Issues of foreign bonds are arranged by reputable investment banks active on the international market. The Minister of Finance appoints a lead manager (or lead managers) whose basic duty is to place the bonds on the market. Lead manager(s) collects orders, by contacting directly with potential investors, for bonds of a given issue. On that basis the bonds are priced i.e. the spread above the benchmark yield (or swap rate) is fixed. The spread reflects the level of risk connected with investing in securities of a given issuer.

The majority of transactions is launched under existing issuance programmes:

-   The Euro Medium Term Note Programme (EMTN) on euro and Swiss franc markets as well as Japanese yen private placement bonds,

-   Shelf on the US market,

-   Shelf on the Japanese market,

-   Renminbi Bond Issuance Programme.

 

Documentation concerning issue of Green Bonds :

- Green Bond Framework,

- Second Party Opinion by Sustainalytics,

- Green Bond Report on the Use of Proceeds,

- Annual Compliance Review by Sustainalytics,

    - Moody's Green Bond Assessment - press release,

    - Moody's Green Bond Assessment - report on December 2016 issuance,

    - Moody's Green Bond Assessment - report on February 2018 issuance.