Poland sees first T-bonds issue based on POLSTR benchmark in December 2025 - new roadmap
According to the updated roadmap of reference rate reform, the first issue and auction of Treasury bonds based on new benchmark POLSTR (Polish Short Term Rate), will be carried out in December 2025, Poland's Steering Committee of the National Working Group for the reference rate reform (KS NGR) announced in a statement.
According to a statement published on Wednesday, on March 28, 2025, KS NGR approved an updated roadmap for the process of replacing the WIBOR and WIBID reference indices with POLSTR benchmark.
"From the perspective of popularising the POLSTR benchmark proposal, a key moment will be the first issue of Treasury bonds, scheduled for December 2025. This event will provide the impetus for financial market participants to start launching all types of financial products using POLSTR in the first half of 2026," KS NGR wrote.
"In particular, banks will start selling mortgages and other credit products for individual, corporate and institutional customers bearing interest at a compound rate based on the target POLSTR benchmark, while continuing to develop the home loan segment, which will use a fixed or periodically fixed interest rate," it added.
In 2026, the debt market will also start issuing own bonds, including bank bonds and corporate and municipal bonds based on the target POLSTR index or a fixed interest rate.
Following the assumptions of the KS NGR's modified roadmap, readiness to cease the development and publication of the WIBID and WIBOR reference rates is assumed from the beginning of 2028.
POLSTR (Polish Short Term Rate) is the target interest rate reference rate to replace the WIBOR.
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