The finance ministry plans to hold an auction on Thursday so as to buy back Treasury bonds maturing in January of 2014 (series OK0114) and in April of 2014 (series PS0414) with the total nominal value of PLN 9.00bn ( EUR 2.15bn ). The ministry's public debt department Piotr Marczak explained that the ministry now had nearly PLN 50bn of free cash that could be used for deposits or buy-back. If it managed to repurchase PLN 8-9bn in these bonds, the 2014 state debt servicing costs would fall by around PLN 0.6bn, he added. The ministry wound up primary-market T-bond auction for this year in November. In December, it only staged a non-cash switch auction, at which it repurchased notes of the OK0114 and PS0414 series. It earlier said that thanks to the auctions staged in recent months, the ministry expects to have around 20% of the 2014 state budget borrowing needs covered at the start of 2014.
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