How to Read Treasury Bonds Tables — Ministry of Finance Guide

Quick Answer

Polish retail treasury bonds are debt securities of the State Treasury, bought directly at obligacjeskarbowe.pl with no commission at a fixed price of 100 PLN per unit (minimum 1 bond). The main types are OTS (3-month, fixed), DOS (2-year fixed), TOZ (3-year, WIBOR-based), COI (4-year) and EDO (10-year), both inflation-indexed at CPI + margin, plus higher-margin ROS/ROD family bonds. A symbol like EDO0136 decodes as the type plus redemption month (01) and year (2036). Early redemption costs from 0.50 PLN/unit (OTS) up to 2.00 PLN/unit (EDO), and interest is taxed at the 19% Belka tax unless held inside an IKE.

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What 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

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

👉 Add bonds to your portfolio in Freenance — freenance.io

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FAQ

What is the lista emisyjna (issuance list) for Polish treasury bonds?

The lista emisyjna is the official document published monthly by the Ministry of Finance that defines the parameters of each new bond series — type, first-year coupon, margin, redemption date and applicable fees. It is the single authoritative source for the offer in a given month and overrides any third-party summary.

How do I decode a bond symbol like EDO0136?

The letters identify the bond type (here EDO, 10-year inflation-indexed) and the digits encode the redemption month and year (01 = January, 36 = 2036). Reading the symbol tells you the term and maturity without opening the table.

What is the difference between the first-year rate and the margin?

The first-year rate is a fixed promotional coupon applied during the first interest period of a new bond. From the second period onward, COI and EDO bonds switch to "CPI inflation + margin", so the margin determines your real return above inflation over the full holding period.

Are treasury bond rates negotiable or the same for everyone?

Retail bond rates are set centrally by the Ministry of Finance and are identical for every buyer — there is no negotiation, broker spread or commission on the primary market. The price is always 100 PLN per unit and the parameters are listed in the monthly lista emisyjna.

Are Polish treasury bonds risk-free?

They are considered very low risk because they are backed by the Polish State Treasury, but no investment is entirely risk-free — inflation can outpace the coupon, and early redemption costs can reduce returns. This article is educational only and not investment advice; assess your time horizon and goals before buying.

Reminder: the bond types, rates and fees described here are for educational purposes and are not a recommendation to buy any particular series. Always check the current monthly lista emisyjna and match the term to your own goals before deciding.