The Warsaw Stock Exchange is launching a comprehensive reform of the Catalyst market to boost transparency and liquidity through new indices and simplified issuance processes to attract domestic and international investors.<\/p>\n
Micha\u0142 Kobza, board member of the Warsaw Stock Exchange (GPW), confirmed that the corporate bond market is maturing into a vital source of corporate financing. A comprehensive reform of the Catalyst market, covering both regulatory and organizational aspects, is currently underway. The culmination of these efforts will be the Catalyst Forum this autumn, where specific proposals for change will be presented.<\/p>\n
Aleksandra Bluj, CEO of GPW Benchmark, emphasized the necessity of market transparency. GPW Benchmark has launched the Corporate Bond Market Monitoring System, designed to provide data for new indices and allow retail investors to easily evaluate and compare individual bond issues.<\/p>\n
Jaros\u0142aw Le\u015bniczak of TFI PZU noted that the domestic market remains too small and illiquid for large institutional players. PZU currently manages a 10 billion PLN bond portfolio, with a significant portion held abroad due to the limited scale of the Polish market. The development of new benchmarks is intended to facilitate better pricing transparency and capital inflows.<\/p>\n
The new POLCBF index, developed at the initiative of TFI PZU, is the first Polish benchmark reflecting the most liquid corporate bonds issued by financial institutions. This segment currently accounts for nearly half of the Polish corporate bond market and serves as the primary testing ground for improving market measurement and investment comparison.<\/p>\n
Dariusz Mejszutowicz of the GPW highlighted that six working groups are currently focused on simplifying the issuance process, improving secondary market liquidity, and streamlining settlements. The primary objective is to shorten the market entry path for issuers and enhance data accessibility for investors.<\/p>\n
Market experts agree that the fundamental challenge remains secondary market liquidity. Marta Byczkowska of Bank Pekao S.A. stressed that while Catalyst may not solve every issue, it can function as a reliable pricing reference for the entire industry. Achieving this requires moving beyond the current vicious cycle where low liquidity discourages new investors, and the lack of investors prevents liquidity growth.<\/p>\n
Expanding the investor pool to include foreign capital and retail participants is viewed as essential for market resilience. Jakub Krawczyk of TFI PZU warned that if the infrastructure for large-scale PLN-denominated issues is not improved, companies may increasingly favor the Eurobond market.<\/p>\n
Micha\u0142 St\u0119pniewski, vice president of PKO Banku Hipotecznego, added that retail investor activity is also crucial. He noted that the ability to trade bonds on the Catalyst exchange before maturity is a significant driver of investor trust, as it provides a necessary exit mechanism.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The Warsaw Stock Exchange is launching a comprehensive reform of the Catalyst market to boost transparency and liquidity through new indices and simplified issuance processes to attract domestic and international investors. Corporate Bonds as a Financing Pillar Micha\u0142 Kobza, board member of the Warsaw Stock Exchange (GPW), confirmed that the corporate bond market is maturing […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wpai_generated_summary":"","footnotes":""},"categories":[40],"tags":[],"class_list":["post-12479","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/posts\/12479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/comments?post=12479"}],"version-history":[{"count":0,"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/posts\/12479\/revisions"}],"wp:attachment":[{"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/media?parent=12479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/categories?post=12479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bizonews.com\/pl\/wp-json\/wp\/v2\/tags?post=12479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}