COMPANIES' BONDS IN POLAND
The subject of the paper is the condition of the Polish market of companies' bonds between 1997-2003, including banks, and prospects of its development. Creating foundations of companies' bond market depends on fulfilling certain conditions such as: appropriate legal regulations, institutional solutions, a systematic and rapid increase in the number of issuers and investors. Despite a systematic increase in the value of companies' bonds market, the share in a domestic bonds market, the value of the market in relation with GDP as well as the number of issuers, very few companies used this form of financing. The major reasons for the Iow interest of companies in the issue of bonds are as follows: the lack of tradition, the lack of good practice, simplified procedures and standardization of the issue, competition from treasury bonds and Eurobonds, the lack of demand for companies' bonds and low liquidity. The main factors that might decide about the future of companies' bonds market in Poland are the following: decreasing the tempo of the issue of treasury bonds by reducing the budget deficit, a rapid increase in GDP, a rise in companies' potential, increasing the base investors and issuers, an inflow of the EU structural funds, providing transparency in companies' bonds turnover, public announcements concerning a loan credibility of companies and popularizing the knowledge of the capital market. It is expected that by the year 2010 the value of companies' bond market in Poland will have increased tenfold.
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