Types of retail bonds
OTS — 3-month bonds
- Interest rate: fixed, set monthly
- For whom: parking cash for short periods
- Redemption: after 3 months, interest at the end
DOS — 2-year bonds (fixed interest)
- Interest rate: fixed for the entire period
- For whom: people seeking predictability for 2 years
- Interest: paid after each year
TOZ — 3-year bonds (variable interest)
- Interest rate: based on WIBOR 6M
- For whom: when you expect interest rates to rise
- Interest: every 6 months
COI — 4-year bonds (inflation-indexed)
- Interest rate: margin + CPI inflation
- For whom: inflation protection in medium term
- Interest: annually
EDO — 10-year bonds (inflation-indexed)
- Interest rate: margin + CPI inflation
- For whom: long-term savings with inflation protection
- Interest: compounded annually, paid at maturity
ROS/ROD — family bonds (for 800+ program beneficiaries)
- Interest rate: higher margins than COI/EDO
- For whom: families in the 800+ program
How to read the offer table
The obligacjeskarbowe.pl website publishes a new offer monthly. Here's how to read it:
Table columns
| Element | What it means |
|---|---|
| Symbol | E.g. EDO0136 — EDO (type), 01 (redemption month), 36 (redemption year) |
| Interest rate in 1st year | Fixed rate for the first interest period |
| Margin | Added to CPI inflation in subsequent years (COI, EDO) |
| Price | Always 100 PLN per piece (retail bonds) |
| Minimum amount | Usually 100 PLN (1 bond) |
How to interpret the symbol?
- EDO0136 = 10-year bond, redemption in January 2036
- COI0130 = 4-year bond, redemption in January 2030
- OTS0626 = 3-month bond, redemption in June 2026
Comparison — which bond to choose?
Short term (up to 1 year)
Choose OTS. Fixed interest rate, short period — ideal for storing cash before a large expense.
Medium term (2–4 years)
- If interest rates will fall → DOS (fixed interest)
- If interest rates will rise → TOZ (variable)
- If inflation is the main risk → COI
Long term (5+ years)
EDO is the king of long-term bond savings. Margin above inflation + interest compounding = real profit above inflation.
Early redemption — how much does it cost?
You can redeem any bond before maturity, but this involves a fee:
- OTS: 0.50 PLN/piece
- DOS: 0.70 PLN/piece
- COI: 0.70 PLN/piece
- EDO: 2.00 PLN/piece
The fee is deducted from accrued interest. With EDO, early redemption in the first year means losing all interest.
Bonds and taxes
Interest from treasury bonds is subject to Belka tax (19%). Exception: bonds bought on IKE — then interest is exempt from tax.
Some brokers (e.g. mBank, Bossa) offer IKE with the option to buy treasury bonds — worth considering.
How Freenance can help
Freenance allows you to include treasury bonds in your portfolio. This way:
- You see bonds as part of your total wealth
- You track redemption dates and accrued interest
- You monitor how the safe part of your portfolio affects your Financial Freedom Runway
Want full control over your finances?
Try Freenance for free