PKO BP offers mortgage-backed bonds with 4 percent interest

PKO BP is offering its third retail issuance of mortgage-backed bonds with a guaranteed interest rate of 4 percent for the first three-month period. Following this initial quarter, the rate will be calculated based on the National Bank of Poland's reference rate plus a margin of 0.25 percentage points.

With the current reference rate at 3.75 percent, the total interest remains at 4 percent for the first term. However, after the 19 percent capital gains tax (Belka tax), the net return is approximately 3.24 percent. Given current inflation levels, these returns may only serve to maintain the real value of savings rather than provide significant growth.

These bonds include specific legal protections: the assets securing the bonds must be worth at least 105 percent of the nominal value, and at least 85 percent must consist of mortgage-secured receivables. Notably, these instruments are not covered by the Bank Guarantee Fund (BFG).