Obligation Polonia 4% ( US857524AC63 ) en USD

Polonia

100 % ▼

Pologne

US857524AC63 ( en USD )

4% par an ( paiement semestriel )

21/01/2024 - Obligation échue

Prospectus brochure de l'obligation Poland US857524AC63 en USD 4%, échue

1 000 USD

2 000 000 000 USD

857524AC6

N/A

La Pologne est un pays d'Europe centrale membre de l'Union européenne et de l'OTAN, connu pour son histoire riche, sa culture vibrante et son économie en croissance.

L'Obligation émise par Polonia ( Pologne ) , en USD, avec le code ISIN US857524AC63, paye un coupon de 4% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 21/01/2024

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424B5 1 c109048.htm 424B5
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PROSPECTUS SUPPLEMENT
Pursuant to Rule 424(b)(5)
(To Prospectus Dated July 13, 2012)
Registration Statement No. 333-181827
U.S.$2,000,000,000
THE STATE TREASURY
of
THE REPUBLIC OF POLAND
Represented by
The Minister of Finance
4.000 percent Notes due 2024
The Notes will bear interest at the rate of percent per year. Interest on the Notes is payable on January 22 and July 22 of each year,
beginning on July 22, 2014. The Notes will mature on January 22, 2024. The Notes are not redeemable prior to maturity. Interest on the
Notes will accrue from January 22, 2014.
The Notes will rank equally in right of payment with all other unsubordinated obligations of the Republic of Poland and the full faith and
credit of the Republic of Poland will be pledged for the due and punctual payment of all principal and interest on the Notes.
The Notes contain provisions regarding future modifications to their terms that differ from those applicable to the Republic of Poland's
outstanding securities which have been previously registered with the U.S. Securities and Exchange Commission other than the 5¼ percent
Notes due 2014 issued in October 2003, the 5 percent Notes due 2015 issued in September 2005, the 6 percent Notes due 2019 issued in
July 2009, the 3 percent Notes due 2015 issued in July 2010, the 5 percent Notes due 2021 issued in April 2011, the 5 percent Notes
due 2022 issued in November 2011 and the 3 percent Notes due 2023 issued in September 2012. These provisions are described on pages
55 to 57 of the accompanying Prospectus. Under these provisions, the Republic of Poland may amend payment and other key provisions of
the Notes, including the principal amount and interest rate, with the approval of less than all the holders of the Notes.
Application has been made to list and trade the Notes on the regulated market of the Luxembourg Stock Exchange. In this prospectus
supplement, references to "regulated market" shall mean a regulated market for the purposes of European Parliament and Council Directive
2004/39/EC.
Per Note
Total
Public Offering
99.194 percent U.S.$1,983,880,000
Underwriting Discount
0.150 percent U.S.$ 3,000,000
Proceeds to the State Treasury
99.044 percent U.S.$1,980,880,000
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The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined
if this prospectus supplement or the accompanying Prospectus is truthful or complete. Any representation to the contrary is a criminal
offense.
The underwriters are offering the Notes subject to various conditions. The underwriters expect to deliver the Notes to purchasers on or
about January 22, 2014, through the book-entry facilities of The Depository Trust Company, Euroclear or Clearstream, Luxembourg.
Barclays
Citigroup
Goldman Sachs International
January 16, 2014
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You should rely only on the information contained or incorporated by reference in this prospectus supplement, the accompanying
Prospectus or any free writing prospectus that we provide to you. The State Treasury has not authorized anyone to provide you with
different information. The State Treasury is not making an offer of these securities in any jurisdiction where the offer is not permitted. You
should not assume that the information contained in this prospectus supplement or the accompanying Prospectus is accurate as of any date
other than the date on the front of this prospectus supplement.
The Luxembourg Stock Exchange takes no responsibility for the contents of this prospectus supplement, makes no representation as to its
accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the
whole or any part of the contents of this prospectus supplement and the accompanying Prospectus.
The distribution of this prospectus supplement and the accompanying Prospectus and the offering of the Notes in certain jurisdictions may
be restricted by law. In particular, offers and sales of the Notes are subject to certain restrictions, details of which are set out in "Offering
Restrictions" on page S-48.
The State Treasury cannot guarantee that the application to the Luxembourg Stock Exchange will be approved and settlement of the Notes is
not conditional upon obtaining this listing.
This prospectus supplement and the accompanying Prospectus will be available free of charge at the principal office of Banque
Internationale à Luxembourg, société anonyme, the listing agent.
