How to Read Treasury Bonds Tables — Ministry of Finance Guide
Practical guide to Polish treasury bonds. How to read tables, compare series and choose the right government bonds in Poland.
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 government and receive interest in return. It's one of the safest savings instruments available in Poland.
You buy retail bonds directly from obligacjeskarbowe.pl — without intermediaries or commissions.
Types of Retail Bonds in Poland
OTS — 3-month Bonds
- Interest rate: Fixed, set monthly
- For whom: Short-term cash parking
- Redemption: After 3 months, interest paid at maturity
DOS — 2-year Bonds (Fixed Rate)
- Interest rate: Fixed throughout the period
- For whom: Those seeking predictability over 2 years
- Interest: Paid annually
TOZ — 3-year Bonds (Variable Rate)
- Interest rate: Based on WIBOR 6M
- For whom: When you expect interest rates to rise
- Interest: Paid every 6 months
COI — 4-year Bonds (Inflation-Indexed)
- Interest rate: Margin + CPI inflation
- For whom: Medium-term inflation protection
- Interest: Paid 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
On obligacjeskarbowe.pl, a new offer is published 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) |
| First year rate | Fixed rate for the first interest period |
| Margin | Added to CPI inflation in subsequent years (COI, EDO) |
| Price | Always 100 PLN per unit (retail bonds) |
| Minimum amount | Usually 100 PLN (1 bond) |
How to Interpret the Symbol?
- EDO0136 = 10-year bond, redeems January 2036
- COI0130 = 4-year bond, redeems January 2030
- OTS0626 = 3-month bond, redeems June 2026
Comparison — Which Bond to Choose?
Short Term (up to 1 year)
Choose OTS. Fixed rate, short period — ideal for storing cash before large expenses.
Medium Term (2–4 years)
- If interest rates will fall → DOS (fixed rate)
- If interest rates will rise → TOZ (variable)
- If inflation is main risk → COI
Long Term (5+ years)
EDO is the king of long-term savings in bonds. Margin above inflation + interest compounding = real profit above inflation.
Early Redemption — What Does it Cost?
You can redeem any bond early, but this involves a fee:
- OTS: 0.50 PLN/unit
- DOS: 0.70 PLN/unit
- COI: 0.70 PLN/unit
- EDO: 2.00 PLN/unit
The fee is deducted from accrued interest. With EDO, early redemption in the first year means losing all interest.
Bonds and Taxes in Poland
Interest from treasury bonds is subject to the Belka tax (19%). Exception: Bonds bought in IKE (Individual Retirement Account) — then interest is tax-exempt.
Some brokers (e.g., mBank, Bossa) offer IKE with the possibility of buying treasury bonds — worth considering.
How Freenance Can Help
Freenance allows you to include treasury bonds in your portfolio. This way you can:
- See bonds as part of your total wealth
- Track redemption dates and accrued interest
- Monitor how the safe part of your portfolio affects your Financial Freedom Runway
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