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

In: Financial Environment and Business Development

Author

Listed:
  • Bożena Kołosowska

    (Nicolaus Copernicus University)

  • Agnieszka Huterska

    (Nicolaus Copernicus University)

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.

Suggested Citation

  • Bożena Kołosowska & Agnieszka Huterska, 2017. "The Issue of Convertible Bonds on the Polish Bond Market Catalyst in the Years 2009–2013," Eurasian Studies in Business and Economics, in: Mehmet Huseyin Bilgin & Hakan Danis & Ender Demir & Ugur Can (ed.), Financial Environment and Business Development, pages 55-66, Springer.
    • Handle: RePEc:spr:eurchp:978-3-319-39919-5_5
    DOI: 10.1007/978-3-319-39919-5_5
    as

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