Filed pursuant to Rule 433
March 11, 2024
Relating to
Preliminary Prospectus Supplement dated March 11, 2024 to
Registration Statement No. 333-277447
THE STATE TREASURY OF THE REPUBLIC OF POLAND
Represented by the Minister of Finance
| Pricing Term Sheet |
| Issuer: | The State Treasury of the Republic of Poland Represented by the Minister of Finance |
| Principal Amount: | U.S.$1,500,000,000 | U.S.$3,000,000,000 | U.S.$3,500,000,000 |
| Maturity Date: | March 18, 2029 | September 18, 2034 | March 18, 2054 |
| Coupon: | 4.625% | 5.125% | 5.500% |
| Price to Public: | 99.243% | 99.703% | 98.841% |
| Yield to Maturity: | 4.797% | 5.162% | 5.580% |
| Spread to Benchmark Treasury: | +70 basis points | +105 basis points | +130 basis points |
| Benchmark Treasury: | UST 4.250% due February 28, 2029 | UST 4.000% due February 15, 2034 | UST 4.750% due November 15, 2053 |
| Benchmark Treasury Yield: | 4.097% | 4.112% | 4.280% |
| Interest Payment Dates: | March 18 and September 18, commencing September 18, 2024 | March 18 and September 18, commencing September 18, 2024 | March 18 and September 18, commencing September 18, 2024 |
| Pricing Date: | March 11, 2024 |
| Settlement Date (T+5): | March 18, 2024 |
| CUSIP / ISIN: | 731011 AX0 / US731011AX08 | 731011 AY8 / US731011AY80 | 731011 AZ5 / US731011AZ55 |
| Denominations: | U.S.$1,000 and integral multiples thereof |
| Day Count: | 360-day year of twelve 30-day months |
| Joint Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Aktiengesellschaft, J.P. Morgan SE, Santander US Capital Markets LLC |
| Ratings of the Republic of Poland: | A2 (Moody’s) / A- (S&P) / A- (Fitch) |
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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.
The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Citigroup Global Markets Inc. at +1-800-831-9146, Deutsche Bank Aktiengesellschaft at +44 207 545 4361, J.P. Morgan SE at +44 207 134 2468 or Santander US Capital Markets LLC at +1-855-403-3636.
