Bloomberg News

Polish Non-Government Bonds May Top 100 Billion Zloty This Year

December 12, 2011

Dec. 12 (Bloomberg) -- The value of the market for Polish corporate, bank and municipal bonds may rise by as much as 49 percent this year as companies, driven by the energy industry, seek financing for investments, according to Fitch Ratings.

The market for non-government bonds may reach 100 billion zloty ($29.3 billion) at the end of this year, compared with 67.3 billion zloty in 2010, Miroslaw Dudzinski, a director of Fitch’s Polish unit said in an interview on Dec. 9. The value of bond issuances may reach about 50 billion zloty in 2012.

“I expect the corporate bond market to expand in Poland” as the European debt crisis may force banks to limit lending and as bonds become more interesting for investors, Dudzinski said. For “smaller companies” bonds may be the only source of financing next year, he added.

Polish companies that plan to sell bonds include Polskie Gornictwo Naftowe i Gazownictwo SA, the country’s biggest gas company, which plans to sell up to 7 billion zloty of bonds. Tauron Polska Energia SA in October increased its domestic bond sale plan to 4.3 billion zloty from 1.3 billion zloty.

PKO Bank Polski SA, Poland’s biggest bank, sold 700 million zloty of bonds on Dec. 9 as part of its 5-billion zloty program. Getin Noble Bank SA, controlled by billionaire Leszek Czarnecki, plans to sell as much as 500 million zloty of bonds by the end of next year, according to a regulatory filing on Sept. 30.

--Editors: Tim Farrand, Peter Woodifield

To contact the reporter on this story: Marta Waldoch in Warsaw on

To contact the editor responsible for this story: Frank Connelly at

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