# EDGAR Filing Document

**Accession Number:** 0000079312
**File Stem:** 0001104659-23-037765
**Filing Date:** 2023-3
**Character Count:** 5460
**Document Hash:** cf94954ea0b905c967f93dc1d7df93c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-037765.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001104659-23-037765

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POLAND REPUBLIC OF
- **CENTRAL INDEX KEY:** 0000079312
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-270603
- **FILM NUMBER:** 23770290

**BUSINESS ADDRESS:**
- **STREET 1:** 233 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 48 22 694 5000

**MAIL ADDRESS:**
- **STREET 1:** MINISTRY OF FINANCE
- **STREET 2:** UL. SWIETOKRZYSKA 12
- **CITY:** WARSAW POLAND
- **STATE:** R9
- **ZIP:** 00916
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POLAND REPUBLIC OF
- **CENTRAL INDEX KEY:** 0000079312
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 233 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 48 22 694 5000

**MAIL ADDRESS:**
- **STREET 1:** MINISTRY OF FINANCE
- **STREET 2:** UL. SWIETOKRZYSKA 12
- **CITY:** WARSAW POLAND
- **STATE:** R9
- **ZIP:** 00916

*Filed pursuant to Rule 433*

*March 28, 2023*

*Relating to*

*Preliminary Prospectus Supplement dated March 28, 2023 to*

*Registration Statement No*. *333-270603*

![](tm234306d6_fwpimg001.jpg)

**THE STATE TREASURY OF THE REPUBLIC OF POLAND**

Represented by the Minister of Finance

<u>Pricing Term Sheet</u>

---

| | | |
|:---|:---|:---|
| Issuer: | The State Treasury of the Republic of Poland Represented by the Minister of Finance | The State Treasury of the Republic of Poland Represented by the Minister of Finance |
| Principal Amount: | U.S.$2,500,000,000 | U.S.$2,500,000,000 |
| Maturity Date: | October 4, 2033 | April 4, 2053 |
| Coupon: | 4.875% | 5.500% |
| Price to Public: | 99.246% | 98.770% |
| Yield to Maturity: | 4.968% | 5.585% |
| Spread to Benchmark Treasury: | +140 basis points | +180 basis points |
| Benchmark Treasury: | UST 3.500% due February 15, 2033 | UST 4.000% due November 15, 2052 |
| Benchmark Treasury Yield: | 3.568% | 3.785% |
| Interest Payment Dates: | April 4 and October 4, commencing October 4, 2023 | April 4 and October 4, commencing October 4, 2023 |
| Pricing Date: | March 28, 2023 | March 28, 2023 |
| Settlement Date (T+5<sup>\*\*</sup>): | April 4, 2023 | April 4, 2023 |
| CUSIP / ISIN: | 731011 AV4 / US731011AV42 | 731011 AW2 / US731011AW25 |
| Denominations: | U.S.$1,000 and integral multiples thereof | U.S.$1,000 and integral multiples thereof |
| Day Count: | 360-day year of twelve 30-day months | 360-day year of twelve 30-day months |
| Joint Bookrunners: | BNP Paribas, Citigroup Global Markets Inc., Goldman Sachs Bank Europe SE and J.P. Morgan SE | BNP Paribas, Citigroup Global Markets Inc., Goldman Sachs Bank Europe SE and J.P. Morgan SE |
| Ratings of the Republic of Poland: | A2 (Moody's) / A- (S&P) / A- (Fitch) (all stable) | A2 (Moody's) / A- (S&P) / A- (Fitch) (all stable) |

---

\*\* Delivery of the Notes is expected on or about April 4, 2023, which will be the fifth business day following the date of pricing of the Notes. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes prior to two business days before delivery may be required, by virtue of the fact that the Notes initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade Notes prior to the settlement date should consult their own advisor.

**Note:** A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

**MiFID II / UK MiFIR – professional investors/ECPs only**: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients (all distribution channels).

The Republic of Poland filed on March 22, 2023, and the Securities and Exchange Commission ("SEC") declared effective on March 24, 2023, a registration statement on Schedule B (including a prospectus) for offerings of the Republic of Poland's securities. Any offering of securities is being made only by means of a prospectus supplement, which was filed with the SEC on March 28, 2023. Before investing in any of the Republic of Poland's securities, you should read the prospectus, the prospectus supplement and other documents the Republic of Poland has filed with the SEC for more complete information about the Republic of Poland and its securities. You may obtain these documents for free by visiting EDGAR on the SEC's website at <u>www.sec.gov</u>. Alternatively, the Republic of Poland or any underwriter will arrange to send you the prospectus supplement and accompanying prospectus if you request them by contacting BNP Paribas at dl.syndsupportbonds@bnpparibas.com, Citigroup Global Markets Inc. at +1-800-831-9146, Goldman Sachs Bank Europe SE at +49 69 7532 1000 or J.P. Morgan SE at +44 207 1342468.