Publiczne emisje obligacji korporacyjnych w Polsce
Streszczenie
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.
Collections