Corporations go to the record. In 2025 they will issue approx. PLN 2.2 billion in debt papers

The total scale of emissions of debt corporate papers addressed to individual investors based on issue prospectus will reach almost PLN 2.2 billion in 2025, so it will be PLN 185 million higher than the sum of emissions from the best 12 months falling so far for 2017-18- Emil Swede from Portal Oblącje.pl assessed.

As the expert pointed out, the size of LZ (pledge letters) planned for October has no precedent on the corporate papers market offered to individual investors. The PKO BH offer reaches PLN 1.2 billion and exceeds the largest broadcast so far (Orlen).

“The record value of a single emission translates from the place to the record of the entire market, the total scale of emissions of debt corporate papers addressed to individual investors based on issue prospectus will reach almost PLN 2.2 billion this year, so it will be PLN 185 million higher than the sum of issues from the best 12 months falling on 2017-18 (five issues worth a total of PLN 1 million (five issues worth a total He placed Orlen) ” – wrote the expert.

“The unprecedented value of the offer (for reminders – the entire prospectus allows for the placement of PLN 10 billion) also means that the offer will be directed to a wider group of investors than before. On average, as part of one issue, 500-2200 entries with an average value of PLN 115,000 are submitted (data based on 2025. Corporate would allow only a third of PKO BH's offer ” – he added.

According to the expert, therefore, the offering is aiming at another group of investors – those who have so far bought the Treasury savings bonds and founded bank deposits at banks.

“In their eyes, the possibility of diversifying the portfolio is a valuable benefit, and the conditions offered are not inferior to tax bonds. LZ falls even better than comparable annual and two -year papers, because these – like the LZ offered – are interest -bearing on the basis of the NBP reference rate” – wrote Emil Sweda in the commentary.

As he pointed out, PKO BH will pay a slightly higher margin (0.25 percentage over the ref. Ref.) For a slightly longer tenor (three -year purchase date). And he will offer the possibility of going out at the minimum cost, which is a brokerage commission, because LZ will be recorded at Catalyst.

The Swede estimated that the liquidity of new instruments for Catalyst is a crucial matter here.

“If it turns out to be appropriate, it will be even possible to talk about a new category, a new class of debt instruments in investor portfolios, not only individual. LZ with variable interest rates will not be exposed to the risk of interest rates, so their valuation should not be subject to rapid fluctuations, they are also minimally exposed to credit risk. After all, the ratings Treasury and for a reason – double security instruments, in addition, PKO BH clearly inspect them in relation to statutory requirements, “he wrote.

“With adequate liquidity, owners of free cash will be able to buy and sell LZ according to the need to place and release cash, and the only limitation – apart from the issue of supply and demand – will be the profitability of concluding transactions (two -way brokerage commissions are the equivalent of about monthly interest)” – he added.

As stated, the animator, in the form of PKO BP assured that the spots would be tight, and if necessary, he would buy “any amount” LZ.

“This warranty is important not only for individual investors, but also for financial directors of enterprises who can use LZ as instruments to place liquidity surpluses” – assessed the expert.

“PKO BH emissions and the prospect of expanding the LZ market may turn out to be a real Game Changer in the field of company liquidity management, provided, however, that profitability will not prove to be attractive to investment funds that could simply buy all the papers and block them in portfolios until the day of redemption” – he added.

(PAP Biznes)

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