Interest on government bonds it's been changing since August, and with it comes a chance to switch papers that fall into a fresh issue this summer. See exactly what the Ministry of Finance proposes and how to use the discount.

New interest rates

Type of bond	Interest rate in the first period	Price in exchange
3-month (solid) OTS1125	3,00%	PLN 100.00
1-year (variable) ROR0826	5,00%	99,90 zł
2-year (variable) DOR0827	5,15%	99,90 zł
3-year (permanent) TOS0828	5,40%	99,90 zł
4-year (inflation + margin) COI0829	5.75% in 1 year	99,90 zł
10-year (inflation + margin) EDO0835	6.00% in 1 year	99,90 zł

Who can trade what?

OTS bond holders

They may transfer the claim to any paper in the current offer: OTS, ROR, DOR, TOS, COI or EDO .

Holders of ROR, DOR, TOS, COI, ROS, EDO

They have the right to convert to new emissions of ROR, DOR, TOS, COI or EDO (without OTS).

Why does price matter?

Disconto 10 gr – when swapping for bonds longer than 3 months you pay 99,90 PLN, so 0,10 PLN per piece stays in your pocket.
When converting OTS to new OTS, the full price of 100,00 PLN applies, without discount.

This is a small unit difference, but with more capital it allows to raise an effective rate of return.

The August offer brings lower rates than in July, but the promotional exchange price and a wide range of terms still make Treasury bonds a solid place for savings. If you have collapsed bonds, use the window from July 28 and decide whether you prefer short-term liquidity or an inflation shield for longer.