Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl


2014 | 13 | 273-288

Article title

Emisja obligacji komunalnych w Polsce jako sposób pozyskania kapitału

Title variants

Local authority bonds issue in Poland as a way of raising of capital

Languages of publication



Bonds as one of the oldest securities are becoming an instrument by means of which bodies such as territorial self-government units can gain additional funds for financing investments. Despite the upward movement in the area of interest in bonds in Polish self-governments, they remain a small part of the domestic debit securities market. In the ad valorem approach, the local authority bonds market constitutes the smallest part of the non-treasury bonds market. Thus local authority bonds do not have a significant influence on the Catalyst market. Their participation in the market is insignificant. In the examined period their issue ranged from 930,000,000 to 3,088,000,000 zlotych, where 9,719,000,000 – 55,820,000,000 zlotych of corporate bonds, and as much as 49,617,000,000 – 560,241,000,000 zlotych of treasury bonds. It results among other things from the fact that not all territorial self-government units are interested in issuing own securities deciding to gain addi-tional funds for investments in traditional ways, i.e. by loans. We shall hope that local authority bonds in the future will become a signifi-cant source of gaining additional capital for the territorial self-government and their role in the Catalyst market will get more significant.






Physical description


Document Type

Publication order reference


YADDA identifier

JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.