Emisja obligacji komunalnych w Polsce jako sposób pozyskania kapitału

Bonds as one of the oldest securities are becoming an instrument by means of which bodies such as territorial self-government units can gain additional funds for financing investments. Despite the upward movement in the area of interest in bonds in Polish self-governments, they remain a small part of the domestic debit securities market. In the ad valorem approach, the local authority bonds market constitutes the smallest part of the non-treasury bonds market. Thus local authority bonds do not have a significant influence on the Catalyst market. Their participation in the market is insignificant. In the examined period their issue ranged from 930,000,000 to 3,088,000,000 zlotych, where 9,719,000,000 – 55,820,000,000 zlotych of corporate bonds, and as much as 49,617,000,000 – 560,241,000,000 zlotych of treasury bonds. It results among other things from the fact that not all territorial self-government units are interested in issuing own securities deciding to gain addi-tional funds for investments in traditional ways, i.e. by loans. We shall hope that local authority bonds in the future will become a signifi-cant source of gaining additional capital for the territorial self-government and their role in the Catalyst market will get more significant.