The State Treasury accepts responsibility for the information contained in this prospectus supplement and in the accompanying Prospectus.
To the knowledge and belief of the State Treasury (which has taken all reasonable care to ensure that such is the case), the information
contained in this prospectus supplement and in the accompanying Prospectus is in accordance with the facts and does not omit anything
likely to affect the import of such information.
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TABLE OF CONTENTS
Page
Prospectus Supplement
SUMMARY OF THE OFFERING
S-1
FORWARD-LOOKING STATEMENTS
S-3
USE OF PROCEEDS
S-4
RECENT DEVELOPMENTS
S-5
DESCRIPTION OF THE NOTES
S-38
TAXATION
S-42
UNDERWRITING
S-46
OFFERING RESTRICTIONS
S-48
GENERAL INFORMATION
S-50
LEGAL MATTERS
S-52
OFFICIAL STATEMENTS AND DOCUMENTS
S-53
Prospectus
USE OF PROCEEDS
1
THE REPUBLIC OF POLAND
2
THE ECONOMY
10
BALANCE OF PAYMENTS AND FOREIGN TRADE
17
MONETARY AND FINANCIAL SYSTEM
24
PUBLIC FINANCE
33
PUBLIC DEBT
42
TOTAL EXTERNAL DEBT
50
DESCRIPTION OF THE SECURITIES
52
ENFORCEABILITY OF JUDGMENTS
61
TAXATION
63
PLAN OF DISTRIBUTION
64
VALIDITY OF THE SECURITIES
65
AUTHORIZED AGENT IN THE UNITED STATES
66
OFFICIAL STATEMENTS AND DOCUMENTS
67
FURTHER INFORMATION
68
INDEX TO TABLES AND SUPPLEMENTARY INFORMATION
T-1
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SUMMARY OF THE OFFERING
Issuer
The State Treasury of the Republic of Poland, represented by the Minister of Finance.
Securities Offered
U.S.$2,000,000,000 principal amount of 4.000 percent notes due 2024 (the "Notes").
Maturity Date
January 22, 2024.
Redemption Basis
At par on maturity.
Ranking
The Notes will rank equally in right of payment with all other unsubordinated obligations of the
Republic of Poland and the full faith and credit of the Republic of Poland will be pledged for the
due and punctual payment of all principal and interest on the Notes.
Interest Rate
The Notes will bear interest at the rate of 4.000 percent per annum.
Interest Payment Dates
January 22 and July 22 of each year commencing July 22, 2014 for the period commencing from
and including January 22, 2014, as described herein.
Markets
The Notes are offered for sale in those jurisdictions both within and outside of the United States
where it is legal to make such offers. See "Offering Restrictions".
Further Issues
The State Treasury reserves the right from time to time without the consent of the holders of the
Notes to issue further securities having identical terms and conditions (except for the issue date
and public offering price), so that such securities may be consolidated with, form a single series
with and increase the aggregate principal amount of, the Notes.
Listing
Application has been made to list the Notes on the regulated market of the Luxembourg Stock
Exchange.
Form and Settlement
The Notes will be issued in the form of one or more global notes, or the Global Notes, in fully
registered form, without coupons, which will be deposited on or about January 22, 2014, the
Closing Date, with Citibank, N.A., London as custodian for, and registered in the name of Cede &
Co., as nominee of, The Depository Trust Company, or DTC. Except as described in this
prospectus supplement, beneficial interests in the Global Notes will be represented through
accounts of financial institutions acting on behalf of beneficial owners as direct and indirect
participants in DTC. Investors may elect to hold interests in the Global Notes either through DTC
in the United States or outside of the United States through Euroclear Bank S.A./N.V. or
Clearstream Banking, société anonyme, if they are participants in such systems, or indirectly
through organizations that are participants in such systems.
Except as described in this prospectus supplement, owners of beneficial interests in the Global
Notes will not be entitled to have the Notes registered in their names, will not receive or be
entitled to receive physical delivery of the Notes in definitive form and will not be considered
S-1
holders of the Notes under the Notes or the amended and restated fiscal agency agreement
governing the Notes. See "Description of the Securities--Form and Settlement" in the
Prospectus. It is expected that delivery of the Notes will be made, against payment therefor in
same-day funds, on or about January 22, 2014.
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Withholding Tax
Principal of and interest on the Notes are payable by the State Treasury without withholding or
deduction for withholding taxes subject to certain exceptions, including withholding taxes that
may be imposed pursuant to a European Union Directive on the taxation of savings, to the extent
set forth in this prospectus supplement and in the accompanying Prospectus under the heading
"Description of the Securities--Payment of Additional Amounts".
Governing Law
The Notes shall be governed by, and interpreted in accordance with, the laws of the State of New
York.
Collective Action Clauses
The Notes will contain provisions regarding voting on amendments, modifications and waivers.
