Financing of cooperative banking through the issuance of bonds on the Catalyst market

Abstract

Catalyst is a system of trading and authorization of debt securities consisting of regulated markets and alternative trading platforms. It was launched on 30 September, 2009 as a joint venture of the Warsaw Stock Exchange and BondSpot. The Catalyst architecture was designed purposefully to allow the inflow of capital to a wide range of issuers, including entities denied access to the stock market, i.e. limited liability companies, local government units as well as cooperative banks. The purpose of this paper is to analyze the issue of bonds of cooperative banks listed on Catalyst from 28 July, 2010 (the day of the first IPOs of cooperative banks) to the end of May 2014. The study includes all debt instruments introduced to the market at that time by cooperative banks in each of the Catalyst submarkets. The material consists of parameters for each issue of bonds derived from the Catalyst statistical bulletins and information documents published by issuers. The characteristics of some issues were also acquired at Cbonds.pl.