The Issue of Convertible Bonds on the Polish Bond Market Catalyst in the Years 2009–2013

Bożena Kołosowska and Agnieszka Huterska ()
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Bożena Kołosowska: Nicolaus Copernicus University
Agnieszka Huterska: Nicolaus Copernicus University

A chapter in Financial Environment and Business Development, 2017, pp 55-66 from Springer

Abstract: Abstract The purpose of this study is to determine the significance of convertible bonds as an instrument of raising capital by companies on the Polish capital market. This study contains an analysis of some examples of convertible bonds issued on the Polish Catalyst market that operates on the transaction platforms of the Warsaw Stock Exchange and of BondSpot. The data come from reports published by companies on the Catalyst. As research method applied is a case study. The analyses performed allow the indication of increasing utilization of convertible bonds by economic operators to raise capital. The applied solutions concern varied situations in which companies found themselves. In extreme cases it concerned companies that were unable to pay off their liabilities generated by issued bonds. Including bonds convertible into shares into financing strategy of a company allows to obtain borrowed capital cheaply in comparison with traditional bonds or a bank loan, in exchange for the possibility of their conversion into shares. The level of the development of Poland’s capital market indicates opportunities for further growth in using convertible bonds by companies as an instrument for collecting funds and in the case of investors for investing capital.

Keywords: Bonds; Corporate finance; Convertible bonds; Polish corporate bond market (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:spr:eurchp:978-3-319-39919-5_5

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DOI: 10.1007/978-3-319-39919-5_5

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