These provisions are commonly referred to as collective action clauses and are described more
fully on pages 55 to 57 of the accompanying Prospectus. Under these provisions, the State
Treasury may amend certain key terms of the Notes, including the maturity date, principal amoun
interest rate and other payment terms, with the consent of the holders of at least 75 percent of the
aggregate principal amount of the outstanding Notes. These provisions differ from those
applicable to the Republic of Poland's outstanding securities which have been previously
registered with the U.S. Securities and Exchange Commission other than the 5¼ percent Notes
due 2014 issued in October 2003, the 5 percent Notes due 2015 issued in September 2005, the
6 percent Notes due 2019 issued in July 2009, the 3 percent Notes due 2015 issued in July
2010, the 5 percent Notes due 2021 issued in April 2011, the 5 percent Notes due 2022 issued
in November 2011 and the 3 percent Notes due 2023 issued in September 2012.
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FORWARD-LOOKING STATEMENTS
This prospectus supplement includes forward-looking statements. All statements other than statements of historical fact included in this
prospectus supplement regarding, among other things, Poland's economy, fiscal condition, politics, debt or prospects may constitute
forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology
such as "may", "will", "expect", "project", "intend", "estimate", "anticipate", "believe", "continue", "could", "should", "would" or the
like. Although the State Treasury believes that expectations reflected in its forward-looking statements are reasonable at this time, there can
be no assurance that such expectations will prove to be correct. The State Treasury undertakes no obligation to update the forward-looking
statements contained in this prospectus supplement or any other forward-looking statement included herein.
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USE OF PROCEEDS
The net proceeds from the sale of the Notes will be used to finance the Republic of Poland's State budget borrowing requirements or for
general financing purposes. The State Treasury estimates the net proceeds will be approximately U.S.$1,980,680,000.
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RECENT DEVELOPMENTS
European Union Membership
Excessive deficit procedure ("EDP")
Poland has been subject to the EU's excessive deficit procedure since 2009. In June 2013 the Economic and Financial Affairs Council (the
"Ecofin Council") issued new recommendations for Poland within the framework of the excessive deficit procedure, because the general
government deficit for 2012 reached 3.9 percent of gross domestic product ("GDP") (down from 5.0 percent for 2011), which meant that
Poland did not fulfill the Ecofin Council's 2012 target of reducing general government deficit to 2.9 percent of GDP. These new
recommendations, adopted by the Ecofin Council in June 2013, extended the deadline for reduction of the excessive deficit to 2014 and set
new budget deficit targets at 3.6 percent of GDP in 2013 and 3.0 percent of GDP in 2014. The recommendations also required Poland to
take effective action to reduce its deficit by October 1, 2013 and to inform the European Commission and the Ecofin Council of any such
action.
On October 1, 2013, Poland submitted to the European Commission and the Ecofin Council a report presenting a comprehensive set of
measures aimed at reducing Poland's excessive deficit by 2014, as required by the Ecofin Council's June 2013 recommendations. Revenue
side measures described in the report focus on a reform of the pension system, a review of the tax administration system, strategies for
improving tax compliance and the development of new revenue streams through, for example, the auctioning of carbon emission rights, the
introduction of royalties on certain mineral resources and the sale of rights to use digital frequencies, as well as through the introduction of
an electronic toll collection system. Expenditure side measures described in the report focus on limiting new expenditures, introducing a
stabilizing expenditure rule, increasing the retirement age and adopting amendments to the 2013 Budget Act.
The report also presented a new path for fiscal adjustment, since the projected path presented in the Convergence Programme 2013 update
(the "CP 2013") in April 2013 (which was also a basis for the Ecofin Council's recommendations with respect to the excessive deficit
procedure) was not met due to a number of factors. The first half of 2013 showed a slowdown of GDP growth and lower than projected
general government revenues due to the impact of automatic stabilizers, pro-cyclical tax elasticity resulting in lower tax revenues, and
downward trends in domestic demand and public investment. As a result, general government revenues in 2013 are expected to reach 36.6
percent of GDP, which is 1.3 percentage points lower than the 37.9 percent projected in the CP 2013. In addition, the ratio of general
government expenditures to GDP in 2013 is expected to be higher by 0.1 percentage points than predicted in the CP 2013. These increased
