PL EN


2007 | 203 |
Article title

Publiczne emisje obligacji korporacyjnych w Polsce

Authors
Content
Title variants
PL
Corporate Bonds Issues on Polish Capital Market
Languages of publication
Abstracts
EN
The main purpose of the paper was description and analysis of public market of corporate bonds in Poland. The market does not develop very rapidly: bonds were issued on larger scale only since 2002, before the dale the market was nonexistent. Issues amounted to 2 bln PLN in 2002, 5,3 bln PLN in 2003 and dropped to 700 mln PLN in 2004. In 2002 and 2003 the market was dominated by bank bonds which gained about 75-80% of total capital. Bank bonds were popular during that period, because of exemption from capital gain tax. In 2004 the exemption ceased to exist, so banks debentures became less popular. Other corporate bonds issues were very small, they totaled to 200-400 mln PLN in 2002-2004. The reluctance to public bond market is hard to explain since costs of debentures are usually lower than bank loans. Also Polish law encourages companies to finance on public market.
Keywords
Year
Volume
203
Physical description
Dates
published
2007
References
Document Type
Publication order reference
Identifiers
URI
http://hdl.handle.net/11089/16244
YADDA identifier
bwmeta1.element.hdl_11089_16244
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