Poland sold PLN 8.17 billion of retail government bonds in October 2026, up 29.7% from a year earlier and 4% from September. Four-year inflation-linked bonds overtook three-year fixed-rate bonds, while reinvestment of maturing bonds accounted for the entire monthly sales increase.
By Adam Ujazdowski. Polish original published on 10 November 2026 at 21:20 UTC. English edition published on 10 November 2026.
Retail investors bought PLN 72.84 billion of savings bonds between January and October 2026, 13% more than a year earlier. Ministry of Finance data show that October sales exceeded September’s by PLN 311.2 million.
January 2025–October 2026, PLN billion
Source: Ministry of Finance, monthly data through October 2026.
Show monthly data (PLN million)
| Month | Sales |
|---|---|
| 01/2025 | 6,262.9 |
| 02/2025 | 5,615.6 |
| 03/2025 | 5,491.3 |
| 04/2025 | 7,365.9 |
| 05/2025 | 6,053.5 |
| 06/2025 | 6,563.6 |
| 07/2025 | 8,225.6 |
| 08/2025 | 5,901.3 |
| 09/2025 | 6,678.4 |
| 10/2025 | 6,298.3 |
| 11/2025 | 5,101.8 |
| 12/2025 | 5,350.6 |
| 01/2026 | 5,757.9 |
| 02/2026 | 6,128.4 |
| 03/2026 | 7,274.0 |
| 04/2026 | 5,609.1 |
| 05/2026 | 5,398.5 |
| 06/2026 | 8,623.8 |
| 07/2026 | 9,788.3 |
| 08/2026 | 8,239.1 |
| 09/2026 | 7,857.2 |
| 10/2026 | 8,168.4 |
Four-year bond sales rise 34.4% in a month
One-year ROR bonds attracted the most money: PLN 2.87 billion, or 35.2% of October sales. Purchases rose 42.6% from a year earlier but fell 5.5% from September.
Sales of four-year COI bonds reached PLN 1.95 billion, up from PLN 1.45 billion in September and PLN 579.8 million in October 2025. That represented a monthly increase of 34.4%.
Three-year TOS bonds, the most popular series a year earlier, slipped to third place. Sales totalled PLN 1.29 billion, down 49.3% year on year and 12.5% from September.
Ten-year EDO bond sales rose to PLN 1.15 billion, more than double the year-earlier figure and 15.5% higher than in September. COI and EDO, the two inflation-linked series available to the general public, increased their combined share of sales from 17.9% to 37.9% over the year.
Share of total purchases by bond series, %
Source: Ministry of Finance, monthly data through October 2026.
Show values and shares for all three months
| Series | October 2025 | September 2026 | October 2026 |
|---|---|---|---|
| OTS 3 months | PLN 205.2 million 3.26% | PLN 212.2 million 2.70% | PLN 217.7 million 2.67% |
| ROR 1 year | PLN 2,013.5 million 31.97% | PLN 3,038.1 million 38.67% | PLN 2,871.9 million 35.16% |
| DOR 2 years | PLN 293.2 million 4.65% | PLN 538.9 million 6.86% | PLN 539.1 million 6.60% |
| TOS 3 years | PLN 2,551.1 million 40.51% | PLN 1,479.0 million 18.82% | PLN 1,293.9 million 15.84% |
| COI 4 years | PLN 579.8 million 9.21% | PLN 1,450.3 million 18.46% | PLN 1,948.9 million 23.86% |
| EDO 10 years | PLN 546.9 million 8.68% | PLN 994.5 million 12.66% | PLN 1,148.2 million 14.06% |
| ROS 6 years, family | PLN 25.0 million 0.40% | PLN 35.4 million 0.45% | PLN 36.1 million 0.44% |
| ROD 12 years, family | PLN 83.6 million 1.33% | PLN 108.9 million 1.39% | PLN 112.6 million 1.38% |
COI overtook TOS even though interest rates on both series were unchanged. In September and October, three-year bonds offered a fixed annual rate of 4.40%, while four-year bonds paid 4.75% in the first year. COI rates are linked to inflation from the second year onwards.
Purchases fall when rollovers are excluded
Buyers reinvested PLN 2.24 billion of proceeds from maturing bonds in new issues, compared with PLN 1.81 billion in September. These rollovers accounted for 27.4% of sales, up from 23% a month earlier.
Excluding rollovers, purchases fell from PLN 6.05 billion to PLN 5.93 billion. That was a decline of 2% over the month.
November 2026 rates remain unchanged
The Ministry of Finance kept October’s rates in place for November. Three-month OTS bonds pay an annualised 2%, while three-year TOS bonds offer 4.40% a year. Interest on TOS bonds is added to principal annually and paid at redemption.
One-year ROR and two-year DOR bonds pay annualised rates of 4% and 4.15%, respectively, in the first month. From the second month, the ROR rate equals the reference rate of the National Bank of Poland (NBP), Poland’s central bank, while DOR pays 0.15 percentage points above that rate. Both series pay interest monthly.
Four-year COI bonds pay 4.75% in the first year, and ten-year EDO bonds pay 5.35%. From the second year, their rates equal the 12-month inflation rate reported by Statistics Poland (GUS), plus 1.50 percentage points for COI and 2 percentage points for EDO. COI interest is paid annually; EDO interest is added to principal and paid at redemption.
Six-year ROS family bonds pay 5% in the first year, while 12-year ROD family bonds pay 5.60%. From the second year, their rates equal inflation plus 2 and 2.50 percentage points, respectively. These bonds are available to beneficiaries of Poland’s Family 800+ child benefit programme, up to the amount of benefit awarded.
