Securitization of the Polish Sovereign Debt in the International Markets

• Authors: Rafał Płókarz , Anna Szelągowska
• Languages of publication: PL

Abstracts

EN

The paper describes the process of securitization of the Polish sovereign debt in the international markets, during the last 15 years. This tool has been applied in order to place past or future flow receivables arising from illiquid debts, henceforth embodied in transferable securities in capital markets. Debt restructuring through securitization enables the creditor to unfreeze his debt, the debtor - to increase his credibility, and give to third party investors an access to a new market instrument. Unlike commercial entities using it mainly for future flow receivables, securitization remains rather occasional in Polish public debt management. In 1994, Polish government, and a few years later also the French one, used securitization to issue international bonds backed by former Polish Treasury debts. At that time, it helped Poland to return to international markets, whereas in the last few years Polish government has preferred old debt buy-backs and raising new funds through more innovative instruments, like eurobond issues

Keywords

PL

Dług publiczny; Instrumenty finansowe; Międzynarodowe rynki finansowe; Sekurytyzacja aktywów

EN

Asset securitisation; Financial instruments; International financial markets; Public debt

• Publisher: Uniwersytet Ekonomiczny w Katowicach
• Journal: Studia Ekonomiczne
• Year: 2013
• Volume: 174
• Pages: 50-62

Contributors

author

Rafał Płókarz

author

Anna Szelągowska

References

• P. Mauro, N. Sussman, Y. Yafeh: Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today. Oxford University Press, Oxford 2006, p. 18.
• S. Ketkar, D. Ratha: Securitization of Future Flow Receivables: A Useful Tool for Developing Countries. "Finance and Development" March 2001, Vol. 38, No. 1.
• R. Płókarz: Rynek polskich euroobligacji w warunkach kryzysu finansowego. In: Rynki finansowe w warunkach kryzysu. Ed. by M. Kalinowski. CeDeWu, Warszawa 2009, pp. 137-152.
• R. Płókarz: Konwersja zadłużenia na akcje i inwestycje w realiach polskich reform gospodarczych. "Roczniki Naukowe Wyższej Szkoły Bankowej w Toruniu" 2009, nr 7(7).
• A. Słojewska: Zamiana długu na akcje. "Rzeczpospolita" of 15 November 1995.
• R. Płókarz: Współczesne światowe tendencje w bankowości inwestycyjnej. In: Współczesna bankowość inwestycyjna. Ed. by A. Szelągowska. CeDeWu, Warszawa 2009.

Identifiers

ISSN

2083-8611