expenditures were influenced by a greater than expected increase in social spending (by 0.3 percentage points of GDP), which included
spending on unemployment benefits, pre-retirement benefits, sickness allowance and the one-off effect of the Constitutional Court's
judgment requiring the recording of certain pension payments to the current year. Expenditures were also influenced by a deeper than
expected decline in public investments (by 0.2 percentage points of GDP), which were due to lower absorption of EU funds. Despite
consolidation measures taken, the general government deficit is expected to increase, as a percentage of GDP, by 0.9 percentage points in
2013, as compared to 2012, due to a decline in revenues of 1.8 percentage points which was only partially offset by expenditure
consolidation of 0.9 percentage points. As a result, the nominal deficit is expected to reach approximately 4.8 percent of GDP in 2013. The
increase in the deficit compared to that assumed in the CP 2013 is mostly due to cyclical factors, in particular the decline in tax revenues
due to the strong pro-cyclical deterioration in tax elasticity with respect to the tax base. A 4.6 percent GDP surplus is expected in 2014
(with general government revenues anticipated to reach 44.9 percent of GDP and expenditures anticipated to reach 40.4 percent of GDP),
largely as a result of the one-off effect of changes in the pension system. Fiscal consolidation measures are expected to continue to reduce
the excessive deficit in Poland and, in 2015, general government deficit is expected to reach 3.0 percent of GDP.
On the basis of the information presented in the report submitted by Poland to the European Commission and the Ecofin Council, on
December 10, 2013, the Ecofin Council adopted a decision acknowledging that Poland had not taken effective action and issued new
recommendations for Poland in relatoin to the excessive deficit situation. Pursuant to these new recommendations, the previous 2014
deadline for ending the excessive deficit was extended to 2015, which is in part a consequence of applying new statistical methodology in
assessing deficit reduction set forth in the European System of National and Regional Accounts 2010 ("ESA 2010") (which is the newest
internationally compatible EU accounting framework for a systematic and detailed description of an
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economy). In addition, Poland's general government deficit targets were set at 4.8 percent of GDP in 2013, 3.9 percent of GDP in 2014 and
2.8 percent of GDP in 2015, excluding any impact of asset transfers resulting from the ongoing pension reform. The new recommendations
also required Poland to take effective action to reduce its deficit and to inform the European Commission and the Ecofin Council of any
such action by April 15, 2014. In particular, the European Commission expects that Polish authorities should: (i) improve the quality of
public finances, in particular through minimizing cuts in growth-enhancing infrastructure investments, as well as through a careful review of
social expenditures and their efficiency; (ii) improve tax compliance and increase the efficiency of tax administration; and (iii) make the
institutional framework of public finances more binding and transparent, including through adjusting the definitions used in national
accounting to ESA 2010 standards and ensuring sufficiently broad coverage, improving intra-annual monitoring of budget execution and
ensuring an effective and timely monitoring of compliance with the permanent stabilizing expenditure rule, based on a reliable and
independent analysis carried out by independent bodies or bodies endowed with functional autonomy with respect to the fiscal authorities.
Inflow of EU Funds
Inflow of EU funds into Poland since the EU accession is presented below. This table hereby amends and supersedes the corresponding
table on page 6 of the accompanying Prospectus.
INFLOW OF EU FUNDS
2004
(May 
December)
2005
2006
2007
2008
2009
2010
2011
2012
(EUR millions)
Pre-accession funds
483.0
672.2
222.3
0.9
34.7
0.0
0.0
0.0
0.0
Cohesion policy
1,050.2 1,004.6 2,145.7 4,740.6 5,169.8 6,200.5
7,650.3
9,804.4 10,469.0
Common agricultural policy
297.4 1,542.1 1,937.4 2,770.4 2,031.2 2,913.9
3,515.8
4,326.3
4,931.3
Transition facility
0.0
10.3
25.6
33.7
16.8
7.8
3.4
0.0
0.0
Cash flow facility instrument
490.3
612.0
514.3
0.0
0.0
0.0
0.0
0.0
0.0
Schengen facility
103.4
103.9
106.7
0.0
0.0
0.0
0.0
0.0
0.0
Other funds
53.4
73.0
100.2
77.3
139.5
122.4
52.0
130.8
19.8
Migratory funds
0.0
0.0
0.0
0.0
4.5
13.8
7.8
7.5
19.8
Total
2,477.6 4,018.1 5,052.2 7,622.9 7,396.4 9,258.4 11,229.3 14,269.0 15,439.9
Source: Ministry of Finance
The following table sets forth information relating to the use of EU funds from May 2004 until March 2013. This table hereby amends and
supersedes the corresponding table on page 6 of the accompanying Prospectus.
(EUR
millions)
Current expenditures
37,710.93
Capital expenditures
41,544.67
Total
79,255.60
Source: Ministry of Finance
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