Issuers’ strategies in the context of the structure of Poland’s corporate bond market

Paweł Węgrzyn; Michał Kruszka

doi:https://doi.org/10.59139/ws.2025.11.1

Paweł Węgrzyn Szkoła Główna Handlowa w Warszawie, Kolegium Nauk o Przedsiębiorstwie, Katedra Geografii Ekonomicznej, Polska / SGH Warsaw School of Economics, Collegium of Business Administration, Department of Economic Geography, Poland ORCID: https://orcid.org/0000-0001-8963-2765 , Michał Kruszka Uniwersytet Warszawski, Wydział Zarządzania, Katedra Metod Ilościowych, Polska / University of Warsaw, Faculty of Management, Department of Quantitative Methods, Poland ORCID: https://orcid.org/0000-0002-9138-7225 Wiadomości Statystyczne. The Polish Statistician, vol. 70, 2025, 11, s. 1-16 Opublikowano online: 1 grudnia 2025 DOI https://doi.org/10.59139/ws.2025.11.1

39 Wyświetlenia 14 Pobrania

ARTYKUŁ

(Angielski) PDF

STRESZCZENIE

The study presented in the article aims to define the structure of the Polish market of fixed- and variable-rate corporate bonds, to assess the participation of small and medium-sized enterprises (SMEs) in this market, and to identify the issuance strategies of financial and non-financial companies, including currency preferences and the impact of WIBOR 6M levels on the adopted interest rate type. The study uses data on outstanding bonds as of the end of 2023 from the Register of Issuers’ Obligations. The dataset for the analysis consisted of 4,303 corporate bond issuances spanning the 2000 to 2023 period. The results indicate that variable-rate bond issuances typically hold sway in market value, while there are more issuances of fixed-rate bonds, especially among SMEs. Variable-rate bonds, primarily issued in PLN by non-financial institutions, are preferred when the WIBOR 6M is high, which suggests that declines in interest rates are expected in the future. In contrast, financial institutions more often issue fixed-rate bonds, especially in currencies other than PLN. The results of our research underscore differences in decisions on bond emissions between financial and non-financial companies and between SMEs and large enterprises. The insights from this study offer relevant perspectives for investors and policymakers, enhancing their understanding of the strategic choices behind interest rate types and their economic implications in Poland’s corporate bond market.

SŁOWA KLUCZOWE

corporate bond, interest rate, small and medium-sized enterprises, SMEs, financial institutions, non-financial institutions

JEL

E43, G12, G23, G32, G41

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