Weekly review of information from the finance and banking sector

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CAPITAL MARKET
BGK bonds: Bank Gospodarstwa Krajowego (BGK) made a valuation of 3-year euro-denominated bonds with a maturity date of 12 April 2026, issued for the Aid Fund in the private placement format. The nominal value of the bond issue will amount to EUR 250 million, the bank announced.

IPO: The queue of companies waiting for an IPO around the world is growing, which, combined with the prospect of falling inflation, falling energy prices and improving economic situation in China, will be a light at the end of the tunnel for the IPO market in the coming months, EY estimates. According to the EY Global IPO Trends report, in Q1 this year In 2018, 299 transactions were recorded worldwide, with proceeds of USD 21.5 billion. This means decreases by 8% y/y and 61% y/y, respectively.

Forex: Among the clients active on the Forex market last year, 79.1% suffered a loss, according to data from the Office of the Polish Financial Supervision Authority (UKNF). The average result achieved by a client is PLN -10,237 in 2022.

Corporate bonds: The European Bank for Reconstruction and Development (EBRD) invested PLN 300 million (EUR 64 million) in 2NC1 senior senior bonds issued by Santander Bank Polska (SBP) as part of the issue of PLN 1.9 billion (EUR 406 million) and PLN 100 million (EUR 21 million) in senior senior bonds issued by Bank Pekao as part of an issue worth PLN 750 million (EUR 160 million, EBRD announced.

Investors’ activity: The total value of trading in shares on the main market of the Warsaw Stock Exchange (WSE) amounted to PLN 24.76 billion in March this year, ie 44.1% less y/y, the exchange announced.

Municipal bonds: Fitch Ratings confirmed the international long-term Issuer Default Ratings (IDRs) for Czestochowa for debt in foreign and domestic currency at “BBB” with a stable outlook, the agency said. Analysts believe that the city’s operating performance and Częstochowa’s debt ratios will remain in line with peers in the medium term, despite the pressure on the city’s budget from rising prices, the lingering macroeconomic effects of the war in Ukraine, and the implementation of the “Polish Deal” tax system.

Municipal Bonds: Fitch Ratings has affirmed Opole’s international long-term issuer default ratings (IDRs) at ‘BBB’ with a stable outlook, the agency said. The rating reflects Fitch’s view that over the forecast period (2023-2027) there is a moderately low risk of an abrupt deterioration in the operating balance’s debt sustainability, which could be due to a decrease in income, an increase in expenses, or an unexpected increase in liabilities or debt service costs.

Municipal Bonds: Fitch Ratings confirmed the City of Rybnik’s Issuer Default Ratings (IDRs) for debt in foreign and local currency at ‘BBB+’ and its national rating at ‘AA+(pol)’, both with a stable outlook. The ratings confirmation reflects Fitch’s view that Rybnik’s financial performance will remain strong in the forecast years 2023-2027, despite weakening macroeconomic indicators and the effects of the ‘Polish Deal’ on the city’s budget, but debt ratios may deteriorate.

Municipal Bonds: Fitch Ratings has affirmed Chorzów’s International Long-Term IDRs (IDRs) Issuer Default Ratings at ‘BBB-‘ with a stable outlook, the agency said. and the assessment of the risk profile consists of an “average” rating of five factors (stability of income, stability and flexibility of expenses, and stability and flexibility of liabilities and liquidity of the City) and one rating of “weak” (ability to increase income).

OTHER FINANCIAL SERVICES
Payment backlogs: For 68% of companies, payment backlogs are a barrier to running a business, and one in five fails to pay contractors on time because they do not receive payments from customers themselves, according to the study “Overdue invoices in Polish enterprises”, conducted by TGM Research on commissioned by Kaczmarski Inkasso. Unpaid payments are such a serious obstacle in business that 1/4 of enterprises are forced to reduce investments, and 19% to increase the prices of their goods and services.

Consumer spending: The percentage of people who intend to limit their Easter shopping has increased to 60% compared to 37% of similar declarations last year, according to the study “Easter spending of Poles – 2023” commissioned by Kruk. 58% of respondents intend to spend the same amount of money on Christmas shopping as a year ago, 28% will spend less and 14% more than a year ago.

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