In contrast to the soaring prices in the OTC market of EU spot GOs, the most recent indicative prices in the Polish GO market as of 8 November 2022 suggest stable growth (4%) for spot GO prices (2022 production). A reduction of 15% for 2021 vintages based on PLN value was observed, likely due to the 2021 vintage phasing out of the market. Meanwhile, forward GOs have seen minor price fluctuations between 1 to 2% due to the relatively illiquid forward market. Notably, due to the depreciation of EUR versus PLN, the price trends in EUR shows increases for current-year GOs (+7%) and all forward GOs (+0.5% to +4.5%) with decreases for 2021 vintage (-13%). Moreover, the premium between EU and Polish GOs continues to grow, especially for GOs of production from 2022 to 2024.
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