BGK bonds return to Japan

Bank Gospodarstwa Krajowego (BGK) will once again issue bonds denominated in Japanese yen (JPY). The securities will be guaranteed by the Polish Treasury. The proceeds from the sale of bonds worth JPY 47.3 billion (approx. PLN 1.1 billion) will be allocated to the Aid Fund. This will be BGK's second transaction on the Japanese market, the first having taken place in 2023.

On October 23, 2025, Bank Gospodarstwa Krajowego valued three tranches of bonds denominated in Japanese yen with maturity dates of October 27, 2028, October 29, 2030, and October 29, 2035. The total value of the bonds valued amounted to JPY 47.3 billion (approximately PLN 1.1 billion). The bonds are guaranteed by the Polish State Treasury, and the proceeds from their sale will be allocated to the Aid Fund.

This will be BGK's first issue denominated in Japanese yen, in which bond payments do not require a guarantee from the Japan Bank for International Cooperation, confirming the high credibility of the Polish Treasury's guarantee and, indirectly, the good condition of the Polish economy.

Prof. Marta Postuła, First Vice-President of BGK.

The underwriting syndicate consisted of Mizuho Securities Co. Ltd. and SMBC Nikko Securities Inc.

The Aid Fund was established by law to prevent a humanitarian crisis caused by Russia's invasion of Ukraine. The Fund provides financing and co-financing for support to Ukraine, in particular to Ukrainian citizens affected by the armed conflict. Tasks financed by the Fund may be carried out both in Poland and abroad.