Demand from investors for the consecutive month clearly exceeded the issuance amounts, amounting to 304.1 million PLN. In March, issuers conducted 6 corporate bond issues totaling nearly 165 million PLN. The average reduction level was 34.7%.
In March, issues ranging from 20-25 million PLN dominated, and their value—in comparison with high demand—mostly determined significant reductions. Chemical company PCC Rokita in an issuance of 25 million PLN attracted investors willing to invest over 86 million PLN. PragmaGo, operating in the financial sector, raised 25 million PLN from the issuance, while investors submitted subscriptions for nearly 60 million PLN. Meanwhile, developer Victoria Dom offered a “larger” public issuance valued at 50 million PLN, but even in this case, there was a nearly 50% reduction as subscriptions amounted to 85 million PLN.
| Â | Issuer | Issue Value (mln) | Interest Rate | Tenor (years) | Subscription Size (mln) | Reduction (%) | Number of Investors |
| 1 | PCC Rokita | 25 | 2.80%+WIBOR3M | 5.25 | 86.43 | 71.07 | 1042 |
| 2 | Cavatina Holding | 21.65 | 6.00%+WIBOR6M | 3.5 | 25.86 | 16.29 | 198 |
| 3 | Arche | 21.5 | WIBOR3M | 3 | 21.66 | 0.77 | 225 |
| 4 | Victoria Dom | 50 | 5.25%+WIBOR6M | 3 | 85.43 | 47 | 867 |
| 5 | Kredyt Inkaso | 4.9999 EUR | 5.20%+EUBIRBOR3M | 4 | 5.91 EUR | 15.40 | 232 |
| 6 | PragmaGo | 25 | 5.00%+WIBOR3M | 3 | 59.3 | 58 | 1101 |
| Average | Â | Â | Â | Â | 34.78 | 611 | |
| Total | 164.654 | Â | Â | 304.098 | Â | 3665 |
Â
Source: Michael / Ström Dom Maklerski, own elaboration (Euro exchange rate as of 29.03.2024: 4.301).
In the 6 issues, 3665 investors participated, which means that on average, 610 people participated in each issue. The only public issue in March (and at the same time this year) that ended with a minor reduction despite the relatively low amount was that of the Arche group, operating in the development and hospitality industry.
Investor Enthusiasm Slightly Cooled
March saw a similar number of issuances as the previous months of this year. In every other aspect, however—March turned out weaker. The public issuances conducted reached a value of “only” 164 million PLN—compared to 235 million PLN in January and 360 million PLN in February. The demand from investors in the last month of the quarter was more than twice smaller than in January and three times smaller than in February. Similarly, the data on average reduction levels and the number of investors are shaped.
| Â | Issuer | Issue Value | Interest Rate | Tenor (years) | Date | Subscription Size (mln) | Reduction (%) | Number of Investors |
| 1 | GPM Vindexus | 21.8 | 6.00%+WIBOR3M | 3 | January | 74.22 | 70.70 | 1154 |
| 2 | PragmaGo | 25 | 5.15%+WIBOR3M | 3 | January | 53.77 | 53.50 | 815 |
| 3 | Ghelamco | 125 | 5.00%+WIBOR6M | 4 | January | 366.68 | 66.00 | 1604 |
| 4 | Kredyt Inkaso | 20 | 5.50%+WIBOR3M | 4 | January | 71.05 | 71.85 | 947 |
| 5 | Kruk (EUR) 10M EUR | 43.43 | 4.00%+EURIBOR3M | 5 | January | 99.12 | 56.19 | 457 |
| 6 | Kruk | 60.47 | 4.00%+EURIBOR3M | 5 | February | 86.03 | 29.70 | 449 |
| 7 | Olivia Fin | 30.23 | 5.30%+EURIBOR3M | 3.5 | February | 36.63 | 17.45 | 106 |
| 8 | Ronson | 60 | 3.85%+WIBOR6M | 3.5 | February | 155.00 | 61.26 | 1074 |
| 9 | Echo Investment | 70 | 4.00%+WIBOR6M | 4 | February | 193.28 | 64.00 | 1074 |
| 10 | Kruk | 70 | 4.00%+WIBOR6M | 5 | February | 284.25 | 75.37 | 2244 |
| 11 | Echo Investment | 70 | 4.00%+WIBOR6M | 4 | February | 157.61 | 56.00 | 795 |
| 12 | PCC Rokita | 25 | 2.80%+WIBOR3M | 5.25 | March | 86.43 | 71.07 | 1042 |
| 13 | Cavatina Holding | 21.65 | 6.00%+WIBOR6M | 3.5 | March | 25.86 | 16.29 | 198 |
| 14 | Arche | 21.5 | 4.40%+WIBOR3M | 3 | March | 21.66 | 0.77 | 225 |
| 15 | Victoria Dom | 50 | 5.25%+WIBOR6M | 3 | March | 85.43 | 47.29 | 867 |
| 16 | Kredyt Inkaso | 21.50 | 5.20%+EUBIRBOR3M | 4 | March | 25.42 | 15.40 | 232 |
| 17 | PragmaGo | 25 | 5.00%+WIBOR3M | 3 | March | 59.30 | 57.83 | 1101 |
| Average | Â | Â | Â | Â | Â | 48.9 | 846 | |
| Total | 760.587 | Â | Â | Â | 1881.731 | Â | 14384 |
Source: Michael / Ström Dom Maklerski, own elaboration (Euro exchange rate on 29.03.2024: 4.301, 29.02.2024: 4.319, 31.01.2024: 4.343).
This concludes the structured content with the details of corporate bond issues and market commentary, providing a comprehensive overview of the bond issuance and investor activities within the first quarter of 2024.
