Are treasury debt instruments still attractive to foreign investors? Poland – a case study based on ATM and ATR indicators

• Authors: Tomasz Uryszek , Agnieszka Kłysik-Uryszek

Title variants

Czy skarbowe instrumenty dłużne są nadal atrakcyjne dla inwestorów zagranicznych? Polska – studium przypadku z wykorzystaniem wskaźników ATM i ATR

• Languages of publication: EN

Abstracts

EN

The article’s primary goal is to investigate foreign investors’ activity on the Polish primary debt instruments market in light of the public debt management strategy. We wanted to check the scale of investors’ response to the authorities’ policy in the sovereign debt area. The article consists of five parts. We started with the introduction, followed by a literature review. We then described the research method and data, as well as the empirical discussion.We based our study mostly on the average time to maturity (ATM) and average time to refixing (ATR) indexes. The most important findings, concluding remarks, and policy implications are presented in the last part of the paper. The study’s general outcomes show that despite the deterioration of the State Treasury debt instruments’ overall characteristics targeted to foreign investors, Polish sovereign debt papers remained attractive to buy. It was mostly due to the still relatively low refinancing and interest rate risks for debt denominated in foreign currencies.

PL

Głównym celem artykułu jest ocena aktywności inwestorów zagranicznych na polskim, pierwotnym rynku instrumentów dłużnych w świetle strategii zarządzania długiem publicznym. Sprawdzono skalę reakcji inwestorów na politykę władz w obszarze długu państwowego. Artykuł składa się z pięciu części: wprowadzenia, przeglądu literatury, opisu metody badawczej i danych, oraz dyskusji wyników. Najważniejsze ustalenia, uwagi końcowe i implikacje polityczne zostały przedstawione w ostatniej części opracowania. Wyniki badania wskazały, że pomimo pogorszenia się ogólnej charakterystyki instrumentów dłużnych Skarbu Państwa skierowanych do inwestorów zagranicznych, pozostały one atrakcyjne dla nierezydentów. Wynikało to głównie z wciąż stosunkowo niskiego ryzyka refinansowania i stopy procentowej dla długu denominowanego w walutach obcych.

Keywords

EN

sovereign debt; foreign investors; Polish Treasury securities; public debt management

PL

dług publiczny; inwestorzy zagraniczni; polskie skarbowe papiery wartościowe; zarządzanie długiem publicznym; dług publiczny; inwestorzy zagraniczni; polskie skarbowe papiery wartościowe; zarządzanie długiem publicznym

• Publisher: Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
• Journal: Ekonomia Międzynarodowa
• Year: 2020
• Issue: 30
• Pages: 94-106

Dates

published

2020-06-30

Contributors

author

Tomasz Uryszek

• University of Łódź, Faculty of Economics and Sociology, Department of Banking

author

Agnieszka Kłysik-Uryszek

• University of Łódź, Faculty of Economics and Sociology, Department of International Trade

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Identifiers

DOI

10.18778/2082-4440.30.02